Starting off what could be a very significant week for global politics with the US election, both the Dubai and Abu Dhabi benchmark equity indices lost ground. The FADGI dropped back by 0.2% whilst losses on the DFMGI were somewhat more pronounced at almost 0.8%.
- Agility Global +6.5%
- Alpha Dhabi +3.4%
- National Bank of Fujairah -9.9%
Agility Global looked to be the best performer of the large cap stocks, up 6.5% on the day. A filing over the weekend noted that the board will meet next Monday to discuss Q3 results and agree dividend distributions. Volumes were notably higher than normal.
Alpha Dhabi was in second place with gains of 3.4%. That’s extending gains which started ahead of the weekend break following the publication of quarterly earnings. Group net profit had more than trebled to Dhs4.39bn, whilst total revenues were up by around 40% to Dhs14.9bn. A $500m investment in the company by GQG partners was also announced.
It’s an incredibly thinly traded stock, but National Bank of Fujairah saw its share price plummet although given the lack of liquidity it’s difficult to read much into this. There’s no news out but the stock ended down 9.9% on the day.
