4 stories mentioning DFM:DTCUpdated 11d ago
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EFG-Hermes Brokerage on Thursday reduced the price target for taxi services company Dubai Taxi (DFM:DTC) to 2.75 Emirati dirhams from 3.15 dirhams and reiterated its buy rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
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.
Stocks in the United Arab Emirates were back in the green on Tuesday as hopes of renewed negotiations between the US and Iran boosted market sentiment, leading to a decline in oil prices.At the close of trading, the FTSE ADX General Index gained 0.913%, while the DFM General Index added 0.933%.US President Donald Trump said that he held off a planned military attack on Iran scheduled for Tuesday at the request of Qatar, Saudi Arabia, and the UAE. Trump also added that "serious negotiations" are taking place and a potential deal acceptable to the US might be reached.According to reports from various media outlets, Iran submitted a new response to the latest US proposal through Pakistan. The proposal entails the withdrawal of US troops from close areas, compensation for war damages, lifting of all sanctions, and release of frozen funds."The oil market continues to trade in wide ranges, and it remains extremely sensitive to Iran-related headlines amid current supply disruptions," ING said. "One might think the oil market would become increasingly numb to these headlines. However, the scale of supply disruptions is significant and growing more concerning each day that oil flows remain halted."Back home, Abu Dhabi Securities Exchange integrated its derivatives offerings and market data onto the Bloomberg Terminal, enabling institutional investors to explore and access opportunities within UAE-listed companies.On the corporate side, Abu Dhabi National Oil Co. For Distribution (ADX:ADNOCDIST), d/b/a Adnoc Distribution, teamed up with Americana Restaurants International (ADX:AMR) to integrate up to 200 quick service restaurants in its network. Shares of Adnoc Distribution closed 0.26% higher, while those of Americana Restaurants surged 6.25%.United Securities downgraded its rating on Dubai Taxi Co (DFM:DTC) to hold from buy and cut its price target to 2.15 Emirati dirhams per share, after its profit and revenue came to be lower than the investment management firm's estimates. The taxi company's stocks closed the session flat.
Morgan Stanley on Tuesday decreased the price target for taxi company Dubai Taxi Co. (DFM:DTC) to 2.90 Emirati dirhams from 3.40 dirhams, while affirming its overweight rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
