LONDON: Growth in Britain’s private sector held steady in the three months to October after weakening recently, and the inflation hit to consumers and Brexit concerns for companies mean growth will probably stay modest, an industry survey showed.
The Confederation of British Industry’s monthly indicator of output for manufacturers, retailers and services companies remained at +11, its joint lowest level since June.
“Growth in the economy has remained relatively stable, although the pace of growth was a little slower than expected, particularly for retailers and manufacturers,” CBI chief economist Rain Newton-Smith said.
Britain’s economy slowed sharply in the first half of 2017 although it picked up a bit of pace in the third quarter.
The Bank of England raised interest rates for the first time in a decade on Thursday as it moved to head off what it sees as the inflationary impact of Brexit, even as it said economy will probably remain stuck in a slow gear over the next three years.
Output expectations for the next three months fell to +12 from +18 in September, the weakest reading since January.
The CBI said it expected growth to remain modest as inflation eats further into household spending power in late 2017 and early 2018 and uncertainty about Brexit dampens business investment next year.
“We still expect more support to growth from net trade than has been the case in the recent past, as a lower exchange rate and firm global growth lift UK exports and softer domestic demand bears down on import growth,” it said.
UK economy holds steady but outlook remains weak, British industry monitor says
UK economy holds steady but outlook remains weak, British industry monitor says
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
