Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Space42 saw its shares surge by nearly 3.5% on the Abu Dhabi Securities Exchange (ADX) after receiving a Dh18.7 billion contract from the UAE government.
The main index of the ADX — FADGI — was down 0.202% to close at 9,261.47 points. 22,732 trades were recorded, involving 273 million shares with a combined value of Dh1.078 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.910 trillion.
Out of the 85 companies traded, the share prices of 30 companies rose, while 42 declined, and 13 remained unchanged.
Space42 shares soared 3.48% to Dh2.08 after the company got a Dh18.7 billion contract from the UAE government to aid the construction of satellites, an ADX filing showed. The contract will last 17 years until 2043. The present contracts are expiring in 2026. Market cap of the company stood at Dh9.9 billion when the market closed on Tuesday.
Top gainers included Union Insurance (+10.17%), Abu Dhabi Building Materials (+10.03%), Al Khaleej Investment (+6.59%), and Gulf Cements (+3.52%), while notable losers were MAIR Group (-5.33%), Gulf Pharmaceuticals (-4.76%), and PureHealth (-3.50%) and Presight (-3.2).
Emaar continues its rally
The Dubai Financial Market (DFM) continued its rally as property giant Emaar’s shares hit the upper celling of 15% on the second consecutive day. The developer said it had planned to declare dividends at 100% of share capital for 2024 and the next few years, amounting to Dh8.80 billion.
The main index of the Dubai Financial Market (DFM) — DFMGI — saw a rise of 0.64% to close at 5079.85 points, the highest in more than a decade.
A total of 24,494 trades were executed, involving 230 million shares with a combined value of Dh2.142 billion.
The prices of 11 companies rose, while 30 declined, and seven remained unchanged.
Among the top gainers were Emaar (+15.00%), Agility Warehousing (+6.48%), Chimera S&P UAE ETF (+3.96%), and BHM Capital (+3.91%). The most notable losers included Dubai National Insurance (-10.00%), Takaful-Emirates (-9.55%) and International Financial Advisers (-9.32%).
