Fertiglobe boosts Abu Dhabi, Dubai extends gain

Stock exchanges in United Arab Emirates closed higher on Friday, with Abu Dhabi boosted by a surge in Adnoc and OCI- owned fertilizer firm Fertiglobe, Dubai extends gains.

Abu Dhabi’s benchmark index rose 0.1%, bolstered by a 10.1% surge in Fertiglobe, while Abu Dhabi’s richest listed firm International Holding Company gained 0.5%.

Abu Dhabi National Oil company (Adnoc) announced on Friday that it had received all regulatory approvals to complete acquisition of OCI’s 50% + 1 share stake in Fertiglobe.

Dubai’s main index extended gains to second session with 0.1% increase, supported by a 2.8% jump in Emirates Integrated Telecommunications after the firm unveiled two new operating sub-brands joining DU business — DU tech and DU infra.

Major Gulf markets mixed amid regional tensions

Among the gainers, Mashreqbank rose 1.3% and Dubai Taxi advanced 2.3%.

Abu Dhabi and Dubai index notched up 0.79% and 0.88%, respectively, on a weekly basis, according to LSEG data.

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 ABU DHABI    up 0.1% to 9,261 points

 DUBAI        rose 0.1% to 4,441 points

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