Local markets saw a mixed start to the week’s trade with modest gains on the benchmark Abu Dhabi Index contrasting with minor losses on the Dubai equivalent.
- TAQA +5.9%
- Multiply Group +4.1%
- Ghitha -4.9%
TAQA was the biggest riser of the large cap stocks, advancing 5.9% on the day. The Abu Dhabi National Energy Company saw its share price test 20 month lows in late May but gains have been feeding through since. News which broke late last week noted that a subsidiary of TAQA is to acquire a Greek renewable energy firm, but it’s a step to tie today’s price action to that news. Transaction volumes seen for the stock were however significantly elevated.
Multiply Group also fared well, adding 4.1%. Again, the stock is rebounding from multi-month lows but there’s no news to tie the gain back to. Volumes have also been reported as slightly elevated but there’s nothing too dramatic here.
Ghitha was the biggest faller amongst the large cap stocks, off 4.9% on the day. Volumes were within normal ranges but average trade sizes did appear smaller, as the stock continues to push back towards the IPO level from just over two years ago. Again there’s no recent news out to attribute today’s move to.
