It was a very quiet end to the week for UAE equity markets at the index level with both Abu Dhabi and Dubai benchmarks adding around 0.1%.
- Fertiglobe +10.1%
- Du +2.8%
- Phoenix Group -2.4%
Fertiglobe had a good session, adding 10.1% in a very hectic session. Volumes were significantly elevated after news broke that ADNOC was close to concluding a deal that would extend its holdings in the business, acquiring 50% plus one share from OCI Global. The deal was flagged at the end of last year but is expected to close on Tuesday.
Telecoms provider Du – or Emirates Integrated Telecommunications Company – was in second place for the large caps on Friday, adding 2.8%. This coincides with the business releasing a note on new product innovation. Volumes were elevated and the stock is enjoying a good run, up more than 25% over the last six months or so.
Phoenix Group was the notable faller, off 2.4%. Despite some positive news last weekend, the stock remains under pressure. Volumes have been stable but the shares are down by 15% or so since the start of the moth, testing fresh all time lows.
