Air Arabia shares soar on dividend payout

Markets Update: Air Arabia, the Middle East budget airline carrier, is leading the Dubai bourse in early trading after it announced it would reward shareholders with a 6 per cent dividend.

Air Arabia, the Middle East budget airline carrier, is leading the Dubai bourse in early trading after it announced it would reward shareholders with a 6 per cent dividend.

Shares in the company were up 4.96 per cent at Dh0.74 each. Air Arabia reported total turnover of Dh2.4 billion last year, up 16 per cent from a year earlier.

Drake & Scull International, the Dubai developer, has secured Dh 1.3bn in project awards across the Mena region in the first quarter, it said. Its shares were unchanged at Dh1.02.

Eyes will be on Egypt's stock market today. The EGX30 closed at a two month low yesterday, falling 2.7 per cent to 4,593.52, as investors showed their concern that talks with the IMF over a loan for the country could be derailed due to political infighting.

The index, which jumped almost 40 per cent in the first quarter to be the second best performing globally, has fallen 8.5 per cent in April, one of the biggest fallers for the month according to Bloomberg data.

All major global indices closed lower on the first day of their trading week. Brent is at its lowest for a month at $122.23 a barrel.

The Dubai Financial Market General Index was up 1.38 per cent at 1,680.43. The Abu Dhabi Securities Exchange General Index edged lower down 00.7 per cent at 2,544.78.

 

lmiller@thenational.ae

Published: April 10, 2012 04:00 AM

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