Wednesday marked another day of divergence for UAE equity indices with gains on the Dubai benchmark of 0.7% contrasting with the 0.5% loss posted on the Abu Dhabi equivalent.
- Deyaar Development +7.5%
- Salik Company +4.7%
- National Industries Group -9.6%
Deyaar Development was the biggest riser of the large caps, with the stock adding 7.5% on the day. The company’s stock has been on a strong run of late, adding around 30% since the release of Q3 earnings news last week with underlying volumes being notably elevated since then. Today saw an even more active day of trade, although there are no signs of any further news to justify the interest.
Salik Company was in second place, with the toll gate operator adding 4.7% on the day. That comes after the business published its Q3 results this morning, including revenue up by 7.3% and profits ahead by 19.6%. Full year guidance remains unchanged although significant growth is expected in FY25 as the company adds two new toll gates later this month as well as finding benefit from the new parking partnership with Emaar.
National Industries Group was the biggest faller down 9.6%. The company reported Q3 numbers at the start of the week, including a notable jump in profits following a 25% uptick in revenue and this has put the share price through a rocky spell in the last few days, reversing most of those gains inspired by the earnings.
