UAE shares at highest level in 2016

The Dubai Financial Market General Index jumped 1 per cent to 3,562.94, its highest close since October. Abu Dhabi’s headline index ended the day 0.9 per cent higher at 4,602.38.

Shares in the UAE reached new highs for the year on Tuesday, as positive earnings from multinationals and a recovery in oil prices fuelled a rise in global equities.

Brent crude futures rose 1.3 per cent to Dh43.48 per barrel, as Kuwaiti production remained lower because of a continuing oil workers’ strike.

Global equities meanwhile rose on Tuesday, after L’Oréal, Danone and Johnson & Johnson posted better than expected first-quarter earnings. The Euro Stoxx 50 was up1.4 per cent late on Tuesday afternoon.

The Dubai Financial Market General Index jumped 1 per cent to 3,562.94, its highest close since October.

Emirates NBD rallied 2.4 per cent to Dh8.40 after the bank announced an 8 per cent rise in first-quarter profits, despite coming in below analysts' estimates. Emaar Properties rose 1.3 per cent after the developer said that it had made "severe cost cuts" in expectation of a weakening in Dubai's real estate market this year.

ADIB led gains in Abu Dhabi on reports, which were later denied, that the bank was preparing to allow foreigners to own up to 25 per cent of its shares for the first time. The shares surged 9.4 per cent to Dh4.73, the highest level since August. Abu Dhabi's headline index ended the day 0.9 per cent higher at 4,602.38.

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