Dubai shares recover as oil rallies

Shares in Dubai rose yesterday following last week’s rallies in global equities and oil prices.

Brent crude futures closed the week 11 per cent higher at US$33.36 per barrel on Friday, after the UAE’s energy minister, Suhail Al Mazrouei, said he expected supply levels on world oil markets to stabilise this year.

Dubai’s headline index rose by more than 2 per cent in morning trade, before paring gains to end up 1 per cent at 3,011.47.

Amlak Finance rose 3.3 per cent to Dh1.23, after the Sharia-compliant lender reported a Dh139 million profit for last year.

Drake & Scull International gained 1.1 per cent at 34.2 fils, despite the construction giant reporting a Dh937 million loss for 2015.

Shares in Shuaa Capital and du ended the day unchanged at Dh5.85 and 37 fils, even as both companies reported worse-than-expected annual results for 2015.

Abu Dhabi’s headline index ended the day almost unchanged at 4,075.23, with a 3.4 per cent gain by Aldar Properties cancelled out by NBAD, which dropped 2.7 per cent.

RAK Ceramics rose 9.27 per cent to Dh3.30, the highest level in more than a month, after the company’s board recommended a 30 per cent cash and 5 per cent stock dividend for 2015.

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