Update 1: Dana Surges as Investors See Sukuk Resolution: Abu Dhabi Mover
23 Sep 2012 06:01 GMT
 
Dana Gas PJSC (DANA) surged the most since February after the company's biggest shareholder said the fuel producer may reach a "reasonable resolution (more)

Dana Gas PJSC (DANA) surged the most since February after the company's biggest shareholder said the fuel producer may reach a "reasonable resolution with investors" on $1 billion in Islamic bonds maturing next month.

The shares soared 4.9 percent, the most since Feb. 19, to 43 fils, at the close in Abu Dhabi. Dana Gas was the most traded by volume in Abu Dhabi's benchmark ADX General Index (ADSMI) and the Bloomberg GCC 200 Index (BGCC200) of the Persian Gulf region's top 200 equities. The stock, which lost 38 percent last year, led Abu Dhabi shares 0.2 percent higher to 2,617.49.

"The outcome may favor an upside, given the company's solid financials and the probability of restructuring debt," said Talal Touqan, head of research at Al Ramz Securities LLC in Abu Dhabi. "There was overshot on the downside, which makes anticipated rebounds stronger and against negative expectations."


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