3 stories mentioning DFM:ALECUpdated 11d ago
Every FINWIRES story that references DFM:ALEC, newest first.
Recent broker actions mentioned in FINWIRES coverage. Compiled from wire headlines; not investment advice.
EFG-Hermes Brokerage on Tuesday reduced the price target for Dubai-based engineering and construction group Alec Holdings (DFM:ALEC) to 1.65 Emirati dirhams from 1.90 dirhams, while keeping its buy rating.
Shares in the United Arab Emirates closed mixed as investors weighed subdued US inflation figures, boosting hopes that the Federal Reserve will keep rates steady.At the close of Thursday trading, the FTSE ADX General Index gained 0.319%, while the DFM General Index was down 0.211%.The US inflation print rose 0.1% month on month in July, bringing the year-on-year inflation rate down to 3.4%. Core inflation grew 0.2% month-on-month and 2.5% annually."Easing inflationary pressure and a weakening labour market have reduced the need for the Federal Reserve (Fed) to raise the target range for the federal funds rate at its next meeting on Sept. 16," Berenberg said. The latest economic data support our long-held call that the Fed will not raise interest rates this year. However, there are still five weeks until the next Fed meeting. Much depends on whether the Strait of Hormuz reopens soon and energy prices fall again."In other news, talks between the US and Iran to reopen the Strait of Hormuz remain heavily stalled. US President Donald Trump said in a social media post that the US has total control over the waterway, while calling the Middle Eastern country "all talk and no action."Back home and on the corporate front, Abu Dhabi National Energy Co. (ADX:TAQA), d/b/a Taqa, reported a 9.7% year-over-year increase in its first-half attributable net income driven by higher contributions from joint ventures and associates, and stable earnings from utilities businesses.Over in Dubai, Alec Holdings (DFM:ALEC) and National General Insurance (DFM:NGI) logged lower profits for the first six months ended June 30. Alec Holdings gained 2.22%, while National General Insurance shares were flat at the close of trading.
Stock trading in the United Arab Emirates started the week in red as renewed attacks between Iran and Israel soured sentiment and lifted oil prices.At the close of Monday trading, the FTSE ADX General Index fell 1.354%, while the DFM General declined 0.571%.Geopolitical tensions were in the spotlight once again after Iran and Israel exchanged new rounds of attacks, with US President Donald Trump telling both countries to stop shooting. Trump also said in a social media post that final peace talks are proceeding."This and the wider quotes from Mr Trump sound like a President who really doesn't want this war to escalate any further and is trying to find all ways to avoid it. Still, the events have further complicated the chances of an imminent deal. The key sticking points to a deal remain the release of Iran's frozen assets, its stock of highly enriched uranium, developments in Lebanon, and how control of the Strait of Hormuz will be handled going forward," Deutsche Bank Research said.On the oil front, seven OPEC+ members, in a virtual meeting on Sunday, agreed to boost oil output targets by 188,000 barrels per day in July amid the continued closure of the Strait of Hormuz.Back home and on the corporate front, Gulf Pharmaceutical Industries (ADX:JULPHAR), d/b/a Julphar, shares closed the session 2.80% in the red. The pharmaceutical company's Planet Pharmacies subsidiary concluded the sale of its Health First pharmacy chain in the UAE to Batha Healthcare Group and now awaits regulatory approvals to divest its Scientific Pharmacy chain and distribution channel in Oman.Meanwhile, in Dubai, Alec Holdings (DFM:ALEC) unit Target Engineering Construction Co. secured three engineering, procurement, and construction contracts worth $500 million. Shares of the engineering and construction group closed the session 1.36% lower.
