Bahrain-based investment company GFH Financial Group gave a stellar performance for the first quarter, with earnings per share at $0.53 compared to $0.15 for 2020. The group with interests in investment banking, real estate, commercial banking, and treasury services has shown a lot of momentum over the past couple of years.
Of special mention is its international thrust, with a focus on the US and the UK. Shares have rallied by more than 18 per cent during the last year.
GFH successfully turned around the business of Khaleeji Commercial Bank from loss-making to a profit-generating enterprise. Recently, it increased its stake in the bank from 55.41 per cent to 69.05 per cent. Now, it is making its next significant corporate move.
‘Sell in May and go away… is the famous financial world adage. But it didn t work with UAE stocks this year.
The saying suggests that stocks tend to underperform in May – this year, however, DFM rallied a stellar 7.37 per cent and ADX gained 8.46 per cent. The gains on DFM were powered by an 8.43 per cent rally for Emirates NBD and an 8.54 increase at Dubai Islamic Bank.
First Abu Dhabi Bank, with a weightage of almost 40 per cent in ADX, jumped 16.43 per cent, helping the index close higher for the month. Reports that First Abu Dhabi Bank s weighting in the MSCI Emerging Markets index could increase helped the rally. A strong rebound in the economy was a significant factor behind the solid performance of UAE equities.
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Investors who jumped aboard the latest Bitcoin price rally have learned the hard way just how brutal investing in cryptocurrencies can be.
Bitcoin flew to an all-time high of almost $65,000 in April, but crashed below $32,000 on May 23, losing more than half its value from the peak.
So far, so Bitcoin. The cryptocurrency has been incredibly volatile for a decade, with quick-fire gains and losses all part of the fun.
Yet all this will come as a shock for more recent investors, who have not seen a crash in the past 12 months.
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Stephane Ouellette, chief executive and co-founder of FRNT Financial, called it the first “welcome to crypto day” and said newbies had better get used to it. “The history of these assets has been littered with aggressive rallies and sickening sell-offs.”