Abu Dhabi’s benchmark stock index advanced to the highest level in more than four months after Dana Gas PJSC (DANA) and Abu Dhabi National Energy Co. (TAQA) posted higher second-quarter earnings.
Dana Gas, which yesterday said it was committed to finding a “consensual solution” on a $1 billion Islamic bond due in two months, rose 2.6 percent and was the most traded stock on Abu Dhabi’s index. State-run Abu Dhabi National Energy, also known as Taqa, climbed to the highest since June after quarterly profit gained 3 percent. The ADX General Index (ADSMI) advanced 0.3 percent to 2,553.56, the highest since April 8, at the close in Abu Dhabi. Dubai’s DFM General Index (DFMGI) fell 0.2 percent.
Dana Gas said second-quarter profit climbed 46 percent to 181 million dirhams ($46 million) as investment income rose and income-tax expenses fell. Taqa said second-quarter net income increased to 447 million dirhams from 435 million dirhams a year earlier.
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