Equity markets in the UAE started the week on the front foot with some modest gains being delivered. Benchmarks in both Dubai and Abu Dhabi advanced by around 0.4% on the day.
- Apex Investment +10.6%
- Dubai Taxi Company +7.5%
- NMDC -3.1%
Apex Investment put in yet another solid session on Monday, extending the recent run of gains by a further 10.6%. The stock was the most heavily traded in Abu Dhabi by a significant margin with gains over the last month now in the region of 100%. There’s no fresh news, but media coverage of the recent JV with Enercap continues to flow, which could explain at least part of the popularity.
Dubai Taxi Company was the second best performer of the large caps across the UAE, advancing by 7.5%. The move comes off the back of Friday’s announcement that the company had been awarded a further 300 taxi plates by the regulator in a move that will take their market share to 46%.
[related[NMDC – the new name for National Marine Dredging Company – was the biggest faller although losses were constrained to a relatively modest 3.1%. Volumes are starting to normalise, but the stock has now given back all the gains seen since the spin off of the Energy company was approved by regulators.
