Tuesday saw some meaningful gains posted on the Dubai benchmark equity index which advanced 0.6% but gains were somewhat more measured in Abu Dhabi with the FADGI adding less than 0.1%. The fact local markets failed to get a lift off the back of the China stimulus news is worthy of note.
- Agility Public Warehousing +6.3%
- Mashreqbank +3.6%
- Agthia -5.9%
Agility Public Warehousing was the leading large cap today, up by 6.3%. There’s no news out here but this move does reverse losses seen at the end of last week. Volumes remain modest.
Mashreqbank also fared well, adding 3.6% on the day. The company yesterday announced that it had agreed to sell a majority stake in its payments business NEOPAY to a consortium, although would retain a 35% holding. The transaction values NEOPAY at $385m.
Agthia is today’s biggest faller amongst the heavyweight stocks, trading down 5.9%. the stock traded ex-dividend last week but heavy trading in what looks like a series of bids to harness this was sufficient to drive shares meaningfully higher. We now have something of a reversion in play but the share price remains close to levels traded before the dividend date.
