3 stories mentioning DFM:GULFNAV
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Gulf Navigation (DFM:GULFNAV) entered a multi-year charter deal with SLB's Schlumberger Western for the Allianz Warrior well stimulation vessel.The agreement has automatic renewal terms with no commodity exposure, according to a Wednesday release.Gulf Navigation is also in the process of changing its name to Etihad Energy Holding.
Emirati Equities slipped back into negative territory as markets await the release of the Federal Open Market Committee meeting minutes later in the day.At the close of Wednesday trading, the FTSE ADX General Index was down 0.521%, while the DFM General Index declined 0.618%.On the economic calendar today are the closely watched minutes from the FOMC's meeting in April, where the committee voted to keep the interest rates steady in the 3.50% to 3.75% range due to high inflation and energy prices, driven by ongoing developments in the Middle East. The minutes will provide investors with insights into the US Federal Reserve's stance on future monetary policies."Another event to watch today is the release of April's FOMC minutes, which will shed more light on the reasoning for the three dissenters who preferred a less dovish message. Any hints that went as far as adding rate hikes to the discussion could underpin the recent hawkish repricing and add support for the dollar," analysts at ING said.On the geopolitical front, Iran threatened to extend the war beyond the Middle East if the US resumes its attacks. Earlier, US President Donald Trump said that he had been an hour away from relaunching strikes before postponing them at the request of Gulf countries.Back home and on the corporate side, FAB Securities reiterated Abu Dhabi Ports Co. (ADX:ADPORTS), d/b/a AD Ports Group, buy rating and its price target of 7.35 Emirati dirhams after the port and industrial zones developer's first-quarter attributable net profit exceeded the financial services firm's expectations. Its shares closed 0.45% higher.Dubai-listed Gulf Navigation (DFM:GULFNAV) returned to profit in the first quarter, while revenue rose year over year. Shares of the maritime and shipping company were 3.26% in the green at the time of closing.
Stocks in the United Arab Emirates concluded the trading week in the green, buoyed by increasing hopes that the conflict between the US and Iran would be resolved soon.At the close of Friday trading, the FTSE ADX General Index gained 0.028%, while the DFM General Index was up 0.977%.Oil prices fell after US President Donald Trump said that a deal with Iran would be agreed "soon" and that the two-week ceasefire between the countries could be extended. Trump also mentioned in a social media post that he will invite Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun to the White House following their agreement on a 10-day ceasefire."Despite encouraging headlines around the US and Iran discussing a longer truce and a ceasefire between Israel and Lebanon, there still isn't enough clarity to justify a sustained move below the $90‑95/bbl range in Brent or above 1.1850 in EUR/USD for now. A media report also suggested that European and Gulf officials expect any US‑Iran deal to take around six months, despite US President Donald Trump claiming it could happen 'soon,'" ING said.As of 3:53 pm UAE time, the Brent crude oil futures stood at nearly $95.909 per barrel, down 3.49% from the previous day.Back at home, the UAE's Ministry of Foreign Affairs noted the ceasefire deal between Israel and Lebanon, saying that the move will mark a "positive step" towards regional stability.On the corporate front, ADNH Catering (ADX:ADNHC) reported a lower attributable profit of 30.4 million Emirati dirhams for the first quarter, with the company citing the short-term impact of geopolitical tensions in the region. Shares of the hospitality group closed the session flat.In Dubai, Gulf Navigation (DFM:GULFNAV) issued a statement clarifying that it was not aware of any undisclosed information that led to a surge in its share price from Wednesday to Thursday. The maritime and shipping company's stocks were 4.62% in the green at closing.