Mashreq shares boost Dubai stock index

Shares in the UAE were mixed on Wednesday as oil prices held on to gains.

Brent crude futures rose to around US$45.36 a barrel on Wednesday afternoon, after reports of vandalism of oil infrastructure in Nigeria raised concerns over supply.

The Dubai Financial Market General Index ended the day up 0.50 per cent at 3,328.90, buoyed by soaring Mashreq shares.

The bank’s shares, which fell sharply on Monday, surged by 14.84 per cent on Wednesday to Dh77.

Shares in Amlak Finance rose by 3.45 per cent to Dh1.50, after the proceeds from a land sale helped the Sharia-compliant home finance company achieve a Dh123 million first-quarter profit.

At the other end of the spectrum, shares in Gulf Navigation fell 2.78 per cent to Dh1.05, despite the shipping firm announcing a 28.5 per cent rise in first-quarter profits.

The Abu Dhabi Securities Exchange General Index ended 0.94 per cent lower at 4,385.58, dragged lower by big names including Etisalat and ADCB.

Shares in FGB ended 0.4 per cent lower at Dh12.45, after the bank announced that its head of wholesale and international banking Simon Penney would step down at the end of next month.

Shares in Taqa closed 1.75 per cent lower at 56 fils, after the energy firm announced a Dh608m first-quarter loss attributable to lower oil prices.

Elsewhere in the region, Saudi Arabia’s Tadawul All Share Index ended the day 0.14 per cent higher at 6,654.20.

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