Social media platform Reddit’s shares closed up 48% on their first day of trading on the New York Stock Exchange yesterday, closing at USD 50.44 apiece after debuting at USD 47 per share. The company’s shares hit an intraday high of USD 57.80 apiece before paring gains throughout the trading day, according to the Associated Press. Reddit sold 22 mn shares in the offering, which has been in the making for nearly three years, raising USD 748 mn from the sale.

ADX

9,285

+0.2% (YTD: -3.1%)

DFM

4,277

-0.3% (YTD: +5.4%)

Nasdaq Dubai UAE20

3,752

+0.1% (YTD: -2.3%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.1% o/n

5.3% 1 yr

TASI

12,835

+0.8% (YTD: +7.3%)

EGX30

29,054

+1.6% (YTD: +16.7%)

S&P 500

5,241

+0.3% (YTD: +9.9%)

FTSE 100

7,882

+1.9% (YTD: +1.9%)

Euro Stoxx 50

5,052

+1.0% (YTD: +11.7%)

Brent crude

USD 85.39

-0.5%

Natural gas (Nymex)

USD 1.70

+1.0%

Gold

USD 2,204.90

-0.1%

BTC

USD 65,279.25

-3.8% (YTD: +41.6%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 1.4 bn. The index is down 3.1% YTD.

In the green: Fujairah Building Industries (+14.8%), Rapco Investment (+4.9%) and Presight AI Holding (+3.9%).

In the red: National Bank of Umm Al Qaiwain (-2.5%), Emirates Insurance Co. (-1.4%) and Yahsat Communications Company (-1.4%).

Over on the DFM, the index closed down 0.3% on turnover of AED 900.2 mn. Meanwhile in Nasdaq Dubai, the index rose 0.1%.

CORPORATE ACTIONS-

Al Wathba National Ins. has renewed its board recommendation for a share buyback capped at 10% of the company's paid-up capital, an ADX disclosure reads.

Deyaar Development subsidiary Deyaar Facilities Management will go by Ontegra after a company rebrand, reports TradeArabia. The company will roll out two new voice-based AI-powered assistants – dubbed 'Techi' and 'Alegra' – and transition to a Microsoft-based system as part of the rebrand.

Du approved a dividend payout of AED 0.21 per share for 2H 2023, bringing the total amount of dividends for the year to AED 0.34 per share, according to a DFM disclosure (pdf).

Tags: