Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Jazan Energy and Development Company (JAZADCO) signed a memorandum of understanding (MoU) with Tabuk Fisheries Co. (TFC), Tharawat Seas, and Aquaculture Sharq Farms Company to conduct a feasibility study of the 3 companies’ merger with JAZADCO’s aquaculture sector.
2) The Saudi Stock Exchange (Tadawul) announced that the Capital Market Authority (CMA) approved the derivatives exchange trading and membership rules and procedures.
3) Wafrah for Industry and Development Co. appointed Wasatah Capital as financial advisor for its capital reduction.
4) JPMorgan initiated coverage of Saudi Aramco’s shares with an “Overweight” recommendation and a target price of SAR 37.
5) CMA approved the Securities Clearing Center Co.’s (Muqassa) rules, clearing procedures and glossary of defined terms used in the exchange rules.
6) Brent crude on Thursday gained 42 cents to reach $64.42 per barrel whereas WTI Crude increased 38 cents to reach $58.19/bbl.
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