Shares in Abu Dhabi National Energy Company rose to their highest since September 2009 as investors were encouraged by rising oil prices.
The company, also known as Taqa, said last week high oil prices would help ensure funds for a coming US$1.8 billion capital investment programme.
Its shares rose 3.8 per cent to Dh1.63 on the Abu Dhabi Securities Exchange (ADX) yesterday, although volumes were low.
Banking stocks were also in focus as Emirates NBD, Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Commercial Bank (ADCB) all reported first-quarter results.
Emirates NBD ended 2.4 per cent higher at Dh3.85, the highest since the end of 2009, despite booking impairment charges that more than doubled those of the first quarter last year. Shares in ADCB ended down 0.4 per cent at Dh2.69, while ADIB closed 0.3 per cent lower at Dh3.21. First Gulf Bank also missed analysts' forecasts for the first quarter when it posted a 4.8 per cent decline in net profit, compared with the first quarter of last year, to Dh875 million but analysts remained optimistic.
"The stock is very cheap. Our target price offers 26 per cent upside, the highest within the UAE," said Jaap Meijer, head of banking research at Alembic HC Securities.
The shares ended flat yesterday at Dh17.60.
The Dubai Financial Market General Index ended 0.2 per cent lower at 1,634.75 and the ADX General Index closed flat at 2,689.30.
In Kuwait, Global Investment House surged in response to Sunday's news that a Dubai court had ordered National Bank of Umm Al Qaiwain to pay Global $250m, plus about $54.6m in interest.
Shares in Global, which resumed trading yesterday after a two-day suspension, climbed 6 per cent.
fhalime@thenational.ae
COMPANY%20PROFILE
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Company%20profile
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
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- Store funds in hardware wallets as opposed to online exchanges.
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding