The week saw a strong finish for both the Dubai and Abu Dhabi benchmark equity indices although oil prices were powering higher at the time, something that hasn’t been sustained since the markets closed for the weekend break.
- TAQA +7.5%
- Agthia Group +6.4%
- Ghitha -3.6%
TAQA saw a healthy 7.5% uplift on the day off the back of a far busier than usual session. That rounds out a strong week for the multinational energy and water company whose shares have added more than 15% since last Friday.
Agthia Group added 6.4% with shares moving out to close on three year highs. Again, volumes were sharply elevated by there’s no apparent news behind the move for the food & beverage company.
Ghitha was the worst performer of the large caps, off 3.6%. The stock has lost 25% of its value over the last six weeks and is now closing in on the price it first traded in the market back in February 2022. Volumes have been very stable in recent days and some are questioning whether the sell-off here now looks overdone.
