Whilst rolling back of tariff talk from the US may have offered many markets globally some support, the mood in the UAE remains more considered. The Dubai benchmark equity index added around one third of a percent, whilst the Abu Dhabi equivalent finished as good as unchanged.
- Gulf Navigation Holding +9.3%
- Emaar Development +2.9%
- Americana Restaurants -4.2%
Gulf Navigation Holding was the biggest riser, up 9.3% on the day. The stock has however been on a turbulent ride in recent days with some investors reported as being concerned over the decision to buy Nasdaq-listed Brooge Energy. Today’s gains almost fully reverse the losses seen last week.
Emaar Development was 2.9% higher on the day. The session was busier than normal but far from excessive and the rally simply reverses yesterday’s sell off which again seemed to have little in the way of fundamental news behind it.
Americana Restaurants was the biggest faller, off 4.2% on the day. Whilst the stock has been in focus of late off the back of geopolitical tensions, today’s move seems to be nothing more than a reversal of gains posted last week around the publication of consolidated accounts.
