Abu Dhabi Shares Rise to Month High on Dana’s Kurdish Cash Win - Bloomberg

Abu Dhabi Shares Rise to Month High on Dana’s Kurdish Cash Win - Bloomberg:



"Abu Dhabi stocks climbed to a more than one-month high, led by Dana Gas PJSC, after a London court ordered the Kurdish government to keep making payments to the fuel producer while an arbitration case remains unresolved.



The ADX General Index (ADSMI) rose 1.5 percent to close at 4,914.23, the highest level since June 12. Dana Gas surged 8.2 percent to 79 fils, extending yesterday’s 4.3 percent advance. First Gulf Bank PJSC (FGB) gained 2.7 percent to 17.40 dirhams, the highest since June 1.



Dana Gas said yesterday the London Court of International Arbitration ruled that the government of Iraqi Kurdistan should make regular payments while its case against the region’s administration is continuing. The company is seeking to recover more than $400 million relating to rights and a contract it signed with the regional government in 2007."



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