Amanat rallies on Al Noor-Mediclinic merger

Amanat Holdings rose on news of the merger of Al Noor Hospitals Group and Mediclinic International, on an otherwise lacklustre day.

Amanat, which acquired a 4.1 per cent stake in Al Noor in May, rose 1.9 per cent to 79 fils apiece, the highest close since mid-August.

Dubai shares were otherwise subdued on Wednesday, closing down 0.3 per cent to 3,697.68.

Emaar Properties and Emirates NBD were among the worst performing blue chip stocks, closing down 1.5 per cent and 1.1 per cent respectively.

Emaar Malls was one of the few stocks to finish in positive territory, up 0.9 per cent to Dh3.15.

Gulf Navigation pared gains after a record rise on Monday, closing down 3.84 per cent to 47.6 fils.

Abu Dhabi’s headline index ended 0.5 per cent lower at 4,538.46, dragged down by banking stocks. The bourse recorded its weakest volumes since June.

FGB and RAKBank closed down 1.4 per cent and 1.1 per cent respectively, with Abu Dhabi Commercial Bank and National Bank of Abu Dhabi also ending down.

Etisalat was one of the few bright spots in the capital, its shares closing up 0.3 per cent to Dh15.15, the stock’s fifth consecutive day of gains.

Both markets are closed Thursday for the Islamic New Year holiday.

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