Equity markets in the UAE continued to post gains on Tuesday, albeit at a more measured rate than we saw at the start of the week. The Dubai benchmark added 0.3%, whilst its Abu Dhabi counterpart moved up by less than 0.2%.
- Apex Investment +7%
- ADNOC Logistics +2.2%
- National Marine Dredging -4.4%
Apex Investment was the biggest riser of the large caps, adding 7.7% and taking gains from the last couple of weeks to more than 50%. A transfer of ownership of a meaningful portion of the company’s stock was undertaken in the latter part of August and this appears to have piqued investor interest.
ADNOC Logistics was the second biggest riser of the heavyweight stocks, up 2.2% on the day. There’s no apparent news out here but again this extends a run of gains which have been building since earlier in the summer. Today’s volumes were notably higher than recent averages.
And at the other end of the scale, National Marine Dredging was down 4.4%. The company has from today adopted a new brand as NMDC but it’s arguably some profit taking off the strong run of gains since the business started to spin out part of its energy holdings that has caused this movement. Shares had gained almost 20% since regulatory approval of the divestment had been granted at the end of last week.
