Abu Dhabi stocks fell on Monday as investors booked profits, even as National Bank of Abu Dhabi shares rose to their highest level since September.
The lender and its local competitor First Gulf Bank are in discussions over a possible merger to create the Middle East’s largest bank.
FGB, whose shares rose by 11.4 per cent on Sunday, closed down 3.4 per cent on Monday at Dh12.65. NBAD surged 4.3 per cent to Dh9.60. The stock has gained 20 per cent since Thursday’s close. Monday’s gains took the increase in NBAD’s market value this week to Dh8.33 billion, according to Bloomberg.
“For NBAD, FGB provides a very profitable retail business, and would allow it to increase its single-borrower limit by 80 per cent, boosting lending to the Government as well as GREs [government-related enterprises],” said Arqaam Capital in a research note.
“Only a bank the size of FGB can provide this to NBAD.”
Abu Dhabi’s headline index closed 0.96 per cent lower to 4,481.04 while the Dubai Financial Market General Index led gains across the Arabian Gulf, closing 0.2 per cent higher at 3,305.94.
Emirates NBD and Emaar Properties led the big-name gainers, offsetting losses by Emaar Malls and Damac Properties.
Elsewhere in the region, Saudi Arabia’s Tadawul All Share Index finished the day 0.25 per cent higher, while the Qatar Exchange rose by 0.2 per cent.
jeverington@thenational.ae
Follow The National's Business section on Twitter
MATCH INFO
Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.
Man of the match Harry Maguire (Manchester United)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.