It was something of a mixed session in UAE equities on Tuesday with losses on the Dubai benchmark exceeding 1% whilst the Abu Dhabi equivalent was broadly unchanged by the bell.
- Pure Health Holding +5.2%
- ADNOC Drilling +4.2%
- Mair -20.7%
Pure Health Holdings was the biggest riser amongst the large caps, up 5.2%. The stock has however been under some sustained pressure since the summer, testing all time lows last week. Volumes were slightly elevated on the day but far from remarkable, however some investors may be spotting value down at this point.
ADNOC Drilling was the second biggest gainer, up 4.2%. There’s no evident news in play and again volumes were far from remarkable, but the stock is now trading at all time highs. A note from Barings over one of its investment vehicles did highlight the recent outperformance of the firm, with the share price up more than 20% year to date.
Grocery business Mair Group was at the foot of the table, trading down by more than 20% but this comes in the wake of the significant rally seen on Monday after the company IPO’d via a direct placing. Given that the stock still trades at a significant premium to the nominal issue price, this mark-down is unlikely to be a cause of concern.
