Thursday saw modest gains on Abu Dhabi’s FADGI benchmark equity index being balanced against losses of a similar size on the DFMGI, but the growing prospect of US rate cuts doesn’t seem to be having an meaningful impact on sentiment.
- Agility Global +7.8%
- ADNOC Drilling +2.9%
- National Bank of Umm Al Qaiwain -8.3%
Agility Global was the biggest gainer, up 7.8% on the day. The move comes off the back of Wednesday’s test of all time lows on the stock, which made their market debut just two months ago. With no other news this could be seen as some investors eyeing a bargain down at these depressed levels.
ADNOC Drilling was 2.9% higher on the day. That move coincided with news from earlier in the week that the company had been awarded a $733m contract for new drilling rigs.
National Bank of Umm Al Qaiwain was the biggest faller, down 8.3%. As we have noted before, this is a very thinly traded stock so today’s elevated volumes – significantly higher than we’ve seen over the last couple of weeks – alone will be sufficient to have distorted the price.
