Dana Gas was one of the biggest movers on Tuesday, up just over 4%. The stock has been under pressure since the start of the year, but despite last week’s drone strikes on some of its facilities in Iraq leading to the suspension of operations, it has still left investors keen to hunt out a bargain. More than 40 million shares changed hands during the session with higher than average volumes being evidenced.
Food and beverage group Agthia also had a reasonable day, advancing by just under 3%. The share price enjoyed a solid run off the back of earnings news almost two months ago, but struggled to consolidate those gains.
Mashreq bank reported bumper Q1 profits at the end of last week, with the new corporation tax in Dubai failing to dampen demand from savers or borrowers alike. However that hasn’t translated into much support in terms of the share price with modest gains on Monday being reversed. The stock finished Tuesday’s trade more than 4% lower.
And Union Coop had another tough day, retreating a further 3%. The stock went ex-dividend after Friday’s close, but with losses since the end of last week now around the 10% mark and no other news, this adjustment could be looking overdone.
