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News Business News Taqa shares buck GCC market slump
News Business News Taqa shares buck GCC market slump
| Taqa shares buck GCC market slump |
| News - Business News | |||
| Sunday, 07 August 2011 05:13 | |||
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The Abu Dhabi-bourse ADX fell 2.53% to 2,603.22 points. Aldar Properties was the most actively traded share in relation to volumes. Aldar plummeted
5.47% to Dhs1.21. Aldar reported on Friday a net profit of Dhs127m for Q2 2011 compared to a net loss of Dhs475m in the same period last year. Ahmed Badr, research analyst at Credit Suisse commented, that "Although Aldar's operational performance is gradually improving, we remain cautious as we believe that high leverage, capex and refinancing need should continue to put pressure on the company's balance sheet and hence depress equity value." Badr set the target price for Aldar at Dhs1.59 and rated the shares with 'underperform'. Shares of Abu Dhabi National Energy Co. gained 1.57% to reach Dhs1.29. Around 78.23m stock, valued at Dhs211m.
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