Dana Gas PJSC, a United Arab Emirates-based energy company, jumped as much as 10 percent in Abu Dhabi today on record oil prices. Aabar Petroleum Investments Co. and Co. also advanced.
U.A.E. energy companies ``are benefiting from high oil prices,'' said , an analyst at Egypt's investment bank EFG-Hermes Holding SAE in Dubai. ``They produce oil and gas, and investors are picking stocks based on exposure to the oil sector.''
Crude oil rose more than $2 a barrel to a record close Nov. 2. on speculation that fuel demand in the U.S., the world's largest oil consumer, will increase after a government report showed employers added almost twice as many jobs as forecast in October. Crude oil for December delivery rose $2.44, or 2.6 percent, to settle at a record $95.93 barrel on the New York Mercantile Exchange.
Shares of Dana Gas climbed 8.5 percent to 2.18 dirhams today, their biggest one-day gain since March 18, 2006. Aabar, the Abu Dhabi-based oil and gas explorer and producer, added 3.7 percent to 4.49 dirhams, while Abu Dhabi National Energy Co., the state-controlled energy company known as Taqa, rose 6.4 percent to 3.84 dirhams.
Via: Bloomberg
by Ayesha Daya and Glen Carey
U.A.E. energy companies ``are benefiting from high oil prices,'' said , an analyst at Egypt's investment bank EFG-Hermes Holding SAE in Dubai. ``They produce oil and gas, and investors are picking stocks based on exposure to the oil sector.''
Crude oil rose more than $2 a barrel to a record close Nov. 2. on speculation that fuel demand in the U.S., the world's largest oil consumer, will increase after a government report showed employers added almost twice as many jobs as forecast in October. Crude oil for December delivery rose $2.44, or 2.6 percent, to settle at a record $95.93 barrel on the New York Mercantile Exchange.
Shares of Dana Gas climbed 8.5 percent to 2.18 dirhams today, their biggest one-day gain since March 18, 2006. Aabar, the Abu Dhabi-based oil and gas explorer and producer, added 3.7 percent to 4.49 dirhams, while Abu Dhabi National Energy Co., the state-controlled energy company known as Taqa, rose 6.4 percent to 3.84 dirhams.
Via: Bloomberg
