The Abu Dhabi Securities Exchange General Index rallied to the highest level in more than three years as investors bought banking stocks to take advantage of higher dividends.
First Gulf Bank, which recommended a cash dividend of 83 fils per share for last year, rose 4.2 per cent. Abu Dhabi Commercial Bank advanced to the highest level in more than four years after raising US$1.5 billion from a bond sale.
The ADX gained 1.7 per cent to 3,056.39 points, the strongest close since October 2009.
Lenders have raised dividends as they recover from the effect of the global credit crisis. Abu Dhabi banks offer an average dividend yield of 4 per cent, versus 3.3 per cent for the Bloomberg GCC 200 Financial Index of the GCC's most-traded stocks.
"The prospects of the banks profits in 2013 are good in addition to the attractive dividend yield," said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities.
The Abu Dhabi measure was the biggest gainer in the GCC yesterday and about 316 million shares were traded, compared with a 12-month daily average of 82 million.
ADCB, the third-biggest UAE lender by assets, said last month it would pay a 25 per cent cash dividend for last year, up from 20 per cent a year earlier. The lender's fourth-quarter profit rose 19 per cent, beating estimates.
First Gulf Bank, whose profit grew 12 per cent last year, advanced to Dh13.7, the highest since July 2008. The bank will probably post the fastest loan growth in the UAE this year, EFG-Hermes Holding said in December.
Aldar Properties and Sorouh Real Estate, Abu Dhabi's biggest property developers, rallied 1.3 per cent and 2.7 per cent. Shareholders of both companies will meet on Sunday to vote on a potential merger after failing to reach quorum at an extraordinary general meeting last week.
The Dubai Financial Market General Index rose 0.7 per cent to close at 1,938.88.
* Bloomberg News
ASIAN RUGBY CHAMPIONSHIP 2024
Results
Hong Kong 52-5 UAE
South Korea 55-5 Malaysia
Malaysia 6-70 Hong Kong
UAE 36-32 South Korea
Fixtures
Friday, June 21, 7.30pm kick-off: UAE v Malaysia
At The Sevens, Dubai (admission is free).
Saturday: Hong Kong v South Korea
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
The Written World: How Literature Shaped History
Martin Puchner
Granta
Civil War
Director: Alex Garland
Starring: Kirsten Dunst, Cailee Spaeny, Wagner Moura, Nick Offerman
Rating: 4/5
'Brazen'
Director:+Monika Mitchell
Starring:+Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
'O'
Author: Zeina Hashem Beck
Pages: 112
Publisher: Penguin Books
Available: Now
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Rebel Moon - Part One: A Child of Fire
Director: Zack Snyder
Stars: Sofia Boutella, Djimon Hounsou, Ed Skrein, Michiel Huisman, Charlie Hunnam
Rating: 2/5
Tomb Raider I–III Remastered
Developer: Aspyr
Publisher: Aspyr
Console: Nintendo Switch, PlayStation 4&5, PC and Xbox series X/S
Rating: 3/5
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
Dengue fever symptoms
- High fever
- Intense pain behind your eyes
- Severe headache
- Muscle and joint pains
- Nausea
- Vomiting
- Swollen glands
- Rash
If symptoms occur, they usually last for two-seven days
The biog
DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: +971 50 220 0326