ADX:EAND

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Emirati Indices Snap Losing Streak; UAE's e& Gains on Vodafone Deal

Stock trading in the United Arab Emirates broke a two-day losing streak and ended the last trading day of the week on a higher note after markets breathed a sigh of relief on reports of easing geopolitical fears.Abu Dhabi's FTSE ADX General Index was up 0.549%, while Dubai's DFM General Index added 0.862% at Friday's closing.Oil prices fell as Bloomberg News reported, citing a US official, that technical talks between the US and Iran will continue despite their latest exchange of attacks over the past two days."Those oil price declines followed headlines suggesting that the escalation between the US and Iran might not prove as serious as initially feared. Most notably, sentiment was supported by comments from President Trump late on Wednesday night, that we mentioned yesterday, saying that Iran wanted 'to make a deal so badly'. So when US and European markets reopened yesterday, they were buoyed by the fact that Trump was still talking about some kind of agreement," Deutsche Bank Research commented.Back home and on the corporate front, Emirates Telecommunications Group Co. (ADX:EAND), d/b/a e&, agreed to sell its entire 16.21% shareholding in British telco Vodafone to Niel family group wholly-owned acquisition vehicle Vega for $5.95 billion. Stocks of e& were the most traded by value on the Abu Dhabi bourse and closed the session 5.29% higher.On the other hand, Adnoc Logistics & Services (ADX:ADNOCLS) gained 0.83% as it decided to expand its fleet of liquefied natural gas carriers with four additional vessels through a $900 million shipbuilding contract to China's Jiangnan Shipyard.Meanwhile, Dubai Electricity and Water Authority (DFM:DEWA), or Dewa, launched its new wholly owned independent subsidiary, Dewa International, to develop power and water projects worldwide through establishing partnerships with global organizations. Dewa ended the session at the 0.36% in the green.

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US Markets2h ago

UAE Telco E& to Exit Vodafone via $6 Billion Stake Sale

Emirates Telecommunications Group Co. (ADX:EAND), d/b/a e&, agreed to sell its entire 16.21% stake in Vodafone Group (VOD.L) to an acquisition vehicle owned by French billionaire Xavier Niel's family group for $5.95 billion.The United Arab Emirates-based company said Friday it will divest 3,944,743,685 Vodafone shares to acquisition vehicle Vega for 1.125 pounds sterling apiece, exiting its investment in the British telecommunications giant. The consideration comprises 1.105 pounds in cash and a final dividend of 0.0202 pound per share to be paid by Vodafone on July 30.The decision comes after e&'s strategic review of its international investment portfolio, with its board representative stepping down as a nonexecutive director of Vodafone with immediate effect."The shares will be sold simultaneously through off-market block trades to three financial institutions who will hold the shares until Vega completes regulatory requirements. e&'s Board decision to exit this investment reflects the natural evolution of its strategic priorities, enabling the Group to sharpen its strategic focus on core businesses while unlocking the value created through this investment," according to the Emirati company.The transaction remains subject to customary closing conditions, with completion expected "in the near future."In a separate same-day release, Vodafone confirmed e&'s divestment and that the relationship agreement between the two companies is now terminated as a result of the transaction.Meanwhile, Vega said in its own statement that it is set to become Vodafone's top shareholder following completion of the deal, with Niel saying the British telco is a "compelling" investment opportunity."We are confident Vodafone can deliver sustainable growth and strong cash flow generation over the long term and - as an anchor investor based in Europe - we are ready to contribute our deep sector expertise and operational know-how to its future success," Xavier Niel noted.Vodafone shares were trading 11% higher in London as of Friday midday.

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Asia Markets39d ago

UAE Stocks Return to Trading After Eid Holidays; Oil Prices Rise Over US-Iran Deal Uncertainty

Markets in the United Arab Emirates ended the first trading day back from the Eid holidays on both sides of the spectrum as investors remained cautious amid uncertainty surrounding a peace deal between the US and Iran.At the close of Monday trading, the FTSE ADX General Index lost 0.53%, while the DFM General Index was up 0.303%.Oil prices climbed on Monday after Iran's Islamic Revolutionary Guard Corps targeted an unnamed air base used by the US for an attack on southern Iran. The attacks follow the US Central Command's "self-defense" strikes over the weekend on Iranian air defenses, a ground control station, and two drones that posed threats to ships moving through regional waters."We've never felt closer to a deal but potentially never felt closer to it all falling apart with isolated strikes becoming more frequent including some again over the weekend. It's hard to imagine remaining in limbo for much longer given that if the Strait of Hormuz remains closed into mid-summer it will at some point likely lead to a non-linear tipping point of economic stress," Deutsche Bank Research said. "For now, it seems Mr Trump is still deciding on whether the current negotiations between the two nations satisfy his demands. He has been surprisingly quiet over the weekend which indicates things perhaps coming close to a head."As of 3:40 pm UAE time, the Brent crude oil futures stood at nearly $93.578 per barrel, up 2.70% from the previous day.Back home and on the corporate side, Emirates Telecommunications Group Co. (ADX:EAND), d/b/a e&, agreed to divest its 12.50% stake in Careem Technologies to Uber Technologies for $100 million. Shares of the telecommunications company closed the session 0.11% lower.Elsewhere, Dubai Taxi (DFM:DTC) partnered with AJ Industries to expand its mobility services and explore new business models in Ajman. The taxi services company's stocks ended the session flat.

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