x Abu Dhabi, UAEFriday 21 July 2017

Aldar sets the pace after S&P raises its credit ratings

Markets Update: Aldar Properties jumped on Wednesday after its credit rating was raised to B+ from B at ratings agency Standard & Poor's. It kept the outlook stable.

Aldar Properties jumped on Wednesday after its credit rating was raised to B+ from B at ratings agency Standard & Poor's. It kept the outlook stable.

Aldar's liquidity position was "strengthened", Standard & Poor's said, after the developer received a Dh4 billion revolving facility from National Bank of Abu Dhabi.

Aldar's shares advanced 2.7 per cent to Dh1.14 a piece on the Abu Dhabi Securities Exchange.

The Abu Dhabi Securities Exchange General Index rose 0.4 per cent to 2515.47 points, while the Dubai Financial Market General Index added 0.2 per cent to 1650.93 points.

EmiratesNBD, the country's biggest lender by assets, led the gains on the broader index, rising 1.4 per cent to Dh2.89 a share. Arabtec Holding, the region's biggest contractor, rose 1.1 per cent to Dh3.40 a piece.

Elsewhere in the region, Kuwait's measure added 0.1 per cent 6247.20 points. Bahrain's index was unchanged at 1144.10 points. Oman's MSM 30 Index added 0.3 per cent to 6004.80 points. Qatar's QE Index slipped 0.1 per cent to 8713.27 points.

The Saudi Tadawul All-Share Index rose 3.2 per cent yesterday to 7511.72 points.

 

halsayegh@thenational.ae