Meaningful gains were posted by both the Abu Dhabi and Dubai benchmark equity indices on Thursday, with cheer over Wednesday’s bumper US interest rate cut boding well for stocks in many markets.
- Apex Investment +11.9%
- Al Dar Properties +8.7%
- Agility Public Warehousing -4.6%
Apex Investment is yet again on the list with more bumper gains. The stock advanced a further 11.9%, taking gains over the last five weeks to around 150%. Traded volumes remain significantly elevated with more than 130 million shares reported as having changed hands. There’s no news out beyond the Enercap JV which was signed at the start of the week.
Al Dar Properties was in second place amongst the large caps, up 8.7%. Yesterday a partnership was announced by His Highness the Crown Prince of Abu Dhabi which utilises the land bank of Mubadala and Al Dar’s development skills to establish a series of property and logistical assets across Abu Dhabi. Al Dar owns 60% of the combined entity and the prospects here do seem to be providing cheer.
Agility Public Warehousing was the biggest faller, off 4.6%, although as we have noted before this is typically a thinly traded stock which spends a lot of time moving in a channel around the 3 Dhs level. There’s nothing to suggest today’s slide marks a breakout here.
