TAQA shares extends rally

The stock rose 7.7 percent to AED0.56 today in Abu Dhabi

© Copyright Emirates News Agency (WAM) 2017.

ABU DHABI, 3rd April, 2017 (WAM) — Shares in Abu Dhabi National Energy Co., TAQA, has extended gains that drove them to a two-month high on 2nd April even after announcing a record earnings loss last week.

The stock rose 7.7 percent to AED0.56 today in Abu Dhabi, adding to the previous day’s 13 percent advance. Trading volume was about 30 times the 30-day average for the time of day, according to Bloomberg.On 30th March, TAQA reported a loss of AED19 billion last year, compared with AED1.8 billion in 2015, amid one-time impairments.”Speculators are mainly betting on a turnaround story that could be similar to Gulf Navigation,” said Hisham Khairy, Head of Institutional Trading at Mena Corp. Financial Services in Dubai.”The company has cleared its balance sheet and is ready to move on. The stock could continue moving higher and a break of AED0.55 would be very positive,” he added.