- Spinneys +1.3%
- Americana Restaurants +2.9%
- National Bank of Umm Al Qaiwain -4.8%
Spinneys continued to work its way higher off the back of those upbeat earnings numbers released late yesterday. The share price closed on Wednesday at 1.60Dhs, , up 1.3% on the day around 5% higher from the IPO price but upside here still feels limited given the significant oversubscription.
Americana Restaurants also had a good day, adding 2.9% in what proved to be the busiest day of trade in over a week. There’s no fresh news out here but the market does seem to be working to draw a line under recent losses for the stock.
A number of banks sold off today, with National Bank of Umm Al Qaiwain being one of the worst of the larger caps. Shares were down 4.8% by the close but if that was being driven by uncertainty over the outlook amongst US banks, that could well reverse tomorrow morning as economic data once again suggests the Federal Reserve could push through a rate cut as soon as September.
Emaar Properties and Emaar Developments are both noted as being set to host earnings calls tomorrow.
