Thursday’s session has been marked by some bumper gains on the ADX which added well over 1%, whilst the performance on the neighbouring Dubai index was a rather more modest uptick of around 0.2%.
- Dubai Taxi Company +6.2%
- NMDC +5.2%
- Mashreqbank -2.3%
Dubai Taxi Company topped the board today, adding 6.2%. Having come to market just a few months ago with a significant oversubscription, this is the first time they have made it into this column. There’s no news in play beyond the regular board of directors’ meeting which concluded last night although the number of trades placed on exchange today was notably higher than normal.
NMDC is back in focus again, this time with some modest gains. Shares are up 5.2% after the company declared the IPO of its Energy division had been 31 times oversubscribed, putting it on course for the biggest new issuance of the year. The new shares will debut on September 11th and with NMDC retaining a more than 75% holding, the subsequent price action here will be closely followed.
Mashreqbank was the biggest faller of the large caps although there’s no apparent news behind the move. What has been seen of late is a couple of days of more active trade in the stock which typically sees limited levels of activity, and the 2.3% decline on the day feels far from noteworthy.
