x Abu Dhabi, UAEFriday 21 July 2017

Profits put a trading wind in NBAD's sails

Markets Update: Local bourses rise at the open on earnings results from National Bank of Abu Dhabi and Aramex.

The country's biggest lender by assets rose the most in more than a week at the open after reporting a 2.5 per cent increase in profits for the second quarter on Wednesday.

National Bank of Abu Dhabi added 1.8 per cent to Dh11.25 a share on the Abu Dhabi Securities Exchange, the most since July 10. Net profit for the quarter was at Dh1.03 billion, from Dh1 billion, the lender said in a regulatory filing yesterday.

The Abu Dhabi Securities Exchange General Index gained 0.3 per cent to 2697.60 points, while the Dubai Financial Market General Index added 0.1 per cent to 1528.08 points.

Aramex rose 1.6 per cent to Dh1.85 a share after the region's largest courier reported a 3 per cent increase in net income for the second quarter to Dh56.5 million.

Elsewhere in the region, Kuwait's index added 0.1 per cent to 6041.40 points. Bahrain's measure lost 0.5 per cent to 1309.73 points. Oman's index lost 0.3 per cent to 5942.81. Qatar's benchmark was unchanged at 8388.50 points. The Saudi Tadawul All-Share Index was up 0.7 per cent to 6489.50 points.