GFH leads trading with UAE markets subdued

Bahrain’s GFH was the heaviest traded stock on the Dubai Financial Market for the second day in a row on Tuesday, after the financial group confirmed its return to profit on Monday.

The stock ended the day down 1.98 per cent at 29.7 fils, as investors booked gains after surging 7.83 per cent on Monday.

The markets were otherwise quiet , with the DFM General Index inching up by 0.17 per cent at 3,838.69.

Shares in Arabtec Holding rose by 1.3 per cent to Dh3.11, while Deyaar Development ended the day 1.46 per cent higher at 76.3 fils.

Shuaa Capital was the biggest gainer of the day, ending up 8.1 per cent at 68.1 fils, followed by the insurance providers Takaful Emarat and Takaful House, which ended up 7.53 per cent and 7.5 per cent respectively.

In the capital, the Abu Dhabi Securities Exchange General Index closed down 0.2 per cent at 4,621.03. Slight gains by Etisalat, NBAD and Waha Capital were offset by declines from Aldar Properties, ADCB and UNB.

Other Arabian Gulf stock exchanges experienced similarly muted trading. Qatar and Oman’s bourses edged down 0.19 and 0.31 per cent respectively, with Bahrain, Kuwait and Saudi Arabia all up by less than 1 per cent on the day.

In London, shares in NMC Health rose 2.36 per cent at 520 pence late afternoon UAE time.

The Abu Dhabi-based healthcare provider announced it had agreed to acquire an 86.4 per cent stake in Clinica Eugin, a Spanish fertility treatment provider, for €143 million.

NMC also said that revenues grew 16.9 per cent during 2014 to $643.9m, with profits rising 12.2 per cent to $77.5m.

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