Shuaa Capital recorded a second day of robust gains, having climbed 31 per cent since its close on Tuesday.
Its share price increased from Dh1.25 on Wednesday to Dh1.43 yesterday – its highest since April 2010. It stood at Dh1.09 on Tuesday. Volumes traded spiked to 21.8 million shares, more than seven times average daily volume traded over the past 90 days.
This is the result of healthy prospects for initial public offerings on the country’s exchanges, as these form a large part of the firm’s business.
“The Emirates REIT [Real Estate Investment Trust] IPO is being done by Shuaa and it may get to work on the Emaar malls IPO as well,” Hisham Khairy, head of institutional trade at Mena Corp, told Bloomberg News.
Emirates NBD, which is also running the Emirates REIT sale, remained unchanged.
Both the Dubai Financial Market and the Abu Dhabi Securities Exchange remained substantially unchanged, with the DFM falling 0.06 per cent while ADX gained 0.05 per cent.
Abu Dhabi National Foodstuff Company gained 14.78 per cent, meaning that it has gained 32 per cent since Tuesday.
On the DFM, Arabtec gained 1.72 per cent to close at Dh5.93, a five-year high, following news that the company would be launching a joint venture with the Egyptian government to develop its previously announced 1 million unit housing development. The company has been raised to a "buy" rating by Naeem Holding Investments, and its price is nearing its 2008 peak of Dh6.216 a share.
Gulf General Investment fell by 4.09 per cent, to close at Dh 2.11, while Gulf Navigation Holdings fell by 3.11 per cent, to close at Dh 0.374.
On the ADX, National Bank of Umm Al Qaiwain and Green Crescent Insurance each gained 14.9 per cent.
abouyamourn@thenational.ae
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