Food sector helps lifts Saudi stock market

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.