Saudi Electricity Co, the state controlled utility, surged to the highest level in more than two years on investor speculation third quarter profit will beat expectations.
The shares surged 3 percent to 15.45 riyals, the highest level since February 2008, at the 3:30 pm close in Riyadh.
The gains were “possibly in anticipation of the highest quarterly earnings that Nomura expects the company to publish,” said Scott Darling, a Dubai based analyst at Nomura International.
The state controlled power producer’s third quarter profit may increase 32 percent to 2.28 billion riyals ($608 million), according to the mean of three analyst estimates on Bloomberg.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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