It’s been a mixed day for UAE equity markets with Dubai’s DFMGI slipping but only by less than 0.1%, whilst the Abi Dhabi benchmark put in a rather more robust performance. In mid session, that retested the highs last seen in September 2024 and closed 0.5% up, shaking off the woes seen on other global markets largely driven by increasingly hawkish expectations for the US Federal Reserve.
- Presight AI +4.7%
- ADNOC Logistics +4.5%
- Salik -2.9%
Presight AI was the best performer amongst the large caps today, adding 4.7% as the stock extends its two week winning run. There has been some volatility around the wider sector off the back of comments from the CES event running in Las Vegas. There is however no news and volumes have been stable in recent days.
ADNOC Logistics also fared well, up 4.5% on the day. The company this morning announced the completion of an acquisition of 80% of shipping operator Navig8 along with the issuance of a new financial instrument to drive growth with up to USD2 billion available to draw on. Volumes were also notably higher during the session.
Salik was struggling, down 2.9% on the day and extending Tuesday’s losses. Again there’s no news here but with toll prices rising and expectations upbeat over the wider economy, it’s arguably important to view this in the bigger context – the stock is still up 65% over the last 12 months.
