- Agthia +4%
- ADNOC Drilling +3.5%
- Spinneys Holdings +2.5%
- Abu Dhabi National Hotels -5%
Abu Dhabi based food & beverage company Agthia had a solid run on Tuesday, adding more than 4% to its share price. There’s no news out here but volumes were notably elevated, something that would have the potential to squeeze the available supply of stock, in turn boosting the price.
ADNOC Drilling added more than 3.5% with investors looking to extend yesterday’s gains in the wake of news of impressive earnings and the awarding of that $1.7bn drilling contract. Shares appeared to test all time highs just ahead of the close.
Shares in the recently IPO’d Spinneys Holdings nudged slightly higher on Tuesday in the wake of their first earnings release as a listed company. Revenues were up 11% and gross profits increased by 15%. Shares were 2% higher at the close, again putting some daylight between the current price and the IPO level.
And Abu Dhabi National Hotels was one of the day’s worst performers, off by almost 5%. The closing price of 0.61Dhs marks a fresh low for the year and volumes were significantly elevated.
