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Sunday, 2 April 2017

MIDEAST STOCKS-Gulf starts Q2 on weak note, newly merged Abu Dhabi bank outperforms | Reuters

MIDEAST STOCKS-Gulf starts Q2 on weak note, newly merged Abu Dhabi bank outperforms | Reuters:

"Stock markets in the Gulf moved sideways in thin volumes on Sunday, while shares of the newly-formed lender in Abu Dhabi, First Abu Dhabi Bank, outperformed a day after the legal completion of the merger. Shares of First Abu Dhabi Bank - the new name of the newly merged National Bank of Abu Dhabi and First Gulf Bank - rose 1.5 percent. Shares of First Gulf Bank have been delisted. Shares of Abu Dhabi National Energy (TAQA) soared by the daily limit. A Dubai-based asset manager said turnover of a little under 8 million dirhams ($2.2 million) paled in comparison to the 36 million dirhams turnover from First Abu Dhabi Bank, and suggested only a few investors drove the stock limit up."



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