Thursday proved to be another mixed bag for UAE equity indices, with Dubai’s benchmark adding just over a quarter of one percent but Abu Dhabi stumbled, with the index finishing down three quarters of a percent lower.
- Lulu Retail +3.8%
- Abu Dhabi Ports +3.6%
- First Abu Dhabi Bank -7%
Lulu Retail added 3.8% with the recently IPO’d company continuing to work its way back from last week’s all time lows. The company has just published audited full year accounts and called the next AGM but these are unlikely to have had any material impact on the share price. Volumes, whilst elevated, were far from abnormal.
Abu Dhabi Ports was up 3.6%, again with the stock working its way back from lows, in this case levels not seen for almost three years. Volumes were again elevated from those seen in recent days but there are again no apparent news drivers behind the rally.
First Abu Dhabi Bank is one of the largest constituents on the exchange so today’s loss of 7% will have contributed to losses on the index. Volumes for FAB are typically higher than seen on many other banks in the region but the stock traded ex dividend today, driving the price move and the cash return was also the highest ever received by shareholders.
