Wizz Air expects 15-20% growth in passenger volume next year thanks to Mid East routes

TOKYO/SINGAPORE: Oil prices were little changed on Tuesday as markets weighed the impact of newly announced US tariffs on countries that buy Venezuelan oil and the uncertain outlook for global demand.

Brent crude futures were up 1 cent at $73.01 a barrel by 7:24 a.m. Saudi time. US West Texas Intermediate crude dipped 1 cent to $69.10.

Both benchmarks gained more than 1 percent on Monday after US President Donald Trump announced a 25 percent tariff on countries importing oil and gas from Venezuela.

Oil is Venezuela’s main export and China, which is already the subject of US tariffs, is its largest buyer.

“Investors fear Trump’s various tariffs could slow the economy and curb oil demand, but the prospect of tighter US sanctions on Venezuelan and Iranian oil constraining supply, along with his swift policy shifts, make it difficult to take large positions,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.

“We expect WTI to stay around $70 for the rest of the year, with potential seasonal gains as the US and other countries enter the driving season,” he added.

Last week, the US issued new sanctions intended to hit Iranian oil exports.

However, crude eased back from its session highs after the Trump administration also on Monday extended a deadline to May 27 for US producer Chevron to wind down operations in Venezuela.

The withdrawal of Chevron’s license to operate could reduce production in the country by about 200,000 barrels per day, ANZ analysts wrote in a note.

Oil prices were also pressured by economic concerns amid mounting global trade tensions.

Trump also said automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks, a move Wall Street took as a sign of flexibility on a matter that has roiled markets for weeks.

Meanwhile, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, will likely stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction.

Investors were also monitoring talks to end the war in Ukraine, which could increase supply of Russian crude to global markets.

US and Russian officials wrapped up day-long talks on Monday focused on a narrow proposal for a ceasefire at sea between Kyiv and Moscow, part of a diplomatic effort that Washington hopes will help pave the way for broader peace negotiations. 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 83.31 points, or 0.71 percent, to close at 11,778.08.

The total trading turnover of the benchmark index was SR4.25 billion ($1.13 billion), as 134 of the stocks advanced and 106 retreated.  

The Kingdom’s parallel market Nomu gained 75.17 points, or 0.25 percent, to close at 30,610.63. This came as 44 of the listed stocks advanced while 37 retreated.  

The MSCI Tadawul Index gained 13.77 points, or 0.93 percent, to close at 1,493.24.  

The best-performing stock of the day was Umm Al Qura for Development and Construction Co., whose share price surged 30 percent to SR19.50. The company began trading today on the main market with a total offering size of 130.7 million shares, an offering price per share of SR15, and with Albilad Capital as lead manager.

The company also announced its annual financial results for the year, which ended on Dec. 31. According to a Tadawul statement, the firm reported a net profit of SR498.61 million in 2024, reflecting a 57.29 percent increase compared to 2023. This surge is mainly due to a jump in revenues coupled with a decrease in general and administration expenses as well as zakat fees.

Other top performers included Naseej International Trading Co., whose share price rose 9.76 percent to SR92.20 as well as East Pipes Integrated Co. for Industry, whose share price increased 7.39 percent to SR154.

Arabian Pipes Co. recorded the most significant drop, falling 4.68 percent to SR10.58, while Middle East Specialized Cables Co. also saw its stock prices decline 3.82 percent to SR37.80.

Shares in National Medical Care Co. registered a drop of 3.16 percent to SR153.

On the announcements front, Jarir Marketing Co. declared its annual financial results for the year, which ended on Dec. 31. A bourse filing revealed that the company reported a net profit of SR974 million in 2024, reflecting a 0.1 percent rise compared to 2023. This growth is owed to the increase of the selling and marketing costs, administrative and general expenses, and non-operating fees.

The company has also announced the board of directors’ recommendation to distribute SR276 million worth of cash dividends to shareholders for the fourth quarter of 2024. According to a Tadawul statement, the total number of shares eligible for dividends amounted to 1.2 billion, with the dividend per share standing at SR0.23. The statement also revealed that the percentage of dividends to the share par value stood at 23 percent.

Jarir Marketing Co. ended the session at SR12.60, up 1.12 percent.

Arabian Centers Co., or Cenomi Centers, announced it has approved the launch of sukuk with a local special offering of up to SR3.75 billion.

The company’s share price ended the session at SR20.40, up 1.96 percent.

The Capital Market Authority has approved the registration and offering of shares of Wajd Life Trading Co. on the parallel market. The firm is offering 2.5 million shares, representing 20 percent of its share capital.

CMA also approved the registration and offering of shares of Afaq Al Arabiya for Transportation & Storage Co. on Nomu, with the company offering 900,000 shares, representing 10 percent of its share capital.

The authority also gave the go-ahead for the registration and offering of shares of Rawabi Marketing International Co. on the parallel market. The group is offering 1 million shares, representing 6.45 percent of its share capital.