Aramex, DP World, Qatar National, Sahara: Gulf Equity Preview
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and price changes are from the last close.
Aramex PJSC (ARMX UH): The Middle East’s largest courier company wants to grow in Africa and has set aside as much as $70 million for expansion and acquisitions there over the next two years, Chief Executive Officer Fadi Ghandour said. The shares increased 1.1 percent to 1.86 dirhams.
DP World Ltd. (DPW) : The company that operates ports from Europe to Asia was cut to "neutral’’ from “buy” and assigned a price estimate of $15 a share at EFG-Hermes Holding SAE. The shares advanced 1.5 percent to $13.9.
Mohammad Al-Mojil Group (MMG) : The provider of services to the construction industry acquired Gulf Elite General Contracting for 46 million riyals ($12 million). The shares jumped 3.3 percent to 25.10 riyals.
National Central Cooling Co. (TABREED UH): The United Arab Emirates company known as Tabreed said it completed the tender offer for its 2008 sukuk. Separately, the company announced its new shareholding after a trust certificates conversion. The shares retreated 2.1 percent to 1.41 dirhams.
Qatar National Bank SAQ (QNBK) : The Persian Gulf country’s biggest bank by assets started operations of its brokerage unit in the country. The shares rose 0.1 percent to 145 riyals.
Raysut Cement Co. (RCCI) : Oman’s biggest cement-maker by market value was raised to “neutral” from “sell” at EFG- Hermes. The shares dropped 0.6 percent to 1.051 Omani rials.
Sabb Takaful (SABBT) : The Saudi Arabian Shariah- compliant life insurer appointed Adrian Flowers as chief executive officer. The shares rose 0.5 percent to 19.05 riyals.
Sahara Petrochemical Co. (SPC) and Saudi Arabian Mining Co. (MAADEN AB): The Jubail-based manufacturer of chemicals and the Riyadh-based metals producer awarded an engineering, procurement and construction contract to Daelim Industrial Co. for a caustic soda and ethylene dichloride project in Jubail, Saudi Arabia. Sahara’s shares rose 2.3 percent to 24.05 riyals and Maaden’s shares gained 0.7 percent to 27.40 riyals.
Saudi Hotels & Resort Areas Co. (SHARCO) : The operator of hotels and housing compounds in the kingdom bought a plot of land in Riyadh for 50.5 million riyals. The shares rose 0.3 percent to 29.40 riyals.