Modest losses were posed across both the Abu Dhabi and Dubai exchanges on Wednesday with investors likely distracted by tonight’s FOMC meeting minutes. With that in mind, many financial stocks fared well, presumably buoyed by the idea of interest rates remaining high for some time yet.
- National Bank of Umm Al Qaiwain +3%
- Abu Dhabi Commercial Bank +2.4%
- Phoenix Group -7.2%
National Bank of Umm Al Qaiwain was the biggest riser, up 3% on the day. That was sufficient to take the stock back towards multi year highs, although deal flow was incredibly limited and there’s no clear news here.
Abu Dhabi Commercial Bank also fared well, adding 2.4% on the day. That sees the stock reverse yesterday’s losses following the brief dip below 8 Dhs, a level which hasn’t been sustained since last October.
Crypto miner Phoenix Group was the worst performer of the large caps, down 7.2% on the day. The stock saw elevated transaction levels on the day although the losses took it down to all time lows. The company debuted on the market in December 2023 with an offer that was 33 times oversubscribed.
Exchange data notes that Agility Global and Abu Dhabi National Energy Company (TAQA) will both trade ex-div tomorrow.
