What you need to know as UAE markets open on April 30

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

1) Abu Dhabi-listed Bank of Sharjah reported a profit of AED 55.5 million for Q1 2017, down nearly 30 percent year-on-year (YoY).

2) Dana Gas is looking to reach an agreement with holders of its outstanding sukuk, which will be similar to a standstill agreement the Abu Dhabi-listed firm reached with creditors in 2012, it said on Thursday. 

3) Moody's Investors Service affirmed Abu Dhabi-listed United Arab Bank's Baa2 long-term deposit rating on Thursday. The ratings agency, however, revised its outlook on the lender’s long-term deposit ratings to negative from stable.

4) Ports operator DP World handled 16.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2017, with gross container volumes growing by 5.7 percent YoY on a reported basis, the Nasdaq Dubai-listed company said on Thursday. 

5) Oil prices settled higher on Friday on hopes that OPEC might agree to extend output cuts into the second half of the year. Global benchmark Brent crude was up 0.4 percent at $52.05 per barrel (bbl), while West Texas Intermediate rose 0.7 percent to $49.33/bbl.

6) US markets closed lower on Friday following weak economic data for the first quarter. The Dow Jones index slipped 0.2 percent to 20,941 points, while S&P 500 also shed 0.2 percent to close at 2,384 points. 

Write to Jerusha Sequeira at jerusha.s@argaamnews.com