Aldar up, Dana flat, Arkan Building Materials plummets
Dhabi, shares ended a volatile week mixed, leaving the market index ADXGI up one per cent at 5,052.94 points on Thursday, Aug. 14.
Aldar Properties, the first developer in the UAE capital, added 0.92 per cent to hit AED3.69.
Dana Gas stabilised at AED0.71. Earlier in the week, the Sharjah-based gas company revealed it won an arbitration ruling against the Islamic Republic of Iran. An international tribunal ruled that a 25-year contract has to be fulfilled by National Iranian Oil Company. The contract states that Iran has to supply gas to Crescent Petroleum, a Dana Gas partner firm.
Arkan Building Materials lost 5.26 per cent to AED1.80. Earlier in the day, Arkan said in the first six months it earned AED30.1m ($8.2m), up from AED17.431m ($4.75m). The second quarter net income was AED16.792m ($4.57m), more than 50 per cent higher than in Q2 2013.