Northern Cement shares up 200% on debut

Updated 06 February 2013
0

Northern Cement shares up 200% on debut

Saudi Arabia's benchmark stock index (TASI) sustained its downward fall for the third consecutive day, trimming back the 7,000-mark to close lower at 6,992.52 points, down roughly 33 points or 0.47 percent from its previous close. It slipped into red territory earlier yesterday and plunged to a maximum of 70 points during the day.
The market cap indices all finished to the downside.
Fourteen out of Tadawul's fifteen sectors witnessed a negative change, dropping an aggregate of 459 points. Only Industrial Investment sector has been unharmed by the day's trading, showing an increment of 77.8 points or 1.2 percent. On the worst side, Insurance sector posted the largest losses for the second straight day, falling 1.55 percent further. Retail and Multi-Investment were other major declining sectors, going down by 1.2 percent.
Northern Region Cement Company shares began trading on Tadawul yesterday with the opening price of SR 18. Its shares closed at SR30. On first day it recorded a substantial gain of 200 percent. It also dominated the trading activity at Tadawul, contributing more than 52 percent to the overall market turnover. Its 234.3 million shares worth SR 5.99 billion were liquidated yesterday. Furthermore, buying intensified perhaps after the news that Northern also announced a recommendation of cash dividend amounting to SR 0.70 per share for the second half of the year 2012.
The market breadth confirmed a bearish momentum, as out of 157 stocks traded yesterday only 26 were able to close higher.
Bank Albilad and Tourism Enterprises Co. showed the best performance among all Saudi stocks, surging 4.9 percent and 4.8 percent respectively. Saudi Arabian Mining Co. outdid rest of its heavyweight peers, advancing 4.1 percent and ranking third.
Al-Ahsa Development Co., on the contrary, changed its position from the top gainer of previous day to the biggest loser of the day, down SR 1.2 or 7.62 percent.

 


EU could compensate firms hit by US sanctions over Iran — French minister

Updated 56 min 1 sec ago
0

EU could compensate firms hit by US sanctions over Iran — French minister

  • In 1996, when the United States tried to penalize foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions

PARIS: France is looking to see if the European Union could compensate European companies that might be facing sanctions by the United States for doing business with Iran, said French finance minister Bruno Le Maire on Sunday.
Le Maire referred to EU rules going back to 1996 which he said could allow the EU to intervene in this manner to protect European companies against any US sanctions, adding that France wanted the EU to toughen its stance in this area.
In 1996, when the United States tried to penalize foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions.
European firms doing business in Iran face sanctions from the United States after President Donald Trump withdrew from a 2015 nuclear deal with Iran.
“Are we going to allow the United States to be the economic policeman of the world? The answer is no,” Le Maire told C News TV and Europe 1 radio on Sunday.
Le Maire added it was important Italy kept its EU budget commitments, in light of plans by Italy’s new coalition government to ramp up spending — which could put Rome at odds with the EU.