Despite signs of downside pressure on oil prices, equity indices in both Dubai and Abu Dhabi held steady during Wednesday’s session, finishing with some very modest gains.
- ADNOC Logistics +4.1%
- National Marine Dredging +2.9%
- National Central Cooling -2%
ADNOC Logistics was the biggest gainer of the large caps on Wednesday, adding 4.1%. that coincides with news that Shell is to invest and take a 10% holding in ADNOC’s majority owned Ruwais LNG project. Shell has also committed to offtake 1 million mt/year of LNG from the project, which is due for completion in the second half of 2028. Volumes in ADNOC Logistics were notably higher on the day.
National Marine Dredging was one of the better performers today, up 2.9%. However there’s no news out here and the rally simply serves to recover yesterday’s losses posted by the stock.
National Central Cooling was the biggest faller of the large caps, off 2%. Transaction numbers were recorded as being slightly higher than usual but there’s no major news in play. The stock has returned to the 3Dhs level that has provided support in the past.
