MIDEAST STOCKS-Gulf moves narrowly but Vodafone Qatar soars on earnings, licence news | ZAWYA MENA Edition:
"Gulf stock markets mostly moved narrowly in early trade on Tuesday although Vodafone Qatar soared in response to a stream of positive news. Vodafone Qatar, by far the most heavily traded stock in its market, jumped 9.1 percent. It announced that its nine-month net loss narrowed 32 percent, and that its telecommunications licence had been extended by 40 years, which would cut annual amortisation costs sharply. In addition, the company plans to reduce its share capital to 4.227 billion riyals from 8.454 billion riyals, while Vodafone will sell its stake in the firm to Qatar Foundation, whose direct and indirect stake in Vodafone Qatar will rise to 50 percent from 27.05 percent."
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