The underlying equity markets may have been relatively quiet on Thursday with the Dubai index closing just a fraction lower whilst the Abu Dhabi equivalent added 0.3% but notable news from ADX who welcomed their 100th issuer today, with the IPO of Lulu Retail Holdings.
- National Bank of Fujairah +7.8%
- Fertiglobe +1.6%
- Phoenix Group -4.3%
National Bank of Fujairah was the biggest large cap gainer, up 7.8%. However as we have seen many times before with this stock – and indeed other banks listed locally – exchange volumes are very limited and there’s no apparent news out to reflect the move.
Fertiglobe was in second place, although gains were a modest 1.6%. The share price dipped lower last week ahead of earnings news but there’s cause for optimism in terms of factors such as Chinese urea output being down and credit ratings being reaffirmed.
Phoenix Group sits 4.3% lower on the day. Again there’s no news here but volumes have been elevated in recent days. It’s worth noting however that today’s trade largely reverses the move higher seen on Wednesday.
