Wednesday saw some modest gains on the Abu Dhabi benchmark FADGI index, whilst Dubai’s DFMGI slipped a shade. Trade was however generally quiet although US economic data is likely to be in focus with employment readings set to be instrumental in the timing of any Fed rate cut.
- Multiply Group +2.2%
- Al Dar Properties +2%
- Americana Restaurants -4.3%
Multiply Group reversed yesterday’s losses, adding 2.2% on the day. There’s no news here and volumes were very much in what would be considered a normal range. However the share price remains close to levels not seen in almost two years.
Al Dar Properties also fared well, adding 2%. With the stock having tested all time highs just two weeks ago, investors seem to have paused for breath but the underlying narrative and deal flow being reported by the business remains upbeat.
Americana Restaurants was the big faller of the larger cap companies, down 4.3% on the day. The company operates a number of classic US franchises across the Middle East and has seen its share price struggle with reports suggesting revenues – and profits – have been hit as consumers turn their backs on some US-centric brands in the wake of the Gaza war.
