x Abu Dhabi, UAESaturday 22 July 2017

Listing lifts Renaissance as it hits the heights in Oman

Renaissance Services, an Omani oil services firm, rose to its three-week high, following the announcement of its subsidiary's intention to list on the London Exchange.

Traders at the Kuwait Stock Exchange where the index rose slightly.
Traders at the Kuwait Stock Exchange where the index rose slightly.

Renaissance Services, based in Oman, rose up to 4 per cent to a three-week high before its subsidiary's US$500 million London listing.

The subsidiary, Topaz Energy and Marine, announced its intentions to go public on Wednesday, subject to the approval of shareholders at Renaissance's general assembly, scheduled for March 28.

Shares of Renaissance closed 2.1 per cent higher at 1.148 Omani rials on the Muscat exchange. Oman's benchmark lost 0.7 per cent to 6,247.33.

In the UAE, bourses were mixed, with low trading volumes going into the weekend.

The Dubai Financial Market General Index added 1 per cent to 1,470.57, while the Abu Dhabi Securities Exchange General Index lost 0.5 per cent to 2,584.89.

"We shouldn't just look at the performance of the index as a measure, but at the level of traded value in each market, which clearly doesn't reflect that there is appetite," said Wadah al Taha, the chief investment officer at Al Zarooni Group in Dubai. "The overall direction of the markets is cautious with the events in Bahrain."

Bahrain's stock exchange reopened yesterday after being closed the previous day following the announcement of a three-month state of emergency. Its benchmark added 0.1 per cent to 6,263.80, with less than a million shares traded.

Elsewhere in the region: Kuwait's measure added 0.2 per cent to 6,263.80; and Qatar's index added 0.7 per cent to 8,182.84. The Saudi Tadawul All-Share Index was closed for the day.