Equity indices rose in the UAE on Wednesday with the Dubai benchmark advancing by more than 0.5% and notably outperforming the Abu Dhabi equivalent where gains were a more measured 0.14%. Last night’s record high close on Wall Street will arguably be galvanising the mood amongst investors.
- National Bank of Umm Al Qaiwain +8.4%
- ADNOC Logistics +6.6%
- Agility Global -4%
The National Bank of Umm Al Qaiwain was the biggest gainer of the large caps on Wednesday. As we have noted previously however this stock sees little trade on exchange and although interim earnings posted on Thursday painted a mixed picture – good for the second half, but less impressive for the second quarter – the low volumes suggest this wasn’t the price driver.
ADNOC Logistics was in second place, up 6.6% on the day. There’s no news in evidence but volumes were significantly higher than recent averages and the stock has pushed out to fresh all time highs. Having IPO’d less than two months ago at 2.01Dhs, today’s closing price of 4.7Dhs is notable.
Agility Global slipped 4% on the day, although this is arguably just a reversal of some of yesterday’s bumper gains. The stock remains in favour, with talk of a prospective dual listing on the Saudi exchange potentially lending support here. Volumes were once again elevated but not to the extent seen on Tuesday.
