Markets Update: Investors buy up Dana's stock in early trading after profits surge by more than three times.
Fourth quarter profits fire up Abu Dhabi's Dana Gas shares
Dana Gas jumped on Monday after the UAE gas explorer and producer said fourth quarter profits increased to Dh506 million, from Dh158 million in the year earlier period.
The shares rose 5.4 per cent, the biggest price increase since Jan 19, to 39 fils in early trading. The ADX General Index declined 0.4 per cent to 2420.71 points.
Dana "continues to balance operating and necessary capital expenditure within the available resources," the company said in a statement to the Abu Dhabi Securities Exchange. The company has to repay a $1 billion Islamic bond due in October.
Dubai shares edged lower, weighed by financial stocks.
EmiratesNBD, the country's biggest bank by assets, declined 0.6 per cent to Dh2.95.
Dubai Financial Market Company, the only bourse to ever sell its shares to the public, lost 1.1 per cent to 77 fils. The DFM General Index slipped 0.3 per cent to 1396.38 points.
Elsewhere in the region, Kuwait's measure was little changed at 5862.60 points. Bahrain's measure was also little changed at 1139.59 points. Oman's MSM 30 Index was little changed at 5599.57 points. Qatar's QE Index lost 0.1 per cent to 8426.38 points. The Saudi Tadawul All-Share Index was up 0.2 per cent to 6554.77 points.