It has been a quiet start to the week at the market level, with modest gains of just under 0.3% being seen on the Dubai General Index, whilst the Abu Dhabi equivalent slipped back just over 0.1%.
- Phoenix Group +3.8%
- Spinneys +3.3%
- Fertiglobe -5.2%
A pair of stand out moves to start with, as both Agility Global and Agility Public Warehousing have posted notable moves during Monday’s session, with gains of 9% and 8% respectively. There’s no news here and volumes were elevated, with Agility Global marching back towards May’s post-IPO high. In the past the two stocks have typically displayed a significant negative correlation when price action has been significant.
Phoenix Group also had a good day, up 3.8%. Interestingly late last week, it was announced that the company would now be included in the newly launched ADX 15 Islamic Index, which is seen as delivering a curated investment opportunity for those seeking high-performing companies in the UAE while maintaining Shariah compliance.
Spinneys was up 3.3% on the day, with the move coming in the wake of quarterly earnings news which was released on Thursday afternoon. Trades in the recently IPO’d stock were meaningfully higher than has been seen of late with record revenue, a 27% jump in pre tax profits and news of expansion into Saudi Arabia cheering investors.
Fertiglobe was the biggest faller of the large caps, off 5.2% on the day as confidence waned ahead of an earning update. The company posted a quarterly net loss of $10m, reversing the $39m profit seen a year ago, whilst revenues fell by just over 5%. The company did note that record low urea exports from China should be supportive of its markets in the near term.
