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|06 August, 2018

Graphic: TAQA pushes Abu Dhabi's stock market higher on Monday, as its stock price more than doubles in 2018

Strong oil prices boost energy shares in Abu Dhabi

Image of Taqa Morocco used for illustrative purpose.

Image of Taqa Morocco used for illustrative purpose.

Abu Dhabi National Energy Company (TAQA)

TAQA ytd

Energy stocks in Abu Dhabi were among the main benefactors of rising oil prices on Monday, as the market anticipated the possibility of renewed sanctions on Iran.

Abu Dhabi’s National Energy Company (TAQA), the best performer in Abu Dhabi, closed 4.24 percent higher at the end of Monday’s trading session, while Dana gas added 0.93 percent.

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The rise in energy shares helped the Abu Dhabi index to add 1.79 percent on Monday, after dropping close to 0.1 percent in the previous session.

TAQA's stock has risen 123.64 percent so far this year, on the back of improving oil prices, with Brent up 11.10 percent since January. TAQA started the year with a value of 0.55 UAE dirhams and is now trading at 1.23 dirhams.

Dubai’s stock market ended the trading session flat on Monday, Qatar’s index added 0.37 percent and Saudi Arabia’s stock market was mainly flat by 10:27 GMT.

Egypt’s main index dropped 0.57 percent, while Oman’s index added 1.14 percent, Kuwait’s index rose 0.32 percent and Bahrain’s index dropped 0.1 percent.

(Writing by Gerard Aoun; Editing by Shane McGinley) 
(gerard.aoun@thomsonreuters.com)

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