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Monday, 8 January 2018

Oil little changed as rising U.S. output offset OPEC worries

Oil little changed as rising U.S. output offset OPEC worries:

"Oil prices were little changed on Monday, trading near their highest since May 2015, as political concerns in some OPEC nations offset projections for higher U.S. oil production.

“Oil prices are finely balanced in today’s trading session. Ongoing protests in Iran, together with recent detention of several princes in Saudi Arabia, have reinvigorated geopolitical concerns,” Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics in London.

”However, prospects for further increases in U.S. oil production amid recent improvements seen in oil prices continue to promote bearish sentiment,” Kumar said. "



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Goldman, Citi Are in the Lead for Top Roles in Aramco IPO - Bloomberg

Goldman, Citi Are in the Lead for Top Roles in Aramco IPO - Bloomberg:

"Saudi Arabian Oil Co. is set to appoint banks including Goldman Sachs Group Inc. and Citigroup Inc. to help manage its initial public offering, people familiar with the matter said, as the state-owned crude producer pushes ahead with what could be the world’s largest share sale.

JPMorgan Chase & Co., HSBC Holdings Plc and Morgan Stanley, which have been advisers on the share sale, are also expected to be named as global coordinators, the people said, asking not to be identified because the information is private. Some banks pitching for roles on the IPO are tentatively valuing the company at between $1 trillion and about $1.5 trillion, they said.

The mandates could be finalized as early as this week, the people said. The list of banks isn’t final and more could be added, they said."



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MIDEAST STOCKS-Qatar leaps on dividend chase, Saudi loses steam

MIDEAST STOCKS-Qatar leaps on dividend chase, Saudi loses steam:

"Qatar’s stock market surged on Monday, outperforming the rest of the region for a second straight day as investors bought to secure dividends, while Saudi Arabia lost steam after rising in response to a royal package of handouts to consumers.

The Qatari stock index gained 2.6 percent and trading volume almost doubled from the previous day as Islamic bank Masraf Al Rayan added 3.2 percent and Qatari Investors Group jumped by 6.9 percent.

Qatari companies, which historically pay high dividend yields, are due to announce fourth-quarter or annual dividends in the next few weeks, and yields could be boosted by the drop in stock prices after the economic embargo imposed by four Arab states on Qatar."



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Kuwait Energy in merger talks with London-listed SOCO International

Kuwait Energy in merger talks with London-listed SOCO International:

"SOCO International (SIA.L), an oil and gas exploration and production company listed on the London Stock Exchange, said on Monday it was evaluating a merger with Middle East oil and gas firm Kuwait Energy (IPO-KEC.L).

Its statement confirmed a Reuters report earlier on Monday that the two companies were in merger talks.

A merger would provide a way for the Kuwaiti company to go public after it failed last year to complete an initial public offer of its shares on the London exchange, through which it hoped to raise about $150 million."



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Global sukuk issuance up 45% in 2017 | ZAWYA MENA Edition

Global sukuk issuance up 45% in 2017 | ZAWYA MENA Edition:

"Sukuk issuance in 2017 increased by 45.3 per cent, reaching $97.9 billion, up from $67.4 billion in 2016, underpinned primarily by the jumbo issuances of some GCC countries, said  S&P Global Ratings in a new report. "Driving this performance were good liquidity conditions in the GCC and, more generally, globally, as well as activity by some countries with the goal of further developing their Islamic finance industries," said S&P Global Ratings head of Islamic Finance, Dr Mohamed Damak, commenting on the report "Global Sukuk Market Outlook: Another Strong Performance In 2018?". Some issuers, particularly in Saudi Arabia, were able to choose sukuk over bonds because they were less pressed for time to raise funds, he added."



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UAE market cap of foreign shares amounts to $27.52bln by end of 2017 | ZAWYA MENA Edition

UAE market cap of foreign shares amounts to $27.52bln by end of 2017 | ZAWYA MENA Edition:

"The market capitalisation of foreign shares traded on UAE stock markets amounted to AED101 billion by the end of 2017, according to official statistics which showed that non-Arab foreigners secured the largest gains after their market value increased by around AED3.6 billion by the end of December. The last month of 2017 witnessed regular profit booking by Arab and Gulf investors in particular while other nationalities preferred to keep their shares despite the price hike. Within this context, the market cap of non-Arab foreigners' shares in the country's two main bourses increased to AED71.264 billion by the end of 2017 from AED67.66 billion in 2016."



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MIDEAST STOCKS-Gulf mostly higher, dividend chase boosts Qatar most | ZAWYA MENA Edition

MIDEAST STOCKS-Gulf mostly higher, dividend chase boosts Qatar most | ZAWYA MENA Edition:

"Gulf stock markets were mostly firm in early trade on Monday with Qatar outperforming for a second day as investors bought to secure dividends.

The Qatari stock index gained 1.1 percent as Islamic bank Masraf Al Rayan added 1.9 percent and Qatari Investors Group surged 7.1 percent.

Qatari companies, which traditionally pay high dividend yields, are due to announce fourth-quarter or annual dividends in the next few weeks, and yields may be boosted this year by the fact that stock prices have been pushed lower by the economic embargo imposed by four Arab states on Qatar.
"



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