7 things you need to know on Tadawul today

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

1) Solidarity Saudi Takaful Co. on Monday inked a three-year non-exclusive marketing agreement with Safe Cover Insurance Agency to market Solidarity’s insurance products within the Kingdom.

2)  Etihad Atheeb Telecommunication Co. has terminated an agreement with ZTE Corporation, the telco said in a statement to Saudi bourse, Tadawul.

3) Filling and Packing Materials Manufacturing Co. (FIPCO) said that it will deposit a cash dividend of 5 percent (SAR 0.5 per share) for fiscal year 2016 into shareholders’ bank accounts through Riyad Bank on May 21. 

4) Saudi Arabia’s Council of Cooperative Health Insurance’s (CCHI) on May 14 has lifted the ban and has allowed Solidarity Saudi Takaful Co. to issue health insurance policies, the insurer said in a statement to Tadawul on Monday. 

5) Saudi Telecom Co. (STC) said its systems were not affected by WannaCry ransomware virus that has spread worldwide, the company said on its official Twitter account.

6) The aggregate net profit of the Saudi petrochemical sector came in at SAR 7.2 billion in Q1 2017, a 99 percent year-on-year (YoY) rise, data compiled by Argaam showed.

7) Oil prices were higher on Tuesday, extending gains after the energy ministers of Saudi Arabia and Russia said they favor extending the output cut deal between OPEC and non-members for another nine months. Global benchmark Brent crude was last up 0.2 percent at $51.94 per barrel (bbl), while WTI was 0.3 percent higher at $49.00/bbl.