Markets in both Abu Dhabi and Dubai started the week with some modest gains, although upside was rather more muted than had been seen across many Asian bourses overnight.
- Commercial Bank of Dubai +6.5%
- ADNOC Logistics & Services +4.2%
- Apex Investment -4.9%
Commercial Bank of Dubai was the biggest gainer of the large caps, advancing by 6.5%. Despite a close on 20 billion Dhs market cap, the stock tends to see limited trade so large swings like this are far from unusual, but today’s gains did ensure the share price pulled away from that test of lows not seen in more than three months.
ADNOC Logistics also fared well, adding 4.2% on the day. That was sufficient to drive the stock to all time highs following news from the weekend that the company was to buy shipping pool operator and commercial management company Navig8 in a move that is said to improve ADNOC L&S earnings by at least 20% in year one. The acquisition is set to cost $1bn.
Apex Investment was under pressure, declining 4.9% on Monday. The stock’s price plotted a turbulent course last week, ranging between 1.40Dhs and 1.66Dhs, supported by meaningfully higher than usual transaction levels. There’s still no news here but as we noted last week the momentum belies the upbeat earnings news seen in April.
