Northern Region Cement stocks soar on day one of trading, Saudi Arabia

Saudi-Arabia based cement producer Northern Region Cement tripled on its first day of trading in Riyadh, Bloomberg reports.

The stock soared to SAR30 at the close in the Saudi capital from the initial public offering of SAR10 each, according to data compiled by Bloomberg. About 234 million shares were traded, comprising more than half of the volume traded on the benchmark Tadawul All Share Index yesterday.

Northern Region is the 13th cement company to sell shares in the kingdom after Najran Cement and City Cement Co started trading last year.