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.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications