Text size:

  • Small
  • Normal
  • Large

Etisalat shares gain for first time in more than a week

Etisalat was buoyed by investor confidence that it will complete its acquisition of a controlling stake in Zain, Kuwait's biggest telecoms operator

Shares in Etisalat gained today for the first time in over a week as optimism grew among investors that the telecommunications operator would succeed in its bid to acquire a controlling stake in the Kuwaiti rival Zain.

The UAE's biggest company by market capitalisation rose 0.47 per cent to Dh10.60 on the Abu Dhabi Securities Exchange (ADX).

On Sunday, Etisalat extended a deadline to acquire a 46 per cent stake in the Kuwaiti telecoms operator, worth an estimated Dh44 billion.

Abu Dhabi National Energy Company, also known as Taqa, lost the most in more than a week after it said it had sold its Caribbean power assets as it refocuses its energy production and pay off debt. Taqa retreated 1.34 per cent to Dh1.47 at the open.

Aldar Properties, meanwhile, fell nearly 1 per cent to Dh2.08 at the open, after notching up its highest gain in more than a month yesterday.

The Abu Dhabi developer said it had no plans to delist its stock after investors asked for clarification of its capital-raising plans, in a statement on the Abu Dhabi bourse.

The company added that the assets sales, which include land and residential units at Al Raha beach, will exclude its Yas Hotel development.

The ADX General Index rose 0.33 per cent to 2,688.38.

The Dubai Financial Market General Index advanced 0.05 per cent to 1,623.17, extending gains yesterday that helped the index to its biggest rise in almost two weeks.

Momentum elsewhere in the world led US stocks to extend a seven-week rally. The Standard & Poor's 500 Index rose 0.1 per cent to 1,295.02 and the Dow Jones Industrial Average rose 0.4 per cent to 11,837.93.

In Asia, the MSCI Asia Pacific Index closed at 138.98 points, after reaching a two-and-a-half-year high.



Back to the top

More articles

Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Miele coffee maker making Cappuccino at Miele Gallery in Sama Tower in Dubai. The cost of this coffee maker is around Dh 17,000. Pawan Singh / The National

Space-age coffee comes at a price from Miele

Miele have taken the coffee machine to a new level with its Dh17,000 offering that is built into your kitchen.

 The bridge of Seajacks Hydra, as the wind farm installation vessel undergoes finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014. Jeffrey E Biteng / The National

In pictures: Building the Seajacks Hydra

The Seajacks Hydra, a wind farm installation vessel, is undergoing finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 The rush of new supply of hotel rooms pushed Dubai occupancy rates down to 87 per cent. Sarah Dea / The National

Dubai hotel room rates rise 10 per cent

The rush of new supply pushed occupancy rates down to 87 per cent, a dip of 2.6 per cent from the previous year. Winter months are the strongest for Dubai hotels, with occupancy and prices falling to half their peaks by July.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.


To add your event to The National listings, click here

Get the most from The National