"Air Arabia PJSC (AIRARABI) surged to the highest level in almost five years as volume jumped after Goldman Sachs Group Inc. (GS) upgraded the Middle East’s biggest no-frills carrier to buy.
Shares of the airline jumped 5.1 percent to 1.23 dirhams, the strongest since October 2008, at the close in Dubai as volume increased to 122 million shares, 4.9 times the stock’s three-month daily average. Air Arabia was the biggest gainer in percentage terms on the benchmark DFM General Index (DFMGI), which rose 0.7 percent, taking an eight-day rally to 8.7 percent.
Air Arabia’s stock has advanced 7.9 percent in the two days since Goldman Sachs raised the shares to buy from neutral with a price estimate of 1.54 dirhams, a 25 percent premium to today’s closing price. Nine out of 13 analysts have a buy rating on the carrier, which is based in Sharjah, United Arab Emirates, according to data compiled by Bloomberg. The U.A.E. and Qatar were upgraded to emerging-market status last month by MSCI Inc. (MSCI)"
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