UAE market news & discussions for 17 April 2008Both the ADSM and DFM had a decent rise today, on increasing turnover, which is an encouraging turnaround from the previous week or two of subdued trading. Tamweel and DFM shares surged ahead on heavy trading, and several rarely traded stocks had big jumps on increased trading levels in Abu Dhabi. However, DP World shares on the DIFX closed flat at $0.93, no other DIFX shares were traded. Deyaar's CEO, Zack Shahin, resigned, which was understandable considering he was reported to be in jail pending investigation of financial irregularities at Deyaar. There were reports that other senior officials may be in trouble also. Deyaar's head of finance, Adnan Tareen, was named as acting CEO. Deyaar's share price fell slightly, by 0.9% to 2.33. Several companies released 2008 Q1 results today or late yesterday. Etisalat was the heavyweight, showing decent growth in profits once again. Their shares fell half a percent to 21.80. A list of other results is
Finance House AGM approved a 75% cash dividend with record date of 27 April 2008 and payment date of 01 May 2008. Last trading day for dividend eligibility is 23 April 2008. Taqa's AGM approved a 10% cash dividend with record date 27 April 2008. Last trading day for eligibility is 23 April 2008. Iran was reported to be having another poke at Crescent petroleum, saying they had better pay the increased gas prices or Iran would use the gas supply domestically. Sounds a bit of an empty threat considering Iran doesn't have a pipeline from the gas field to the mainland, according to the Reuters report. Dana Gas shares dipped by 0.5% to 2.08. |
- 17 April 2008 ADSM DFM DIFX disclosures & news
- ALDAR - Moody's rating A3 - PR 17 Apr 08
- ALDAR 2007 FY profit +55% to AED 1.9 bn - 22 Jan 08
- CBD 2008 Q1 profit AED 270m +22% 16 Apr 2008
- Damac - Palm Springs
- DANA - Iran says agree on price or else ... R 16 Apr 08
- DANA Egypt drilling 19 new wells - ANI 15 Apr 08
- Deyaar CEO resigns - 17 Apr 08
- DIC rights issue phase 2
- DIC - how to subscribe to new rights issue
- DIC 2008 Q1 profit forecast +10% to AED 500 m
- DP Share price crosses 1$ mark (briefly) - 17 Apr 08
- EMAAR 2008 Q1 profit AED 1.7bn -4% 16 Apr 2008
- ETISALAT 2008 Q1 profit AED 2.1bn +16% 17 Apr 2008
- GMPC 2008 Q1 profit AED 21m +84% 17 Apr 2008
- GGICO 2008 Q1 profit AED 160m +48% 17 Apr 2008
- INVESTB 2008 Q1 profit AED 82m +14% 17 Apr 2008
- Marketwatch DFM April 2008
- NBQ 2008 Q1 profit AED 98m +12% 17 Apr 2008
- Pre-open modifying / cancellation fine
- Share Account becoming dormant
- TAQA 2007 FY profit AED 1bn +106% 31 Jan 2008
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI saw a solid 1.25% rise to 5585 from total turnover of AED 1.9 billion. DFM shares were at the head of the traded value list with 344m dhs worth and a 3.8% increase to 5.49. Emaar Properties (EMAAR) was slightly less busy and could only manage a 0.45% rise to 11.15.
Tamweel (TAMWEEL) was the standout stock however, topping the gainers list with a 5.1% rise to 7.83. Other good rises for Union Properties (UPP) up 4.6% to 5.20, Arabtec (ARTC) up 3.5% to 14.85, Du Telecom (DU) up 3.2% to 6.13, and Tabreed (TABREED) up 2.8% to 2.61. The remaining actively traded gainers rose less than 2%.
There were only 5 losers today, none standing out. Only DEYAAR and GULFNAV fell out of the more active stocks, both by less than 1%.
Abu Dhabi Securities Market
In Abu Dhabi, the index rose by 0.68% to close at 4911 from turnover of AED 1.1 billion. Aldar Properties (ALDAR) was at the top of the traded value list with 267m dhs worth and a 1.4% rise to 11.20. ARKAN was also heavily traded on a rise of just 1.1% to 4.50.
Big rises on greater than usual trading volumes for NCTH 10% limit up to 9.92, National Marine Dredging (NMDC) up 8.4% to 12.45, ASMAK up 8.1% to 11.45, and DRIVE up 6.4% to 7.59. However, First Gulf Bank (FGB) was the standout stock in Abu Dhabi today with heavy trading and a 4.1% increase to 22.00. NBS saw much greater usual activity and rose 3.15% to 3.00. Abu Dhabi National Energy (TAQA) rose 2.8%, National Bank of Abu Dhabi (NBAD) rose 2.4%, EIC, a rarely traded stock, was busy and rose 2.3% to 8.50, Gulf Cement (GCEM) rose 2% and the remaining gainers rose less than 2% or on low turnover.
In the loser's list, Etisalat (ETISALAT) fell just 0.5% to 21.80, AAAIC stood out with a 4.8% fall to 100.00 from unusually active trading, NBQ fell 1.75% and the remaining losers were down less than 1% or on low trading volumes.
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