Saudi Aramco starts trading, gaining 10% and reaching $1.8T

Aramco's stock price rose 10% — the daily regulatory cap limit — hitting 35.2 Saudi riyals per share, or what is $9.39. (Source: Aramco/CNN)
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RIYADH, Saudi Arabia (AP) - Saudi Arabia’s oil company Aramco gained 10% at the opening of trading on the Saudi Tadawul stock exchange.

The oil giant started trading for the first time ever, after a mammoth $25.6 billion initial public offering that set the record as the biggest in history.

At the opening of trading on Wednesday morning in Riyadh, its stock price rose 10% — the daily regulatory cap limit — hitting 35.2 Saudi riyals per share, or what is $9.39. At that price, Aramco is the world’s most valuable listed company at $1.88 trillion.

That’s more than the top five oil companies — Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP — combined.

Copyright 2019 Associated Press. All rights reserved.



 
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