With the weekend break edging into sight, both the Dubai and Abu Dhabi benchmark indices have nudged a little higher on Thursday. Short term volatility for oil prices doesn’t appear to be overly weighing on sentiment.
- Agthia Group +5.4%
- Multiply Group +5.3%
- Emirates Central Cooling -2.5%
Agthia Group was the biggest riser, up 5.4%. The stock saw gains earlier in the week off the back of news that it had launched a new facility in Saudi Arabia. Some profit taking was in evidence on Wednesday but momentum remains strong, with the stock now up around 15% since the start of the month, with another busy day of trade being recorded.
Multiply Group was up 5.3%. News to support the move was again limited, but volumes remain significantly elevated, as investors continue to buy in after the stock tested levels that haven’t been seen in almost two years at the end of last month.
Emirates Central Cooling was the worst performer of the large caps, down by 2.5%. However given gains seen in recent days, there’s not much to be flagging this price behaviour as abnormal. The one interesting point to note is that Empower – the company’s more commonly used name – is encouraging consumers to be more measured in their use of cooling services. Long-term that’s certainly a diligent approach to take…
