Another day of considered gains on both the Dubai and Abu Dhabi equity indices with benchmarks advancing in the region of 0.2%.
- Adnoc Distribution +2.9%
- Space42 +2.5%
- National Industries -7%
Adnoc Distribution was 2.9% higher on the day, posting gains for a third successive session in a run that has pushed the share price out to fresh highs for the month. The company did announce a partnership to extend its solarisation of service stations and whilst this does have the ability to reduce borrowing costs, the impact here is likely to be limited. Volumes have however returned to normal after something of a lull last week.
Space 42 also had a good session with the provider of AI-powered space tech solutions adding 2.5% on the day. The AI sector globally has had a good run of late with plans for heavy US driven investment likely to bleed across to the industry as a whole.
National Industries Group was the biggest faller amongst the large caps, shedding a further 7%, although there’s no news here. Sustained levels of trade are being noted, admittedly at low levels given the market cap, but well up on the minimal activity seen at the end of 2024. The stock now sits at prices not seen in almost a year.
