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TAQA pushes energy sector into green as oil prices rise

TAQA pushes energy sector into green as oil prices rise
Photo Credit: Arabianeye-Reuters
TAQA
TAQA
0.30% 3.33 0.01

Abu Dhabi – Mubasher: TAQA shares, listed on the Abu Dhabi Securities Exchange (ADX), topped rising stocks after 2.5 hours of trading on Tuesday, surging 11.43% to AED 0.78.

A total of 292,414 TAQA shares changed hands through five transactions at a turnover of AED 224,083.

The energy sector rose 3.75% with a turnover of AED 1.875 billion. Dana Gas remained stable.

TAQA’s growth follows an improvement in oil prices at the closing of Monday’s session, rising to $56 per barrel amid a continued decline of the US dollar against uncertainty over the raising of US interest rates.

Analysts previously told Mubasher that the continued fluctuation in oil prices since the second half of 2014 will continue to affect local stocks amid an absence of catalysts and declining investor confidence.

The UAE energy sector has been the least affected among other energy sectors in Gulf markets, capital market analyst Waddah Taha said, while Saudi Arabia’s petrochemical sector is the most affected by the drop in oil prices.