It was a mixed session for UAE equity indices with gains of 0.4% in Dubai contrasting with losses of almost 0.2% in Abu Dhabi.
- Apex Investment +4.7%
- Agility Public Warehousing +4.5%
- NMDC -6%
Apex Investment was the best performer, up 4.7% on the day. The company announced yesterday that it was setting up a Joint Venture with Enercap Energy Holdings, where it would be the majority partner in a 10GW manufacturing facility in Abu Dhabi. Volumes were materially higher than average and gains for the Apex share price over the last month are now in the region of 70%.
Agility Public Warehousing made gains on Thursday too, adding 4.5%. It has been a choppy week so far for the stock with thin trading arguably constraining liquidity. Today’s advance comes off the back of a 5.5% retreat on Wednesday.
NMDC was the biggest faller of the large caps, down 6%. That comes despite the solid performance of its recently spun out NMDC Energy subsidiary, which came to market yesterday and advanced around 20% and extended the gains on Thursday. On the basis NMDC still owns a majority holding in the subsidiary, were investors expecting an even more robust price response here?
