Saudi Arabia: Saudi Arabia’s Tadawul All Share Index remained steady for the second consecutive day, gaining 4.31 points or 0.04 percent to close at 11,139.98. 

Parallel market Nomu, however, dropped 64.82 points to 20,943.02, while the MSCI Tadawul Index closed 0.23 percent up at 1,483.78. 

The total trading turnover of the benchmark index was SR4.94 billion ($1.32 billion) as 74 listed stocks advanced, while 130 retreated.

The top-performing stock of the day was National Medical Care Co., as its share price surged 8.57 percent to SR114. 

Abdullah Al Othaim Markets Co. and Saudia Dairy and Foodstuff Co. also performed well on Tuesday, as their share prices rose by 5.22 percent and 4.44 percent, respectively. 

Buruj Cooperative Insurance Co. was the worst performer; its share price dropped 3.98 percent to SR20.24.

Savola Group and Al Alamiya for Cooperative Insurance Co. were the worst performers, whose share prices fell 3.93 percent and 3.89 percent, respectively. 

On Tuesday, the share price of Saudia Dairy and Foodstuff Co. hit an all-time high of SR318.80 since its debut in Tadawul in 2005. The company, however, closed its trading at SR306 at the end of today’s session. 

Meanwhile, First Milling Co. has announced that it has set the initial public offering final price at SR60, implying a market capitalization of SR3.3 billion. 

In a statement to Tadawul, the company said the IPO coverage ratio reached 68.9 times.

“The impressive demand by participating parties for First Mills’ offer shares is a resounding validation of the company’s investment thesis. They appreciate the company’s long-term value creation potential supported by its market leadership, diverse product portfolio, outstanding financial performance and effective leadership team,” said Abdullah Ababtain, CEO of First Milling Co. 

On Tuesday, Saudi Aramco Base Oil Co., also known as Luberef, announced that it signed an amendment to its feedstock agreement with Saudi Arabian Oil Co. to supply additional 5,000 barrels per day of reduced crude oil. 

In a bourse filing, Luberef said that this amendment is expected to increase the total quantity of RCO received in its Yanbu facility from 45,000 bpd to 50,000 bpd, subject to product availability.

“This increase in RCO quantity is part of a business transformation program which is in line with Saudi Aramco’s transformation initiative for its joint ventures,” said Luberef in the statement. 

The Saudi Public Transport Co. announced the contract sign-off with the Jazan municipality for operating the public transport network in the region at a contract value of SR93 million.

SAPTCO said that the project will positively impact the company’s revenues in the second half of 2023.