What you need to know as UAE markets open on April 6

Here are some things you need to know as markets open today in the United Arab Emirates.

1) Companies listed on the Abu Dhabi Securities Exchange (ADX) distributed AED 20.89 billion in cash dividends for 2016, a decline of 4 percent year-on-year (YoY), according to data compiled by Argaam. The aggregate dividends accounted for 60 percent of the market’s combined earnings in the same period.

2) Twenty nine Dubai-listed firms paid AED 12.69 billion in dividends in 2016, down by 3 percent YoY, data compiled by Argaam showed. These dividends accounted for 49 percent of the earnings generated last year.

3) National Bank of Abu Dhabi said the unification of operations and records from its merger with First Gulf Bank will require 18 to 24 months to be fully complete. The bank has also called a general assembly meeting on April 24 to seek approval for naming the merged entity ‘First Abu Dhabi Bank.’

4) National Cement Co’s shareholders have approved cash dividend of 25 percent (AED 0.25 per share) for 2016, the firm said in a statement to DFM.

5) RAK Bank shareholders have approved 30 percent cash dividend for 2016.

6) Oil prices declined on Thursday, after the Energy Information Administration (EIA) report showed an increase in US stockpiles. Brent crude was last down 0.5 percent at $54.08/bbl and WTI crude fell 0.6 percent to $50.87/bbl, an hour before UAE markets opened.

7) Asian stocks were mainly lower towards closing hours, ahead of the summit meeting between China President Xi Jinping and US President Donald Trump. China’s CSI300 Index was last down 0.1 percent and Japan’s the Nikkei225 Index fell 1.5 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com