Agriculture & Food sector surges 2.67%

Updated 30 May 2013
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Agriculture & Food sector surges 2.67%

The Saudi stock market continued its upward march and managed a third straight rise yesterday, adding nearly 26 points further.
The Tadawul All-Share Index (TASI) jumped into the green territory earlier yesterday and spending entire session in the same region closed higher at 7,404.12 points, up 0.35 percent from its previous day close. It gained maximum 42 points during the session.
On an YTD basis, TASI has accumulated more than six hundred points.
Market cap indices closed the day in mixed territories.
Six out of Tadawul's 15 sectors finished to the upside, showing a collection of 561.5 points. Agriculture & Food Industries sector remained at top showing an increase of 2.67 percent and closing at 7,814.66. Retail sector followed it, advancing 1.6 percent in a session. Banking sector added considerable 168 points, up more than one percent.
On the negative side, nine sectors ended in red, trimming 296 points collectively. Insurance sector posted the largest losses, falling 1.75 percent to close at 1,220.80. Saudi Indian Company for Cooperative Insurance recorded the biggest losses, going down 6.7 percent.
Most of heavyweights closed in green, with Kingdom Holding surging by 3.3 percent, Samba Financial Group 3.2 percent and SABB 2.4 percent.
However, market breadth with advance-decline ratio of 0.35:1 remained negative.
Almarai Co. came out as key gainer among all Saudi stocks, marching higher by 5.7 percent for the day.
Market activity was high; more than SR6 billion were poured into the market. Trading volume was impressive, with 251 million shares changed hands in the market, a significant 16.5 percent growth over the previous level. The 50-day average for trading volume is closer to 220.6 million shares.
But upside-downside volume ratio of 0.6:1 remained slightly negative.


British court dismisses charges against Barclays over 2008 Qatar deal

Updated 22 min ago
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British court dismisses charges against Barclays over 2008 Qatar deal

LONDON: A British court has dismissed charges brought by the Serious Fraud Office (SFO) against Barclays over its 2008 capital raising, the bank said on Monday, suspending for now the threat of regulatory sanctions on its business operations.
The SFO was however not prepared to let the case drop.
“We are likely to seek to reinstate the charges by applying to the High Court,” an SFO spokesman said. It was not clear when that application would be heard.
Barclays denied the SFO’s allegation that a $3 billion loan it made to Qatar in November 2008 was connected with a Qatari investment in the British bank which ultimately helped it avoid a British government rescue during the financial crisis, unlike its rivals Lloyds and Royal Bank of Scotland.
An end to the SFO’s case against Barclays and its operating subsidiary would remove the biggest remaining legal headache facing Barclays over its conduct during the financial crisis.
The collapse of one of its most high-profile corporate prosecutions would also represent a major setback for the SFO, with the prosecutor’s office under fire from politicians in recent years.
Qatar, which is a major investor in Britain, has not been accused of wrongdoing itself, but public companies in Britain are normally prohibited from lending money for the purchase of their own shares, known as “financial assistance.”
The SFO had been pursuing charges that Barclays unlawfully received such financial assistance, and that it had conspired with former senior executives to commit fraud over two so-called ‘advisory services agreements’ between Qatar and the bank which facilitated the fundraising.
NOT OVER YET
Even if the SFO were to fail in its efforts to reinstate the charges, Barclays still faces other legal and regulatory problems related to the 2008 fundraising.
The US Department of Justice and the Securities and Exchange Commission are investigating the advisory services agreements.
Separately four former Barclays bankers face a charge of conspiracy to commit fraud by false representation when they negotiated a capital injection for the bank from Qatar, in a trial due to start next January.
The four are former chief executive John Varley, and senior executives Roger Jenkins, Tom Kalaris and Richard Boath.
Barclays said the dismissal of the charges against itself should not be taken to have any bearing on whether other people may have committed a criminal offense.
Lawyers representing Boath and Jenkins declined to comment, while lawyers for the other two did not immediately respond to requests for comment.
British businesswoman Amanda Staveley has a separate $1 billion civil lawsuit against Barclays over the same fundraising.
Staveley’s private equity group PCP Capital Partners is claiming damages for alleged fraudulent misrepresentation in a row over whether Barclays offered Qatar and Abu Dhabi investors the same deal terms for participating in a fundraising in 2008.
Barclays has called the PCP lawsuit “misconceived.” Staveley declined to comment.
Barclays shares were up 0.7 percent by 1300 GMT, in line with the FTSE 350 British banks index.