Another relatively quiet day for benchmark indices was observed in both Dubai and Abu Dhabi with a modest but unremarkable divergence in performance being seen between the two exchanges.
- Agility +8.8%
- Al Yah Satellite Comms +4.4%
- Agility Public Warehousing -7%
ADX listed Agility Global looks to have been the best performing large cap stock of the day, having added 8.8%. The stock IPO’d back in May and posted a significant premium on debut but then set about trending lower with some of that upside being eroded. However after testing all time lows at the start of the month, support has been in evidence and over the last couple of days volumes have been meaningfully elevated.
- IPO Radar: Monzo, CoreWeave, Odyssey Therapeutics
- IPO Radar: Talabat, Kioxia Holdings Corp, Groupe Dynamite
- IPO Radar: Brazil Potash, K&F Growth Acquisition, Apotex, The GrowHub
Al Yah Satellite Comms was up 4.4% on the day. The share price found itself under pressure at the start of the month but elevated levels of trade saw the stock advance on the day. Media reports have noted the fact that the region’s telecoms sector – including Al Yah – is set to see rapid revenue growth in the near term, possibly driving a degree of bargain hunting.
Agility Public Warehousing was the biggest faller of the large caps, down 7% on Tuesday. Shares here have been under pressure since Agility Global was spun out of the group in May, although transaction levels of late have been subdued.
