Saudi Aramco tests IPO level as payout pledge survives price war
Saudi Aramco shares have shaken off the ravages of an oil-price war to briefly regain the $1.7 trillion valuation that the company achieved in its record-breaking initial public offering.
The stock rose as much as 2.8 per cent to 32.55 Saudi riyals on Sunday in Riyadh, trading above the 32-riyal initial public offer (IPO) level it surrendered a month ago, only to turn negative in the last 10 minutes of the session and finish 0.5 per cent lower. Aramco’s slump over the past few weeks reflects a dispute between Saudi Arabia and Russia over production levels and market share for crude oil.
Aramco shares retreated as much as 27 per cent from a peak in December to the low plumbed last month, also dragged down by a decline in global oil demand as governments locked down economies to fight the coronavirus.
