Taqa shares gain on higher oil prices

14 July 2010

In the UAE capital Abu Dhabi, the ADX General Index added 0.35% and closed at 2,526.58 points. Energy bellwether Taqa surged 2.78% to Dhs1.10 as the market price for crude oil reached a key resistance level at around $77 per barrel. The 'black gold' gained 3.33% over the last month. On a year-on-year basis, oil surged by 29.27%. From Thursday on, petrol prices will climb by Dhs0.20 or 14.2% in the UAE, marking the second price hike within three months in the Gulf state. Abu Dhabi Islamic Bank (ADIB) failed to join the mini rebound as its shares lost 1.63%, closing at Dhs2.43. Eighteen shares gained, nine ended flat and three stocks weakened at the ADX.

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