|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||2.6510 - 2.7250|
|52 Week Range||1.4710 - 4.4110|
|Beta (5Y Monthly)||1.24|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 10, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||May 05, 2020|
|1y Target Est||6.07|
The "risk-on" stock market rotation of recent weeks may not last long into 2021 as it has largely priced in the roll out of COVID-19 vaccines and an economic recovery next year, according to the head of global market strategy at French asset manager Natixis. Esty Dwek told the Reuters Global Markets Forum that investor allocations in December would suggest how far the trade, where some of the "cyclical", growth-dependent stocks hit hardest in the coronavirus crisis recover, has to run. "Once we add November and December, how much catch up will be done already?" Dwek asked in a conversation held as part of the Reuters Global Investment Outlook Summit 2021.
(Bloomberg) -- Natixis SA replaced the head of its recently opened Saudi operations after six months in the role.The French bank appointed Ammar Bukhamsin as chief executive officer of Natixis Saudi Arabia Investment Co., and country head for corporate and investment banking, the firm said in a statement on Monday.He succeeds Reema Al-Asmari, who left the bank after taking the position when Natixis announced the opening of the unit in May, a spokeswoman said, without providing further details. Bukhamsin, a Saudi national, has been with Natixis since 2015 and was most recently head of global-market sales in Dubai. He will report to Barbara Riccardi, regional head for the Middle East, corporate and investment banking.“We intend to build on our strengths in key sectors such as infrastructure, energy and telecoms to provide investment banking solutions and support the kingdom in its privatization and development targets,” Riccardi said in the statement.The bank also aims to “support the diversification of the country’s economy, notably by accompanying clients in the most polluting industries to transition to more sustainable business models,” she said.International banks have been expanding in Saudi Arabia as the country embarks on a plan to diversify its economy beyond oil and attract more foreign investment.Citigroup Inc. re-opened in the kingdom in 2017 after leaving in 2004, while JPMorgan Chase & Co., HSBC Holdings Plc., and Goldman Sachs Group Inc. are among banks that have been hiring and getting licenses for new activities.The country has become an increasingly important source of deal flow in the Middle East. Last year’s Aramco initial public offering was the biggest ever, raising almost $30 billion, and has kickstarted a wave of other listings.Natixis has been hired to advise on energy producer Acwa Power International’s share sale next year, which could value the company at about $8 billion, people familiar told Bloomberg in November. The bank also worked on the $659 million IPO of mall operator Arabian Centres Co. last year.(Add detail on Saudi deals after fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Natixis SA, the French investment bank, is cutting 50 positions in London as it starts reviewing its trading operations after a series of losses.The bank told London staff in a virtual townhall Thursday that it planned to relocate about 30 jobs in equity derivatives and fixed income trading to Paris, as the bank is grouping related operations in France, according to people familiar with the situation. The positions leaving London include traders and related functions, one of the people said.The bank, which has about 350 staff in London, will also cut another 20 jobs in the U.K., the people said.A spokesperson for Natixis declined to comment. Natixis shares, which were little changed in early London trading Friday, have tumbled 36% this year.Natixis was hurt earlier this year by structured products that incurred losses when the pandemic led to companies canceling their dividends. The bank reported a 143 million-euro ($169 million) hit from the dividend-related losses in the second quarter, following a similar-sized loss in the first three months of the year.While equity trading has since recovered at Natixis, its new chief executive officer, Nicolas Namias, recently said he aimed to shift the company’s trading unit into more stable revenue streams and exit the most complex equity derivative products.The bank also plans to serve about 50 equity derivative clients in the future -- down from more than 400 previously. Overall, Natixis is targeting 350 million euros of cost savings by 2024.(Adds shares in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.