Food companies buoyed the Saudi stock market, after better than expected results from the region's largest dairy food producer. Food companies buoyed the Saudi stock market, after better than expected results from the region's largest dairy food producer.

Food companies buoyed the Saudi stock market, after better than expected results from the region's largest dairy food producer.

According to a recent report by Reuters, the Saudi index advanced 1.4% after Almarai reported a slight rise in first-quarter net profit in a challenging market.

Almarai's shares rose by 3.6%, helping the food sector to 4.2% again.

Savola, which has a 36.5% stake in Almarai, jumped 6% to 44.10 riyals and is Riyadh-based NCB Capital's top pick in the sector.

Shares in Jarir Marketing, one of the kingdom's largest retailers by market value, shrugged off a 29.5% drop in first-quarter net profit and gained 2.4% to 117.75 riyals.

Riyad Capital rates Jarir a "buy", with a target price of 189 riyals, citing its attractive dividend yield as a factor in its rating.

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