UAE stock markets mixed despite oil rising to $46

UAE shares were mixed even as oil prices rose.

Brent crude futures rose above the US$46 mark for the first time this month, as wildfires in Canada forced a mass evacuation of the country’s oil sands city of Fort McMurray. The commodity was trading around $45.29 in late afternoon trading.

The Abu Dhabi Securities Exchange General Index rose for the third consecutive day, climbing 0.61 per cent to end the day at 4,476.48, thanks to a late surge in NBAD.

The bank’s shares closed up 4.82 per cent at Dh8.70, their best one-day performance in more than three weeks.

ADCB and Etisalat were among the other big name gainers, rising 1.27 per cent and 0.8 per cent respectively.

Agthia rose 1 per cent to Dh7.49 after the company announced a 14 per cent increase in first-quarter profits.

Dubai’s headline index meanwhile resumed its gradual downward trajectory after Sunday’s minor gains, closing down 0.3 per cent at 3,315.98, led by Damac Properties.

The developer’s shares closed down 4 per cent at Dh2.37, after the company reported a 15 per cent fall in first-quarter profits.

Emaar Properties finished off 0.48 per cent at Dh6.23, while Emaar Malls and Arabtec Holding also fell.

Air Arabia was the pick of the big name gainers, after the Sharjah-based airline announced a 42 per cent increase in first-quarter profits that came in ahead of analyst forecasts.

The airline’s shares closed 3.23 per cent higher at Dh1.28, their highest level since late March.

Elsewhere in the region, Saudi Arabia’s Tadawul All Share Index ended the day 0.32 per cent higher at 6,693.91.

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