Dana Gas shares gain after Iran, UAE talks

Abu Dhabi's measure ticks up 0.07 percent to 3,933 points, following six consecutive sessions of gains
Dana Gas shares gain after Iran, UAE talks
By Reuters
Thu 05 Dec 2013 11:37 AM

Abu Dhabi-listed Dana Gas leads gains on the bourse on bets it may start importing natural gas from Iran after a contract delay of over 10 years.

Iran's foreign minister visited UAE on Wednesday, hoping to improve trade ties after Tehran's deal with world powers that may see sanctions relief if it cuts back on its nuclear development activities.

This has prompted some investors to hope Iran and Dana's row over gas pricing may be solved soon.

"The next step we could hear positive news on the gas pipeline that has been on hold for a long time now and this will all be in favor of the company," Hisham Khairy, head of trading for institutional desk at MENA Corp says in a note.

The stock is up 3.2 percent.

Abu Dhabi's measure ticks up 0.07 percent to 3,933 points, following six consecutive sessions of gains.

Dubai's index climbs 0.1 percent to 2,990 points, attempting for a second session to break the resistance near 3,000 level.

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