The week has started with modest losses on both the Dubai and Abu Dhabi benchmark equity indices with the latest evolutions on the geopolitical agenda having done nothing to bolster sentiment. Downside was however limited to around 0.15% on each market.
- Mair Group
- TAQA +3.4%
- Agility Global -4.3%
Grocery firm Mair Group made its debut on the Abu Dhabi stock market this morning. The direct listing had a reference price of 1.16Dhs, the stock traded as high at 6Dhs shortly after the open, before retreating promptly back to 3.50Dhs then tapering down to close at 2.95Dhs, still a gain of more than 150% on the day. The market cap at the close was almost $2bn USD.
TAQA added 3.4% in a busy day of trade. Volumes were notably higher than typical although in line with levels seen last Thursday and the stock continues to find momentum, now trading around 10% higher over the last couple of weeks.
Agility Global was a notable faller amongst the large caps, off 4.3% on the day. The stock saw a good run through the early part of November ahead of earnings but momentum then stalled, resulting in the biggest one day sell off in a month.
