Etisalat dividend drives shares as ADX rises

Etisalat, which is listed on the Abu Dhabi Securities Exchange, rose 3.9 per cent to Dh12.05. Fatima Al Marzooqi / The National

Etisalat was among the big winners on Thursday after the telecoms company announced a dividend with its earnings.

Etisalat, which is listed on the Abu Dhabi Securities Exchange, rose 3.9 per cent to Dh12.05.

The Abu Dhabi Securities Exchange General Index gained 1.1 per cent. The Dubai Financial Market General Index fell 0.1 per cent.

On the ADX, the National Bank of Fujairah closed up 11.3 per cent, while Invest Bank rose 4.5 per cent. Union Cement was the biggest loser, falling 9.7 per cent. Gulf Cement declined 6.8 per cent.

Abu Dhabi Ship Building, which rose 11.3 per cent to Dh1.87 on Monday, yesterday fell 4.3 per cent to Dh1.75. The company reported winning a Dh870 million contract from the UAE Armed Forces on Monday.

On the DFM, Shuaa Capital and the insurer Dar Al Takaful led gains, closing up 6 per cent and 4.5 per cent respectively. Drake & Scull International shed 3.6 per cent, while Gulf General Investment fell 2.4 per cent.

Both indexes fell significantly in December, after investors baulked at rapidly falling oil prices. They rebounded quickly and have remained relatively stable since the beginning of the year.

Thirteen shares on the ADX rose, with 10 falling and 38 remaining constant. On the DFM, 10 gained, 15 fell and 10 were unchanged.

The MSCI Emerging Markets Index rose 0.5 per cent yesterday, despite falls on the Egyptian Exchange, the Qatar Exchange, and the Saudi Tadawul. The ADX was the best performer among Middle Eastern bourses.

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