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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%.
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ADX |
9,225 |
+0.0% (YTD: -3.7%) |
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DFM |
4,236 |
-0.3% (YTD: +4.4%) |
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Nasdaq Dubai UAE20 |
3,693 |
-0.1% (YTD: -3.9%) |
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USD : AED CBUAE |
Buy 3.67 |
Sell 3.67 |
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EIBOR |
5.1% o/n |
5.3% 1 yr |
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TASI |
12,577 |
+0.1% (YTD: +5.1%) |
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EGX30 |
31,300 |
+5.2% (YTD: 25.7%) |
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S&P 500 |
5,157 |
+1.0% (YTD: +8.1%) |
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FTSE 100 |
7,692 |
+0.2% (YTD: -0.5%) |
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Euro Stoxx 50 |
4,974 |
+1.2% (YTD: +10.0%) |
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– |
USD 82.96 |
0.0% |
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Natural gas (Nymex) |
USD 1.89 |
-1.16% |
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Gold |
USD 2,169.60 |
+0.20% |
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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).
