RIYADH: Buoyed by promising market conditions, Saudi Arabia’s benchmark index continued to rise for the ninth day in a row on Tuesday.
The Tadawul All Share Index ended the day’s trading at 10,948.60 with a surge of 141.71 points or 1.31 percent. The parallel market Nomu also edged up by 7.86 points or 0.04 percent to close at 20,125.63, while the MSCI Tadawul 30 Index went up by 1.5 percent to 1,493.72.
The total trading turnover of the benchmark index was SR6.70 billion ($1.79 billion).
The top performer of the day was Tihama Advertising and Public Relations Co. whose shares went up by 9.99 percent to SR20.04.
Other top performers included Al-Baha Investment and Development Co. and Saudi Marketing Co. whose shares also went up by 9.9 percent and 9.85 percent respectively.
On the announcements front, the National Agricultural Development Co.’s board of directors recommended a capital increase through a SR2 billion rights issue.
In a statement to Tadawul, Nadec revealed that the primary purpose of the capital hike is to implement its strategic and operational plans and support future activities which include, expanding its current business operations, developing new markets, and widening its product range.
Nadec has appointed Riyad Capital as the financial adviser for the rights issue.
The company’s shares, however, slipped 3.79 percent at SR27.9.
Meanwhile, Al Hassan Ghazi Ibrahim Shaker Co., a manufacturer and distributor of air conditioners and home appliances completed a 10 percent investment in Cashew Arabia Co. for Information Technology, a subsidiary of Cashew Payments Holding Ltd., to strengthen its e-commerce and retail platforms.
The investment followed a memorandum of understanding signed between the two companies in June 2022. The company’s share prices, on Tuesday, edged up 1.34 percent to SR21.14.
“We are excited to have finalized this investment in Cashew KSA, which aligns with our strategic initiatives of growth and innovation,” said Mohammed Ibrahim Abunayyan, CEO at Shaker.
