UAE equity indices advanced again on Thursday with momentum from Wall Street being supported by gains for oil prices off the back of yesterday’s bigger than forecast draw in US inventories. The FADGI finished up more than 0.6% whilst the DFMGI added 0.9%.
- ADNOC Distribution +2.9%
- Alef Education +2.6%
- Ghitha -2.2%
ADNOC Distribution topped the board for the large caps on Thursday, adding 2.9%. This is extending the run of gains that have been seen over the last week, in what was a notably busy day of trade.
Alef Education was in second place advancing 2.6%. The company IPO’d just a few weeks ago and trading has been somewhat volatile since then. There’s no news in play but arguably this is still in the price discovery phase and with other education providers soon set to list in the UAE, with more peers to reference, that process may become easier in the near term.
[related[Ghitha was down 2.2% on the day, making for the weakest performer of the large caps. Last week, shares tested post-IPO lows and this seemingly appealed to a number of bargain hunters. Whilst today’s overall volumes were typical, the number of transactions processed was elevated.
