Gulf Navigation floats up

Gulf Navigation was the best performing stock in Dubai on Thursday following reports that Abu Dhabi Financial Group (ADFG) planned to increase its stake in the company.

The shipping firm’s shares rose 5.8 per cent to 50.8 fils, their highest level in three weeks, after ADFG’s chief executive told Bloomberg it planned to raise its shareholding from its current level of about 6 per cent to 50 per cent “if the price is right”.

Trading otherwise was lacklustre, with the UAE’s main stocks ending the day, and the week, in the red.

The benchmark Dubai Financial Market index closed down 0.3 per cent at 3,204.11 and finished down 2.1 per cent for the week.

The blue chips Dubai Investments and Emaar Properties acted as the main anchors on the index, closing down 1.9 and 1 per cent respectively.

Emirates NBD fell 1.2 per cent at Dh8.20, following the announcement of a sale of 49 per cent of its payments subsidiary Network International by Abraaj Capital to Warburg Pincus and General Atlantic for an undisclosed sum.

Shares in the capital closed down 0.2 per cent at 4,219.86, with gains by ADCB and UNB erased by falls by FGB and Aldar Properties.

The Abu Dhabi Securities Exchange General Index ended the week 0.9 per cent lower.

Taqa retreated 4.3 per cent to 44 fils, as investors booked profits following a 15 per cent share price rise on Wednesday after announcing plans to sell its stake in US-based Lakefield wind farm to the Qatar Petroleum subsidiary Nebras.


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