9 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Wednesday.

1) Saudi Research and Marketing Group (SRMG) subsidiary, Arab Media Co., has acquired a 51 percent stake in Argaam Investment Co. (Argaam) for a total value of SAR 37.5 million.

2) Al Yamamah Steel Industries Co. reported a net profit of SAR 10.9 million for Q3 2017, down 45.5 percent from same period last year due to higher cost of sales and lower profit margin.

3) Abdullah A. M. Al-Khodari Sons Co. narrowed its losses by 58 percent YoY in Q3 2017 to SAR 22.9 million due to lower direct costs, higher gross profit, and a decrease in G&A expenses.

4) Filling & Packaging Materials Co. (FIPCO) said it has reached agreements with the major contractors to execute the construction and technical works for its new manufacturing industries joint venture.

5) Al Jouf Cement Co. board of directors has appointed Jama Al-Amer as general manager of the company.

6) Al Rajhi Bank has injected up to SAR 4 billion in the SAR 37 billion domestic sukuk issued by the ministry of finance over the last three months, Abdulrahman Abdullah Al Fadda, general manager (treasury and financial institutions) at Al Rajhi told Al Arabiya TV.

7) Prices of 54 food products in Saudi Arabia declined year-on-year (YoY) in September, while prices of 29 other commodities rose, official data issued by the Saudi General Authority for Statistics showed.

8) State-run Saudi Aramco has asked US-based FTI Consulting to suspend its investor relations advisory work for the planned initial public offering (IPO), Reuters reported.

9) Oil prices edged higher on Wednesday, with Brent crude up 0.6 percent at $58.25/bbl while WTI crude rose 0.4 percent to $52.07/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com