Du at 15-month high after royalty statement

UAE's second telco's shares rise 4.1 percent, reaching their highest level since November 2009
Du at 15-month high after royalty statement
RISING STOCK Dubais index rose 0.5 percent to 1,615 points (Getty Images)
By Reuters
Tue 15 Feb 2011 12:48 PM

Dubai's Du hit a 15-month high after the telecoms operator said it will pay a 15 percent royalty fee on its 2010 profit to the United Arab Emirates federal government.

Du's shares rose 4.1 percent, reaching their highest level since November 2009.

Rival Emirates Telecommunications Corp  (Etisalat) paid 50 percent of its profit in royalties, analysts said. Etisalat's shares were unchanged.

Drake & Scull (DSI) dropped 1.8 percent, easing from Monday's 15-month peak, after it reported below-forecast fourth-quarter profit.

Dubai's index rose 0.5 percent to 1,615 points.

Abu Dhabi Islamic Bank climbed 2.9 percent, hitting a fourth-month high after it swung to a fourth-quarter profit, the latest UAE bank to beat estimates.

Abu Dhabi's benchmark rose 0.4 percent to 2,722 points.

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