x Abu Dhabi, UAESaturday 22 July 2017

Egypt news sparks Dana stock rise on market

MARKETS LATEST: Energy giant Dana Gas climbed the highest on Abu Dhabi's bourse this morning as its Egyptian fields increased production by 20 per cent this year.

Dana Gas opened the highest in the capital after it said it would keep all of its natural gas concessions in Egypt.

The Middle East's largest regional private sector natural gas company reversed a plans to sell stakes there as the energy giant enjoyed a 20 per cent increase in annual production from its Nile Delta unit for 2010, compared to 2009.

It was the leading mover on the Abu Dhabi exchange as it climbed 1.3 per cent to 78 fils. More than 2.6 million shares were traded, making it the most active stock in the capital.

Real estate stocks were also up at the open. Aldar Properties and Rak Properties increased 0.4 per cent to Dh2.34 and 2.2 per cent to 46 fils respectively.

Emaar Properties, the builder of the world's tallest skyscraper was also up 0.6 per cent to Dh3.60 in Dubai.

But Aramex, the logistics services provider, slipped 1.4 per cent to Dh2.08.

The Dubai Financial Market (DFM) General Index opened 0.3 per cent higher to 1,668.08 points and the Abu Dhabi Securities Exchange crept up 0.1 per cent to 2,755.95 points.

Globally, indices rallied as optimism that a recovery in the US would buoy stocks and commodities after data showed manufacturing expanded faster than expected in the world's largest economy.

The Standard & Poor's 500 Index rose 1.1 per cent to 1,271.87, its highest close since September 2008 and the Dow Jones Industrial Average increased 93.24 points, or 0.8 per cent, to 11,670.75.

In Asia, the MSCI Asia Pacific Index increased 0.6 per cent to 138.86, Japan's Nikkei 225 Stock average rose 1.4 per cent and Hong Kong's Hang Seng Index gained 0.5 per cent.

Commodities also jumped on the news as gold futures rose to a record closing price of $1,422.90 a troy ounce and silver climbed as much as $31 an ounce, extending a rally to the highest since 1980.

Crude for February delivery was at $91.60 a barrel on the New York Mercantile Exchange, extending a 27-month high.