Stock markets boom as hopes rise for US economic stimulus and Covid-19 vaccine

Posted on August 11, 2020 by Admin

S&P edges towards all-time record with oil prices and hospitality stocks rising as investor optimism rebounds

US stock markets moved closer to record highs on Tuesday after investors bet on a fresh round of government spending to lift the economy and counter the effects of the Covid-19 pandemic.

The S&P 500, seen as the broadest measure of US investor sentiment, raced to a 10-point gain by mid afternoon to leave it just 16 points short of the all-time high reached in February.

Saudi Aramco touches $2tn in value on second day of trading

Posted on December 12, 2019 by Admin

World’s biggest listed company briefly reaches valuation sought by Saudi ruler

Saudi Aramco has touched a market value of $2tn a day after the Saudi state-backed oil company made its stock market debut.

The shares rose almost 10% at the open on the second day of trade on Riyadh’s Tadawul stock exchange, lifting the company’s market value briefly to $2tn, before giving up some of their gains.

Saudi Arabia aims to buoy oil price before Aramco stock market debut

Posted on December 1, 2019 by Admin

De facto Opec leader will push other countries to rein in oil output before Aramco’s IPO

Saudi Arabia is planning to use its position at the head of the Opec oil cartel to buoy global oil prices before the $25bn stock market debut of its state-owned oil giant.

The Organization of the Petroleum Exporting Countries is due to meet its oil market allies this week to agree the cartel’s oil production policy for 2020.

Political uncertainty puts London listing for Saudi Aramco in doubt

Posted on August 29, 2019 by Admin

Decision to rule out UK and Hong Kong would be major blow to both financial centres

Saudi Arabia’s revived plans for a $2tn mega-listing of its state oil company may rule out the London Stock Exchange amid Britain’s rising political uncertainty, according to reports.

Saudi Aramco, the world’s most profitable company, may instead look to Japan’s Tokyo stock exchange to host the second phase of what would be the biggest public offering in history.