Economy

WPP launches $1.1bn buyback after ‘outstanding’ year

Follow-ups -eshrag News:

RIYADH: Saudi Arabian stocks may witness another volatile day as Russia launched military action against Ukraine this morning, pushing oil prices to record highs.

Brent crude touched $100 a barrel for the first time since 2014, rising 4.2 percent $100.9 as of 7:20 a.m. Saudi time. US benchmark WTI went up to $96.07 a barrel.

At the close of Wednesday’s trading, Saudi bourse went slightly down when cautious investor sentiment took its toll on the market.

The main index, TASI, edged down 0.3 percent to 12,528, while the parallel market, Nomu, rose 1.6 percent to 25,409 points.

Shares in oil giant Aramco soared to their highest level since listing of SR40.55 ($10.8) yielding a market value of as much as $2.2 trillion.

In line with the Saudi index, stock markets of Qatar and Oman lost 0.5 and 0.3 percent, respectively.

Other GCC bourses, including Dubai, Abu Dubai, Bahrain, and Kuwait, all recorded gains, led by Bahrain’s BAX that advanced almost 2 percent.

Stock news

  • Aramco and an international investor consortium, led by affiliates of BlackRock and Hassana, announced the successful closing of a $15.5 billion gas pipeline deal
  • Nama Chemicals Co. has appointed Faiz Alahamri as board chairman and Abdullah Alsubayel as vice chairman of the board
  • Saudi Arabia’s Arab National Bank has reported a 5 percent increase in profit to SR2.18 billion in 2021
  • Tihama Advertising and Public Relations Co.’s board has approved a 71 percent capital reduction to SR50 million
  • Saudi Alkhorayef Water and Power Technologies has obtained a SR295 million loan from Riyad Bank
  • Anaam International Holding Group has extended its initial agreement to acquire 55 percent in ARW Industry Co. in order to allow more time for necessary due diligence checks
  • Takween Advanced Industries has swung from losses of SR6 million to SR19 million in net profit during 2021
  • Saudi Arabia’s Knowledge Economic City Co. has signed a five-year initial agreement with the Ministry of Investment to promote its projects and attract investments
  • Saudi Al Baha Investment will start new shares and rights issue subscription on Feb. 28, seeking a 68 percent increase in the company’s capital

Calendar

Feb. 27, 2022

  • Start of Al-Dawaa pharmacy chain’s IPO retail subscription

Feb. 28, 2022

  • Scientific and Medical Equipment House Co. will list on Saudi main index TASI 

 

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