A quiet Thursday session in the UAE at the equity index level, with the Dubai benchmark adding less than 0.1% whilst the Abu Dhabi equivalent was around 0.2% higher.
- Agility Global +5%
- Apex Investment +4.8%
- National Bank of Ras Al Khaimah -8.4%
Abu Dhabi listed Agility Global topped the board today, adding 5% in the wake of publication of full year earnings yesterday. Revenues added 14.5% but net profits jumped by more than 150%. A further $65m dividend distribution is being proposed, matching the interim payment. Today’s rally has played a key role in helping recoup some of the losses from earlier in the month.
Apex Investment was in second place, 4.8% higher on the day. The stock took a tumble last week after shareholders approved no full year dividend, but this seems to have initiated a degree of bargain hunting.
National Bank of Ras Al Khaimah was the biggest large cap faller, off 8.4% on the day. In an abnormally busy day of trade for the stock. The share price tested a 10 year high last week, with the dividend yield looking appealing to many, but a degree of profit taking now seems to have crept in.
