ADCB, UNB shares hit upper limit on merger news

Dubai:

Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) shares hit their upper limit on Tuesday after banks confirmed a potential merger that could create Gulf’s fifth biggest bank.

ADCB shares, which was the most active stock with a volume of 5.7 million shares, jumped 14.95 per cent to be at Dh8.15, while UNB shares also rose 14.77 per cent to be at Dh4.43.

The Abu Dhabi Securities Exchange general index also rose more than 1.2 per cent to trade above the keenly-watched 5,000 mark.