Saudi Equity Movers: Saudi British Bank, Arabian Pipes, Nama
The Tadawul All Share Index (SASEIDX) rose 0.9 percent to 6,384.08 at the 3:30 p.m. close in Riyadh.
The following stocks rose or fell in Saudi Arabia’s market.
Arabian Pipes Co. (APCO AB) rose to the highest since August, gaining 3.7 percent to 31.10 riyals. The Saudi Arabian maker of steel pipe said its board proposed increasing the company’s capital by 27 percent to 400 million riyals ($107 million) by awarding 1.079 bonus shares for every four shares held.
Nama Chemicals Co. (NAMA) gained 1.5 percent, the most in a week, to 10.15 riyals after the Saudi Arabian petrochemicals company named Fahad Rashed Al-Otaibi as the Jubail-based company’s new chief executive officer after Abdulrahman Al Hammad resigned.
National Shipping Co. of Saudi Arabia (NSCSA) dropped 2.4 percent, the largest decline since Oct. 16, to 12.45 riyals. The Saudi operator of crude oil and chemical tankers said its board proposed to pay a dividend of 0.5 riyals a share for 2011, compared with 1 riyal a share dividend a year earlier.
Saudi British Bank (SABB) climbed to the highest level in six weeks, gaining 3.9 percent to 40.30 riyals. The lender, which is 40 percent owned by HSBC Holdings Plc, said its board proposed to increase the bank’s capital by 33 percent to 10 billion riyals by awarding one bonus share for every three held. The Riyadh-based lender will also pay a dividend of 0.65 riyals a share for 2011.
Saudi Industrial Investment Group (SIIG) advanced 0.5 percent to 19.20 riyals, the highest price since Dec. 11. The investor in petrochemicals projects said its joint venture with Arabian Chevron Phillips Petrochemical Co. awarded a contract valued at 700 million riyals to Nesma & Partners Contracting Co. to build plants in Jubail industrial city.
Yanbu Cement (YNCCO) climbed 0.8 percent to 63.25 riyals, the highest close since Sept. 12. The Saudi Arabian maker of the building material was raised to “neutral” from “underweight” with a 12-month target price of 61.40 riyals a share at NCB Capital.
Zamil Industrial Investment Co. (ZIIC) rose 1.1 percent, the largest gain since Dec. 14, to 28.30 riyals. The Saudi maker of building materials said its board recommended paying a second-half dividend of 0.75 riyal a share.
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