Rising prices from Saudi oil attack boost Sasol's market cap by R20bn | Fin24
 
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Rising prices from Saudi oil attack boost Sasol's market cap by R20bn

Sep 17 2019 10:58
Jan Cronje

An 11% rise in Sasol's [JSE:SOL] share price since the start of the week has added about R20 billion to the JSE-listed petrochemical group's market capitalisation. 

Sasol shares had been on a downward trajectory in the year to date due to cost changes and delays at its major Lake Charles Chemicals Project in the US, and a relatively low global oil price. Earlier in September, it announced it would again be delaying the publication of its financial results for the year ended June 30. 

But after attacks on Sunday on a key Saudi oil facility cut output for one the world's largest producers by half, a subsequent rise in the global oil price has buoyed Sasol stock. 

At close of trade on Friday, Sasol shares had been trading at R278.55, giving the company a market capitilisation of about R174bn. 

By Tuesday at 10:20, its shares were changing hands at R311.38, an 11% increase over Friday's closing price. This has boosted the firm's market value to about R194bn. 

According to Bloomberg, state oil producer Saudi Aramco has grown less optimistic there will be a rapid recovery after the strikes that cut the nation’s output by half, and investors are looking for clarity on just how bad it could be.


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