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Mon 10 Nov 2014 03:24 PM

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UAE's Waha Capital surges nearly 5% on the back on strong Q3

Company made a net profit of $82m, triple what it was in the same quarter last year

UAE's Waha Capital surges nearly 5% on the back on strong Q3

Shares in Abu Dhabi-listed Waha Capital continued to outperform the market on Monday after the company said on Sunday that its third-quarter profit more than doubled, driven by higher income from its stake in AerCap Holdings.

Waha made a net profit of AED301.2 million ($82 million) in the quarter, up from AED107.1 million in the year-ago period.

The stock jumped 4.8 percent to AED3.06 on Monday, outperforming a 1.0 percent rise by the Abu Dhabi index, and was the most most heavily traded counter in the market.

On Sunday, Waha surged 7.0 percent, breaking technical resistance at AED2.85, the late October peak. This triggered a bullish right triangle formed by the highs and lows since mid-October and pointing up to AED3.16. It faces strong resistance at AED3.20-3.28, the September and July peaks.