Commodities Update — Gold down; Soybeans rise, wheat falls; P&G raises sales forecast

Commodities Update — Gold down; Soybeans rise, wheat falls; P&G raises sales forecast
Wheat lost more ground, while corn eased. (Shutterstock)
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Updated 21 April 2022

Commodities Update — Gold down; Soybeans rise, wheat falls; P&G raises sales forecast

Commodities Update — Gold down; Soybeans rise, wheat falls; P&G raises sales forecast

RIYADH: Gold prices eased on Thursday as a rebound in US Treasury yields tempered bullion’s safe-haven demand stemming from the Ukraine crisis and its potential impact on the global economy.

Spot gold was down 0.4 percent at $1,950.61 per ounce, as of 0502 GMT. US gold futures were down 0.1 percent at $1,953.00.

Benchmark US 10-year Treasury yields firmed after they fell from three-year highs on Wednesday. 

Silver dips

Spot silver dipped 0.6 percent to $25.07 per ounce. 

Platinum dropped 0.7 percent to $980.00, while palladium slipped 0.8 percent to 2,431.81.

Soybean rise

Chicago soybean futures ticked higher on Thursday, holding on to gains made in recent sessions, as expectations of higher demand for US supplies underpinned the market.

Wheat lost more ground, while corn eased.

The most-active Chicago Board of Trade soybean contract added 0.1 percent to $17.19 a bushel, as of 0159 GMT.

Wheat lost 0.7 percent to $10.90 a bushel and corn gave up 0.3 percent to $8.07-3/4 a bushel.

P&G raises sales forecast

(Shutterstock)

Procter & Gamble Co. raised its full-year sales forecast on Wednesday as consumer demand for cleaning and personal care products remained stronger than expected despite higher prices, sending its shares up more than 2 percent.

P&G’s sales growth is at its strongest in at least 15 years, according to analysts, but there are concerns that consumers will start to swap branded items for cheaper own-label products, as supply chain constraints and soaring commodity prices push inflation ever higher, squeezing household budgets.

P&G executives said, however, that for now, consumers were switching to better-value premium products such as single-dose detergents or higher-priced diapers, adding they would focus marketing efforts on such offerings.

Executives also announced fresh price hikes in US feminine, home and oral care from this summer, even though they expect consumer demand to soften as the higher prices feed through to shop shelves.

(With inputs from Reuters) 

 


Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1
Updated 21 sec ago

Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1

RIYADH: Shares of Saudi poultry processing firm Anaam International Holding Co. surged in early trading after it turned a profit of SR1.6 million ($425,599) in the first half of 2022, against a loss of SR2.4 million in the year-earlier period.

Anaam’s shares topped market gainers, surging 9.94 percent to reach SR20.8 percent at 10:32 a.m. Saudi time.

Anaam attributed its performance to an 84 percent surge in sales and revenue during the first six months of the year to reach SR7.2 million, according to a bourse filing.

Its accumulated losses reached SR7.23 million, representing 2.3 percent of capital, as of June 30, 2022.


NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds
Updated 26 September 2022

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

RIYADH: National Agricultural Development Co. which signed a non-binding memorandum of understanding with Leha Agriculture to produce potato seeds in Saudi Arabia saw its share prices increase during the early trading hours.

NADEC’s share rose 1.96 percent to open Monday at SR26.05 ($7) as of 10:09 a.m. Saudi time.

The MoU, which will take effect on Oct. 1 and expire on April 30, 2023, outlines a general framework for joint cooperation between the two companies, including a desire to study joint investment in potato seed production, Nadec said in a bourse filing.

Both parties agree to combine their investment efforts and serve their mutual interests.

The parties further agreed to appoint independent financial, legal, and technical advisors if they so desire or if the official authorities so request.

The full financial value will be determined and announced after legal, financial, and commercial due diligence.

Leha Agriculture provides storage and cooling solutions for agricultural products in Saudi Arabia and specializes in cultivating and marketing potatoes and potato seeds.


TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell
Updated 26 September 2022

TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell

RIYADH: Saudi Arabia’s main index continues to decline in response to oil prices dropping below $85 for the first time since January and fears of a global recession due to aggressive interest rate rises.

The Tadawul All Share Index fell 0.45 percent to start Monday at 11,110, while the parallel market Nomu fell 0.11 percent at 19,853, as of 10:09 a.m. Saudi time.

Brent crude traded at $85.30 a barrel and WTI crude reached $77.96 a barrel, as of 10:06 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.43 percent decline, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, decreased by 0.16 percent, while Saudi British Bank declined by 0.53 percent.

National Agricultural Development Co. gained 1.96 percent, following the signing of a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Retal Urban Development Co. gained 1.62 percent, after selling its share in a land located in Al Khobar city for SR67 million ($18 million) to Maali Holding Co.

Anaam International Holding Group gained 5.6 percent to lead the gainers, after reporting that it turned into profits of SR1.6 million during the first half of 2022.


Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday
Updated 26 September 2022

Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday

RIYADH: Saudi stocks started and ended sharply lower on Sunday, in response to the Saudi Central Bank raising interest rates in line with Fed's steep rate hike and forecast for further hikes to curb inflation.

The Tadawul All Share Index lost 2.61 percent to end the session at 11,161, while the parallel market slid 1.92 percent to finish at 19,875.

Kuwait’s index declined 2.5 percent, followed by Qatar's index declining 1.5 percent for a second session.

The index in Bahrain traded down 1.4 percent, while both Egypt’s blue-chip index and Oman index tumbled 0.3 percent.

Oil prices fell below $85 for the first time since January, Brent crude traded at $84.94 a barrel and WTI crude reached $77.70 a barrel, as of 9:20 a.m. Saudi time.

Stock News

Nadec has signed a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Sure Global Technology Co. set its price guidance for a direct listing on Saudi Arabia’s parallel stock market at SR70 ($19) per share.

Retal Urban Development Co. sold its share in a land located in Al Khobar city for SR67.44 million to Maali Holding Co.


Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing
Updated 26 September 2022

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

RIYADH: Sure Global Technology Co. announced the publication of the registration document for a direct listing on the Nomu-Parallel Market, setting its price guidance for the listing at SR70 ($19) per share.

Sure International reached an agreement with its shareholders to allocate 1.284 million shares, representing 25 percent of its capital, to offer and sell in the market to natural or legal persons in order to meet liquidity requirements.

Sure received approval from the Capital Market Authority on June 30 for its registration to trade on Nomu-Parallel Market.

Established in 2006, Sure International Technology offers a wide range of services, including wholesale and retail sales of computers and accessories, printers and inks, systems analysis, software design and programming, and senior management consulting.