Finance House shares up 3.8 per cent as Abu Dhabi index gains

Markets Wrap: Investors bought shares in Finance House yesterday after the Abu Dhabi lender's net profit in the first nine months of the year jumped 19 per cent.

The Dubai market index slipped yesterday. Jeffrey E Biteng / The National

Investors bought shares in Finance House yesterday after the Abu Dhabi lender's net profit in the first nine months of the year jumped 19 per cent.

Finance House advanced 3.8 per cent to Dh3.25, helping to boost the Abu Dhabi Securities Exchange (ADX) Investment & Financial Services Index by 1.7 per cent.

The company's net income increased to Dh65.8 million for the period ended September 30, compared with Dh55.3m in the same period last year. The company did not provide a quarterly figure.

The company "approved a share buy-back programme for up to 10 per cent of its shares issued which is now subject to Esca [Emirates Security and Commodities Authority] and UAE Central Bank approvals," it said in a filing to the exchange.

Finance House is "sending a very encouraging message to the market and its investors that the company believes in its shares and indirectly think it's worth more than it is currently trading," said Wadah Al Taha, the chief investor at Al Zarooni Group, based in Dubai. "It also reflects that they have enough liquidity."

The ADX General Index gained 0.3 per cent to 2,655.92 points.

The Dubai Financial Market General Index slipped 0.1 per cent to 1,643.52.

Elsewhere in the region: Kuwait's measure slipped 0.1 per cent to 5,936.36; Bahrain's index added 0.1 per cent to 1,068.58; Oman's MSM 30 Index added 0.2 per cent to 5,710.95; Qatar's QE Index slipped 0.2 per cent to 8,540.60.

The Saudi Tadawul All-Share Index added 0.92 per cent to 6,811.19.