UAE shares up ahead of Eid Al Fitr holidays

Abu Dhabi’s index was up 0.2 per cent with National Bank of Abu Dhabi extending its 4.0 per cent gains from the previous session to add 1.5 per cent.

Shares in the UAE continued their mini rally on Monday ahead of the Eid Al Fitr holidays, as European shares largely held on to last week’s gains from their dramatic post-Brexit rebound.

The UK’s FTSE 100 was down by just 0.53 per cent in afternoon trading, holding on to gains made late last week.

Brent crude futures held above the US$50 a barrel mark, following a strengthening of the dollar against the pound and further unrest in Nigeria’s oil-producing southern region.

Equities across the region rose ahead of the Eid holiday, with Bloomberg’s GCC 200 Index closing up by 0.2 per cent.

Shares in Abu Dhabi rose on Monday for a fourth consecutive day, ending up 0.5 per cent at 4,575.84, thanks to gains from NBAD. The bank’s shares gained 2.9 per cent to Dh10.35, a new high for the year, following the announcement of a merger agreement with FGB on Sunday.

FGB shares ended the day unchanged at Dh12.85, after the bank’s long-term rating was upgraded to “stable” from “positive” by ratings agency Moody’s.

Shares in Abu Dhabi National Hotels, the company behind the Ritz Carlton and Park Hyatt in the capital, were the other main gainers of the day, rising 11.1 per cent to Dh3.60, their highest level since February last year. ADCB led a handful of laggers, closing off 0.48 per cent at Dh6.25.

Dubai shares rose for the third day in a row, closing up 1 per cent at 3,371.22, thanks to gains from Emaar Properties and DIB.

Air Arabia was one of just three shares on Dubai’s headline index to finish in the red, closing 1.5 per cent lower at Dh1.31.

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