Wednesday saw modest gains for both the Dubai and Abu Dhabi benchmark equity indices, with the latter being the marginally stronger performer of the pair.
- Agility Public Warehousing +7.5%
- ADNOC Logistics +3%
- Agility Global -2.2%
Agility Public Warehousing topped the board for the large caps, adding 7.5%. This stock typically sees only limited levels of trading taking place, but two points are notable about today’s move, namely the fact this reverses most of the losses accrued since the National day extended weekend break and the negative correlation with Agility Global, of which it owns 51%.
ADNOC Logistics was 3% higher, arresting its recent run of losses – at least for now. The share price had fallen by around 10% since the start of the month before testing multi levels not seen since August on Tuesday. There’s no fundamental news out but some investors would appear to have seen this level as a buying opportunity.
Agility Global was at the foot of the board, off 2.2%. Whilst counter intuitive, there’s often a negative correlation seen here with parent Agility Public Warehousing. Again there’s no obvious fundamental news behind the move and volumes have been far from notable.
