Page 77 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/15/24, 2:42 PM UAE Stocks: Union Coop, TECOM Group
UAE Stocks: Union Coop, TECOM Group

By Tony Cross 14th August 2024

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Benchmark indices in both Dubai and Abu Dhabi advanced around 0.5% on Wednesday, tracking gains seen in the
US on Tuesday and the performance in may Asia markets earlier today.
Union Coop +3%
TECOM Group +2.1%
Alef Education -6.1%
Union Coop was the biggest gainer amongst the large caps, adding 3%. Earnings news published last week
showed a 21% increase in profits for the first half but the initial share price has been somewhat muted despite a
notable increase in volumes. Today’s advance does however take the stock back to levels not seen since May.
TECOM Group added 2.1%. There’s no news out today but this does now move the company’s valuation to above
the levels seen around the publication of recent earnings. Volumes were elevated but still sat well short of some of
the levels we have seen recently.
Alef Education is again back on the list, this time as the day’s biggest faller. The stock fell 6.1% but that needs to
be put in the context of the 20% gain seen in just over a week, plus the fact this only recently IPO’d.

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