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Saudi Arabia stocks higher at close of trade; Tadawul All Share up 1.20% By Investing.com

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© Reuters. Saudi Arabia stocks higher at close of trade; Tadawul All Share up 1.20%

Investing.com – Saudi Arabia stocks were higher after the close on Sunday, as gains in the , and sectors led shares higher.

At the close in Saudi Arabia, the rose 1.20% to hit a new 52-week high.

The best performers of the session on the were Aseer Trading Tourism&Manufacturing (SE:), which rose 10.00% or 1.38 points to trade at 15.18 at the close. Meanwhile, Anaam International Holding Group (SE:) added 9.97% or 33.80 points to end at 372.80 and National Metal Manufacturing Co. (SE:) was up 9.96% or 3.35 points to 37.00 in late trade.

The worst performers of the session were BURUJ COOPERATIVE INSURANCE CO (SE:), which fell 5.61% or 1.60 points to trade at 26.90 at the close. Al-Ahlia Insurance Company (SE:) declined 5.08% or 0.86 points to end at 16.08 and Al Kathiri Holding Co (SE:) was down 3.27% or 3.60 points to 106.40.

Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 131 to 59 and 9 ended unchanged.

Shares in Aseer Trading Tourism&Manufacturing (SE:) rose to 3-years highs; rising 10.00% or 1.38 to 15.18. Shares in Anaam International Holding Group (SE:) rose to 5-year highs; up 9.97% or 33.80 to 372.80. Shares in National Metal Manufacturing Co. (SE:) rose to 5-year highs; rising 9.96% or 3.35 to 37.00.

Crude oil for November delivery was down 1.55% or 0.64 to $40.55 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 1.25% or 0.54 to hit $42.80 a barrel, while the December Gold Futures contract rose 2.18% or 41.30 to trade at $1936.40 a troy ounce.

EUR/SAR was up 0.60% to 4.4371, while USD/SAR fell 0.00% to 3.7510.

The US Dollar Index Futures was down 0.68% at 93.012.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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ConocoPhillips to buy Concho Resources for $9.7 billion in 2020’s top shale deal By Reuters

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© Reuters. The logo for ConocoPhillips is displayed on a screen on the floor at the NYSE in New York

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By Arunima Kumar

(Reuters) – ConocoPhillips (N:) on Monday agreed to buy U.S. shale oil producer Concho Resources Inc (N:) for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand.

The low-premium, all-stock deal comes as many U.S. shale companies have been mired in losses due to weak crude prices and, unlike in past downturns, have struggled to raise new capital to restructure heavy debts.

The deal swaps 1.46 shares of ConocoPhillips for each Concho share, an about 1.5% premium over its Friday price. Concho shares were up 1.4% at $49.30 in early trading on Monday. They sold for as much as $93 a share in January before the COVID-19 pandemic cut oil demand and prices.

The purchase would propel ConocoPhillips to the ranks of the top producers in the Permian Basin, the prime U.S. oilfield that stretches from West Texas to southeastern New Mexico. It also would make it the largest U.S. independent, pumping 1.5 million barrels per day (bpd).

The fifth-largest producer by volume in the Permian, Concho pumps about 319,000 bpd, from wells spread across more than half a million acres. Conoco is a major producer in two other U.S. shale fields, but pumps about 50,000 bpd in the Permian.

“Concho has been on the short list of big Permian companies attracting interest due to its large production, vast acreage and relatively low debt,” said Andrew Dittmar, M&A analyst at consultancy Enverus.

It has scant drilling acreage on federal lands, a plus given Democratic party presidential candidate Joe Biden’s proposal to ban new fracking permits on government property, he said.

The sector has been consolidating after many shale producers borrowed in a bet on higher prices. Prices tanked instead, leaving shale investors with little to show for the rising output and companies struggling to pay down debts.

The deal valued Concho at about $51.89 per share based on Monday’s price and continues a trend of all-stock, low-premium combinations, including the WPX Energy-Devon merger and Chevron Corp (N:)’s purchase of Noble Energy (NASDAQ:).

ConocoPhillips said the premium was 15% based on Concho’s price on Oct. 13, before news reports on the deal talks surfaced. Its shares traded up 0.6% at $33.97 after the open on Monday.

Concho had $3.9 billion in long-term debt at the end of June, and has not posted an annual profit since 2018. Its second quarter loss was $435 million, wider than a loss of $97 million a year earlier.

The combined company will hold about 23 billion barrels of oil equivalent resources with an average cost of supply of below $30 per barrel of U.S. West Texas Intermediate crude, Conoco said.

Concho shareholders will receive 1.46 shares of ConocoPhillips for each share held.

The deal is expected to provide $500 million in annual cost and capital savings by 2022.

(This story corrects paragraph 3 to say that the deal swaps 1.46 shares of ConocoPhillips for each Concho share, not 1.56 shares)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Goldman Sachs expects rejection of SEC plan to raise 13F reporting threshold By Reuters

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© Reuters. FILE PHOTO: To match Special Report SEC/INVESTIGATIONS

By Chuck Mikolajczak

NEW YORK (Reuters) – A plan by the Securities and Exchange Commission (SEC) to lift the reporting threshold for a minimum of assets under management from $100 million to $3.5 billion has been soundly rejected by the public, according to Goldman Sachs (NYSE:).

A 13F filing is a quarterly report required to be submitted by all institutional investment managers within 45 days of the end of a calendar quarter that discloses their equity holdings.

As the public comment period for the rule has recently ended, Goldman reviewed the 2,262 letters filed with the SEC and found 99% of those to be opposed to the changes, with only 24 in favor.

According to Goldman Sachs, if the new rule were to be adopted the number of hedge funds required to disclose their long stocks positions would be cut by 89%.

However, the firm now expects the proposal to be withdrawn given the stiff opposition, which included submissions by “one of the five SEC Commissioners, the Chair of the House of Representatives Financial Services Committee, the CFA Institute, the Business Roundtable, the Investment Company Institute, NYSE, and Nasdaq, along with many companies.”

Goldman said it has used the data disclosed in 13F filings since 2007 to help identify crowded positions along with portfolio and market concentration risk.

Should the proposal be installed, the new threshold would go into effect with positions at year-end, which would require those positions held on Sept. 30 to be filed by Nov. 15.

Goldman noted that in an unusual move, SEC Commissioner Allison Herren Lee released a statement of her own against the proposed change, alongside the public comments.

In a prior note in August, Goldman said the proposed requirement was justified as “the assets covered under the new threshold would reflect proportionally the same market value as $100 million represented in 1975.” In addition, the firm said it amounted to regulatory relief related to compliance costs.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wall Street Opens Higher on Last-Ditch Stimulus Hope; Dow up 150 Pts By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened higher on Monday, buoyed by hopes for a last-minute agreement on a comprehensive fiscal stimulus package before the elections on November 3.

House Speaker Nancy Pelosi said at the weekend that there were still two days to bridge what appear to be still-wide differences with the Republican administration and Senate over a package, while Senate Leader Mitch McConnell said he would schedule votes on a suite of individual relief measures. While that is unlikely to be enough in itself to get any such measures enacted, it keeps the two sides at least superficially moving towards each other.

By 9:35 AM ET (1335 GMT), the was up 78 points, or 0.2%, at 28,676 points. The was also up 0.5% and the was up 0.8%. 

Oil and gas stocks were supported somewhat by the confirmation of ConocoPhillips (NYSE:) agreeing to buy shale producer Concho Resources (NYSE:) for $9.7 billion, the biggest acquisition in the sector this year.  However, a fourth straight quarterly loss and grim outlook from Halliburton (NYSE:) underlined the problems the sector continues to face. ConocoPhillips stock was down 1.0%, on perceptions that it may have overpaid. Concho stock, which had risen over 10% last week on reports of the deal happening, gave up 0.2%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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