It’s been a mixed session for indices in the UAE with the Dubai benchmark adding 0.6%, supported by some solid gains for property stocks and testing levels not seen for a decade, whilst Abu Dhabi dipped 0.2% by the close.
- Emaar +15%
- Agility Public Warehousing +6.5%
- Mair -5.3%
Emaar was 15% higher following the announcement yesterday of a bumper dividend policy. The company intends to double the distribution against the 2023 figure. With over 100 million shares reported as changing hands, volumes were significantly elevated, too.
Agility Public Warehousing was in second place, up 6.5% by the close. There’s no news here, the stock is typically thinly traded and the move is within the typical range seen over the last month.
Recently IPO’d grocery firm Mair was at the foot of the board amongst the large caps. Shares were down 5.3% by the bell, extending losses since it IPO’d last week. However the shares are now at 2.13Dhs, which is still a significant premium to the reference price of 1.16Dhs when they came to market.
