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Monday, 3 April 2017

MIDEAST STOCKS-Dubai, Egypt outperform, Abu Dhabi's TAQA surges again on land transfer, higher capex | Reuters

MIDEAST STOCKS-Dubai, Egypt outperform, Abu Dhabi's TAQA surges again on land transfer, higher capex | Reuters:

"Stock markets in the Middle East diverged on Monday with Dubai and Egypt's index outperforming their peers while shares of Abu Dhabi National Energy soared again on investors' optimism that the company had turned a corner. Shares of Abu Dhabi National Energy jumped 9.6 percent in a second day of unusually heavy trade. On Sunday its shares had surged their 15 percent daily limit. TAQA said it had secured land from its top shareholder valued at 18.7 billion dirhams ($5.1 billion), and had increased its capital expenditure in 2017. The increase will be self-funded by cash generated by the business said the company's spokesman."



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