- ADNOC Drilling +4.3%
- Multiply Group +2.6%
- Spinneys Holdings -4.6%
Both the Abu Dhabi and Dubai benchmark equity indices posted modest gains during Monday’s trade. ADNOC Drilling was the biggest riser amongst our $1bn+ cohort of stocks, adding 4.3% after the company reported its first quarter earnings. Offshore drilling helped bolster profits by 26% against Q1 FY23, whilst parent company ADNOC also awarded a $1.7bn contract for the business to undertake 144 drilling project for unconventional oil and gas wells.
Multiply Group was also ahead, rising 2.6%. There’s no news here and whilst volumes were slightly elevated, the uptick was far from remarkable. The share price has however seen a turbulent ride in recent weeks with a meaningful spike in mid-April failing to be sustained.
Recently IPO’d Spinneys Holdings had a bumpy start to the week, with the shares retreating 4.6% as the stock continued to try and find a footing. Volumes were down from Friday but the number of orders had increased. Shares now sit just above the IPO price.
Tomorrow, Aramax and National Industries Group are both set to provide earnings updates.
