ADNOC Logistics gains 52% in IPO

In today’s top stories, Abu Dhabi’s ADNOC Logistics & Services saw its share price jump 52% during Thursday’s IPO. Elsewhere, China’s three largest airlines plummeted from the world’s top-performing carrier stocks in the fourth quarter of 2022 to among the worst performers this year. Exxon Mobil and Chevron shareholders have ignored calls from climate activists to boost their environmental credentials. Elsewhere, Walmart is exploring ways to reduce its packaging waste, including allowing customers to opt out of plastic bags for collections. Lastly, Wall Street banks are rushing to hire AI professionals, with 40% of open vacancies relating to the field.

Chinese carrier stocks crash

China’s slower-than-expected recovery in the months following its reopening is testing investor patience with its three largest airlines — China Southern Airlines [1055.HK], Air China [0753.HK] and China Eastern Airlines [0670.HK] — plummeting from the world’s top-performing carrier stocks in the fourth quarter of 2022 to among the worst performers this year. Bloomberg analysis shows the trio’s shares have fallen 16%, while global airliners gained 3%.

Oil shareholders torch pro-climate proposals

Exxon Mobil [XOM] and Chevron [CVX] shareholders have ignored calls from climate activists to boost their environmental credentials, rejecting 20 motions on topics ranging from the reduction of greenhouse gas emissions from fossil fuels to the reporting of oil spill risk. The OPEC+ cartel meets this weekend against a divided backdrop; while oil inventories are dwindling, recessionary fears fuel pessimism within the space. 

Walmart cutting waste and boosting security

Walmart [WMT] is exploring ways to reduce its packaging waste, including allowing customers to opt out of plastic bags for collections and the use of custom-fit cardboard boxes. Meanwhile, Rob Duhart, the retailer’s deputy chief information security officer, has said that the company is identifying ways in which its cybersecurity systems can be boosted and scaled using artificial intelligence (AI). 

Wall Street banks recruiting for AI arms race

Elsewhere, Wall Street banks, including JPMorgan [JPM], Deutsche Bank [DB] and Morgan Stanley [MS], are aggressively hiring AI professionals, with 40% of open vacancies relating to the field. JPMorgan advertised 3,651 AI-related positions between February and April. Alexandra Mousavizadeh, CEO of consultancy Evident, told Bloomberg the banks are engaged in an “AI arms race”. Hedge funds, including Man Group [EMG], are using generative AI to write code and analyse research.

ADNOC Logistics gains 52% in IPO

Abu Dhabi’s ADNOC Logistics & Services [ADNOCLS] saw its share price jump 52% during Thursday’s IPO. The stock opened at AED2.91, compared to the offering price of AED2.01. Its parent company sold 1.4 billion shares, a 19% stake, valuing the logistics business at $4.05bn. Faisal Hasan, chief investment officer at Al Mal Capital, hailed the “unprecedented” over-subscription levels the IPO had attracted, reported Bloomberg.