Equity markets in both Dubai and Abu Dhabi made gains on Wednesday, largely weighted into the latter part of the session, coinciding with a rally for oil prices where WTI crude was eyeing a re-test of $70.
- Apex Investment +9.9%
- Ghitha +5.7%
- Mashreqbank -2.6%
Apex Investment is yet again on the board with the company’s stock having risen a further 10% on Wednesday. Confidence in the business clearly continues to run high and volumes were significantly elevated yet again with almost 150 million shares changing hands according to exchange data. There’s no further news out here since that recent announcement of the development work with Enercap.
Ghitha was in second place, up 5.7% on the day. The move does however simply recover the losses posted during Tuesday’s session, suggesting that some investors saw a bargain in that latest discounting.
Mashreqbank makes it back onto the list as well as the biggest faller amongst the large cap stocks. The longer term trend does appear positive – something that is likely supported by moves such as yesterday’s partial disposal of a payments company – but the stock is far from being actively traded which will in turn be contributing to its regular appearances in this column.
