After yesterday’s push higher, the Dubai benchmark equity index eased back a little, but Abu Dhabi’s equivalent continued to find momentum, finishing the day just over 0.3% higher.
- Alpha Dhabi +5.6%
- Multiply +4.7%
- Mair -8.4%
Alpha Dhabi was the biggest gainer of the large caps regionally, up 5.6% off the back of a busier than usual day of trade. There was no clear news to support the move higher although with many portfolio companies constituting the business, dissecting the drivers of price action can be challenging.
Multiply Group was in second place, up 4.7%. However these notable gains simply serve to recover losses posted earlier in the week, with the stock still down around 20% from the early October highs. Again there’s no clear news here and volumes were only slightly elevated.
Mair Group was down 8.4% at the close, extending Tuesday’s losses and indeed that run lower since the meteoric gains seen after last week’s IPO. As we noted yesterday however, the stock continues to trade at a meaningful premium to the listing price.
