Abu Dhabi Shares Rise to 2-Week High on Dana Gas, U.S. Earnings - Bloomberg.com

Abu Dhabi’s benchmark index rose to the highest in more than two weeks as Dana Gas PJSC returned to profit and U.S. earnings gave investors eased concern from Europe’s debt crisis.

Dana Gas, the United Arab Emirates-based explorer and producer, climbed to the highest in more than a week. Emirates Telecommunications Corp., the company also known as Etisalat, increased to the highest in a month and Waha Capital PJSC rose 1.4 percent. The ADX General Index gained 0.3 percent to 2,803.39, an April 27 high. The measure added 0.4 percent this week. Dubai’s index advanced 0.2 percent.

U.S. stocks gained as concern eased the European debt crisis will curtail global growth and after International Business Machines Corp. predicted earnings per share may nearly double by 2015. Cisco Systems Inc., the biggest maker of networking equipment, reported after U.S. markets closed third- quarter profit that topped analysts’ estimates. The MSCI Emerging Markets Index rose 0.9 percent at 2:30 p.m. in Dubai.