It was a relatively quiet day for equity indices with the Dubai benchmark shedding 0.15% whilst the Abu Dhabi equivalent added just over 0.25%.
- TAQA +4.8%
- RAKBANK +4.1%
- Dubai Financial Market -2.3%
TAQA was the biggest gainer of the large caps, up 4.8%. There’s not much news out here – the company yesterday reported a green bond placing at 4.375% which arguably isn’t material but trade volumes reported in the underlying stock were notably elevated.
RAKBANK was 4.1% higher but there again doesn’t seem to be anything behind the move. Orders were limited and the move recovers yesterday’s losses, perhaps suggesting long term investors buying the small dip.
Dubai Financial Markets was one of the worst performers amongst the large caps, with shares down 2.3% on the day. Again however this needs to be put in the context of reversing the 2.4% rally posted on Tuesday. The share price remains close to average levels for the last few months.
