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Highlights
Empower recorded notable gains reversing prior session weakness
National Central Cooling advanced amid acquisition discussions
Dubai benchmark remained steady, Abu Dhabi index ended lower
The UAE utilities sector opened the week with selective strength, even as the broader equity indices posted mixed results. The Dubai Financial Market General Index (DFMGI), which includes Empower, steady through Monday’s session. Meanwhile, the Abu Dhabi Securities Exchange General Index (ADX), which tracks National Central Cooling Company PJSC, ended in negative territory.
Empower Rebounds as Trading Volume Remains Subdued
Empower (DFM: EMPOWER), which operates within the district cooling space, was the top performer among large-cap names on the Dubai indexftse. After experiencing weakness in the previous session, the stock registered a reversal. The trading session saw limited volume overall, but this did not prevent Empower from moving higher and recouping prior declines.
Activity around the stock came despite the absence of any significant corporate announcements. Empower’s movement aligned with the broader muted sentiment across the local market, although the stock’s relative strength stood out against the stable performance of the Dubai index.
National Central Cooling Advances Amid Acquisition Reports
National Central Cooling Company PJSC (ADX: TABREED), commonly known as Tabreed, saw upward momentum during the day’s trade. This followed the emergence of reports late last week regarding acquisition discussions involving Tabreed and a global private equity group. The focus of these talks is the cooling business owned by Multiply Group, identified as PAL.
According to reports, several parties had shown interest in the PAL unit, but Tabreed and its partner are now reportedly in an exclusive negotiation window. Market participants continued to monitor these developments closely as they unfolded. The movement in Tabreed shares occurred alongside speculation around the structure and strategic direction of any potential deal.
Phoenix Group Trades Lower Despite Broader Sector Strength
In contrast to the movement in utilities, Phoenix Group (ADX: PHOENIX) ended the session on a weaker note. The decline in Phoenix Group shares came without specific news tied to the company. While Empower and Tabreed benefitted from sector-specific developments and market chatter, Phoenix Group lagged behind.
The performance divergence among these names underscored the mixed sentiment that shaped Monday’s trading session across the UAE.
Broader UAE Indices Open Week on a Cautious Note
The Dubai benchmark remained largely flat throughout the session, with Empower emerging as one of the few active names. In Abu Dhabi, the broader index slipped, weighed down by weakness in selected large caps such as Phoenix Group, although the gain in Tabreed provided some offset.
Activity across both exchanges indicated a quiet start to the week, with attention appearing to concentrate on sector-specific movements rather than broad-based catalysts. The utilities sector drew the most focus, particularly in light of merger and acquisition speculation around Tabreed.
