What you need to know as UAE markets open on April 26

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

1) Abu Dhabi-listed Emirates Telecommunications Group Co. (Etisalat) reported a net profit of AED 2.1 billion for Q1 2017, up 5 percent year-on-year due to lower depreciation and amortization, lower forex losses, and a decline in royalty charges.

2) National Bank of Abu Dhabi shareholders have approved the board’s proposal to change the lender’s name to First Abu Dhabi Bank.

3) Dubai-listed investment firm Shuaa Capital swung to net profit of AED 24.8 million in first quarter of 2017, compared to a loss of AED 27.5 million in the same period last year.

4) Emirates Integrated Telecommunications Co. (du) reported a net profit of AED 365 million in Q1 2017, compared to a profit of AED 480 million in the same period last year.

5) Abu Dhabi-listed National Bank of Umm Al-Qaiwain said its net profit for Q1 2017 grew 20 percent year-on-year to AED 123.4 million.

6) Dubai-listed Gulf Mineral Water & Processing Industries Co. shareholders approved a cash dividend of 4 fils per share for 2016. Ex-dividend date is May 4.

7) Oil prices slipped on Wednesday, after a brief climb in the previous session, as rising US inventories weighed on investor confidence. Brent crude was last down 0.1 percent at $52.03/bbl and WTI crude fell 0.2 percent to $49.47/bbl.

8) Asian stocks were mainly positive towards closing hours, extending gains from the previous day. Japan's Nikkei was last up 0.9 percent, China's CSI300 Index rose 0.4 percent and Hong Kong’s Hang Seng Index added 0.6 percent.

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