Both the Dubai and Abu Dhabi benchmark indices found support during Thursday’s session, although gains here preceded that slightly higher than expected inflation and GDP data out of the USA.
- National Bank of Umm Al Qaiwain +4.3%
- Americana Restaurants International +2.3%
- Al Yah Satellite Communications Company -2.9%
National Bank of Umm Al Qaiwain was the biggest riser, up by 4.3%. The stock saw very limited levels of trade during the day – as is the usual situation – but the gains were sufficient to lift the price back to levels not seen in almost five years.
Americana Restaurants also fared well, adding 2.3%. There’s no specific news out and volumes were in line with recent averages but momentum does appear to be building here. The stock suffered badly in the wake of the Israel-Palestine conflict as the appeal of American franchise brands withered in the region. Today’s gains return the stock to levels not seen in three weeks.
Al Yah Satellite Communications was the biggest faller of the $1bn companies, off 2.9%. That comes in the wake of a busier than usual day of trade but is also the next leg lower for the share price performance, which is now down by more than 16% over the last month, testing fresh all time lows since its IPO in July 2021.
