ECB hints at June rate cut: The European Central Bank (ECB) maintained borrowing costs at historically high levels yesterday but hinted at a shift, with a first interest rate cut potentially coming in June following the publication of wage data, Reuters reports. “We will know a little more in April, but we will know a lot more in June,” ECB President Christine Lagarde said at a press conference.

Meanwhile, across the Atlantic, Federal Reserve Chair Jerome Powell said it was “not far” from the confidence it needs in a sustained decline of inflation to 2% before considering rate cuts, Reuters reported separately. Powell’s remarks helped spur investor confidence in a potential June rate cut, leading to a rally in the S&P 500 that led to a record closing high yesterday, Reuters writes. The Nasdaq also hit an intraday record high and narrowly missed a closing high, settling up 1.5%.

ADX

9,225

+0.0% (YTD: -3.7%)

DFM

4,236

-0.3% (YTD: +4.4%)

Nasdaq Dubai UAE20

3,693

-0.1% (YTD: -3.9%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.1% o/n

5.3% 1 yr

TASI

12,577

+0.1% (YTD: +5.1%)

EGX30

31,300

+5.2% (YTD: 25.7%)

S&P 500

5,157

+1.0% (YTD: +8.1%)

FTSE 100

7,692

+0.2% (YTD: -0.5%)

Euro Stoxx 50

4,974

+1.2% (YTD: +10.0%)

Brent crude

USD 82.96

0.0%

Natural gas (Nymex)

USD 1.89

-1.16%

Gold

USD 2,169.60

+0.20%

BTC

USD 66,885.58

+1.01% (YTD: +58.91%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 305.6 mn. The index is up 4.4% YTD.

In the green: Ithmaar Holding (+14.9%), Orascom Construction (+7.0%) and Ajman Bank (+4.4%).

In the red: National International Holding Company (-10.0%), Al Salam Sudan (-9.9%) and Dubai Islamic Bank (-8.0%).

Over on the ADX, the index stayed flat, on turnover of AED 947.2 mn. Meanwhile Nasdaq Dubai closed down 0.1%.

CORPORATE ACTIONS-

#1- Our friendsat Mashreq approved a dividend payout of AED 3.71 bn for 2023, according to DFM disclosure (pdf). The dividends amount to AED 18.5 per share, representing 185% of the paid-up capital.

#2- The Commercial Bank of Dubai (CBD) approved a dividend payout of AED 1.32 bn for 2023 during its annual general meeting, according to a DFM disclosure (pdf).

#3-Abu Dhabi Aviation’s board proposed a dividend payout of AED 111.2 mn for 2023, according to an ADX disclosure (pdf). The company will make the final decision in its upcoming annual general meeting on 16 April.

#4-Ajman Markets Cooperative Society approved the distribution of 15% dividends toshareholders for 2023, Al Khaleej reports. The company’s total revenue reached AED 146.3 mn, with the shareholder count rising to 3.6k compared to the previous year.

#5-Healthcare services provider Burjeel Holdings’ board agreed to pay AED 65 mn in dividends to its shareholders for its 2H 2023 earnings, equivalent to 12.5% of its share capital, according to an ADX disclosure (pdf).

#6- Gulf Medical Projects’s board approved a dividend payout of AED 69.9 mn for 2023, according to an ADX disclosure (pdf).

#7-Dubai Investments’ board approved a dividend payout of AED 531.5 mn for 2023, according to DFM disclosure (pdf).

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