DFM:ETIHADENERGY

3 stories mentioning DFM:ETIHADENERGYUpdated 18d ago

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UAE Shares End Week Higher; Oil Holds Above $95 Amid Renewed US-Iran Tensions

Emirati Equities ended the last trading day of the week on a positive note despite renewed US-Iran escalation keeping oil prices high due to supply disruption fears.At the close of Friday trading, the FTSE ADX General Index was up 0.503%, while the DFM General Index gained 0.704%."Oil prices remain elevated, with ICE Brent holding above US$95/bbl amid a pickup in hostilities between the US and Iran this week. This included Iran firing missiles into neighbouring Gulf countries. Escalation is propping up crude, but the rally may lose traction if Hormuz shipments keep moving smoothly," ING said. "The expectation had been for an increase, suggesting the market is not as tight as thought."US Vice President JD Vance said the conflict with Iran is not a war and that major combat operations have already been concluded. Vance added that the US aims to ensure safe commercial shipping through the Strait of Hormuz.Back home and amid a quiet day on the corporate front, Aldar Properties (ADX:ALDAR) and Abu Dhabi Commercial Bank (ADX:ADCB) concluded Abu Dhabi's first mortgage financing on an off-plan property under Abu Dhabi Real Estate Centre's newly launched framework. Aldar Properties and Abu Dhabi Commercial Bank closed 1.58% and 1.20% in the green, respectively.Etihad Energy Holding (DFM:ETIHADENERGY) paused trading to hold its general assembly on Friday to terminate its current external auditor and appoint a new one. Shares of the maritime and shipping company ended flat when it last traded on Thursday.

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Treasury20d ago

Etihad Energy Flags Share Capital Increase Following Bond Conversion

Etihad Energy's (DFM:ETIHADENERGY) share capital will increase by 5.66% to 3.37 billion Emirati dirhams after trading hours on Friday, according to a Wednesday filing.The capital raise is a result of the conversion of 225.5 million dirhams of mandatory convertible bonds into 180,433,019 shares.The moves are part of the maritime and shipping company's 2.34 billion-dirham convertible bond issue in 2025, which was approved by its shareholders and the United Arab Emirates' Capital Market Authority.

DFM:ETIHADENERGY

Asia Markets90d ago

Emirati Equities Diverge as Oil Prices Fall on Hormuz Flow Optimism

United Arab Emirates equities struggled to find direction on Wednesday as oil prices continued to trade lower amid hopes that shipping through the Strait of Hormuz would normalize soon.At the close of trading, the FTSE ADX General Index lost 0.312%, while the DFM General Index was up 0.116%."Oil prices continue to move lower as flows from the Persian Gulf start to recover. Price action suggests the market is assuming a rapid recovery in traffic through the Strait of Hormuz," ING said. "Vessel crossings increased in recent days, although they remain well below pre-war levels. Estimates suggest that roughly 6-7m b/d of oil moved through the strait in recent days, which is still far below pre-war flows of around 20m b/d. However, with pipeline diversions for Saudi Arabia and the UAE, we only need to see oil flows through the strait return to around 14m b/d for oil supply from the Persian Gulf to return to pre-war levels."On the economic calendar this week is the release of the US personal consumption expenditures price index data for May on Thursday. The data is the Federal Reserve's preferred measure of inflation and will provide investors with clues on future monetary policies.Back home, Abu Dhabi's Department of Health partnered with Biocom California to enhance connectivity between researchers, investors, and entrepreneurs and boost the growth of life sciences activities across both regions.Turning to corporate news, shares of Abu Dhabi Ports Co. (ADX:ADPORTS), d/b/a AD Ports Group, closed the session 1.03% in the red. The port and industrial zones developer boosted its equity stake in Global Feeder Shipping to 81%.Dubai-listed Etihad Energy (DFM:ETIHADENERGY) commenced the front-end engineering design process for its refinery development project in Fujairah, which aims to process naphtha into Euro 5-compliant gasoline. Shares of the maritime and shipping company closed the session 0.66% higher.

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