It’s been a day of solid gains for the Dubai and Abu Dhabi benchmark indices. There’s a degree of optimism globally that the ongoing tensions in the Eastern Mediterranean haven’t escalated over the weekend, leaving both the FADGI and DFMGI up just over 1% on the day.
- Phoenix Group +12.8%
- NMDC +9%
- Agility Public Warehousing -6.1%
Phoenix Group was the biggest riser of the large caps, adding an impressive 12.8% on the day. There’s no news out here but gains for digital asset prices – most notably Bitcoin heading back towards $70k – could well be lending support.
NMDC was 9% higher on the day, following news from after Friday’s close that the board had approved the payment of a special dividend of 2.37Dhs per share. Volumes of the stock traded today were notably above recent averages.
Agility Public Warehousing was the biggest faller, dropping 6.1%. Volumes were slightly elevated but this typically looks like an illiquid stock. Today’s selling takes the DFM traded price close to recent lows.
