UAE equity markets started the week edging fractionally higher tracking US index futures and shunning the losses seen across Europe.
- ADNOC Gas +4.9%
- Multiply Group +4.5%
- Gulf Navigation Holding -4.6%
ADNOC Gas was the biggest riser, up 4.9%. There is news out today that a $2.4bn pipeline has been transferred by the company to parent ADNOC, on the basis that this will improve the capital efficiency of ADNOC Gas, which will continue to manage the project. Traded volumes for the day were notably elevated.
Multiply Group was in second place, up a further 4.5% and extending last week’s gains. the company advised in the middle of last week that its Chairman had stood down and volumes have been notably elevated since then.
Gulf Navigation Holding was the biggest faller, with the stock now trading below the support level which was seen earlier in the year. There is no news in play that would appear to be behind the sell-off although volumes have been notably elevated since the start of the month.
