UAE’s Dana Gas shares up as Egypt fears settle down

Dana Gas closed higher after regional political developments in Egypt and Iraq appear to be settling down, analysts said. The UAE gas explorer and producer rose 2.9% at the close of play on the Abu Dhabi Securities Exchange, adding to its 3% gain made the previous day.

“What is supporting the rebound in share price is that the situation is settling down in Egypt (where Dana has concessions),” said Julian Bruce, Director of Equity Sales at EFG Hermes in Dubai. “We are also starting to see foreign investors returning to equities in the UAE, in light of what is happening in the region, as local stocks appear to be more attractive in terms of valuations, and most of the bad news locally is out of the way.”


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