Last night’s disappointing numbers from US listed NVIDIA NASDAQ:NVDA appeared to send a shockwave through many markets globally, with the UAE benchmark indices tracking markets in East Asia lower on Thursday. The Dubai benchmark fell 0.7% whilst the Abu Dhabi equivalent lost almost 1%.
- Gulf Navigation Holding +6.4%
- Emaar Development +4.1%
- Abu Dhabi Commercial Bank -4.6%
Gulf Navigation Holding was the biggest riser on the day, adding 6.4%. The company published a note to the market this morning in response to recent declines in its share price, noting that all relevant information was in the public domain and that an asset acquisition – which was expected to complete in September – remains on track. Today’s move more than reverses the losses posted on Wednesday.
Emaar Development was in second place, up 4.1%. The stock has faced a moderately turbulent time since the release of Q3 earnings a week ago, moving around in a range of just under 10%. Volumes have been elevated in recent days, too.
Abu Dhabi Commercial Bank was the biggest faller, but that move does come after yesterday’s test of two and a half year highs. There’s no evident news here but this is an actively traded stock when compared to some in the sector, with volumes remaining robust but below last week’s notable spike in activity.
