x Abu Dhabi, UAESunday 23 July 2017

Taqa energises Abu Dhabi's bourse

Markets Update: State-run energy giant Taqa was this morning a top gainer in Abu Dhabi as the company announced its chief executive would step down

Abu Dhabi's energy giant Taqa was a top gainer in the capital as the company announced its top executive would step down.

The state-owned utility, also known as Abu Dhabi National Energy Company, said chief executive Abdulla Saif Al Nuaimi will leave the company and serve as vice-chairman of Taqa's board.

Shares in the company rose 0.8 per cent to Dh1.22, reversing losses a day earlier.

The company said that Carl Sheldon, its general manager, will lead the company and oversee its global operations, according to Reuters.

The wider benchmark, the Abu Dhabi Securities Exchange General Index, edged 0.3 per cent higher to 2,712.43 points, while the Dubai Financial Market was trading flat at 1,526.16 points this morning.

Emaar Properties, the developer of the world's tallest tower, the Burj Khalifa, was also subject to volatile trading this morning after it sold 409 units in a property project in Syria.

"There's been a bit of a pull-back in terms of volumes on Dubai and Abu Dhabi. Traded value is at about $30 million per day and has been the case for the last 6 trading days," said David Verghese, a fund manager at Emirates NBD in Dubai.

Trading value rose to as much as $50 million a day at the beginning of the year when political upheaval in the Middle East, prompted increased volatility to on the regional markets.

But analysts said regional markets are still at the mercy of forces dictating the movement of international equities.

"We're not going to get much on the company level. Greece continues to dominate," said Mr Verghese.

Global markets remain on edge as the Greek parliament votes later this week on additional austerity measures aimed at tackling the country's debt crisis.