London IPO link pushes up Dana Gas shares on Abu Dhabi bourse.

Markets Update: The UAE's energy giant Dana Gas climbed the most since the end of January on speculation it is looking at a London listing - with video.

Powered by automated translation

Dana Gas climbed to its highest point since January on speculation the energy giant is looking at a London flotation.

Shares in the company rose nearly 3 per cent to 71 fils in Abu Dhabi this morning. The company has become the latest Middle East company to mull a listing in London, with more than 43 million shares changing hands.

It was one of the most traded stocks on the regional markets this morning.

It comes weeks after Oman's Renaissance Services pulled plans to list its Dubai oilfield services unit Topaz Energy and Marine in London. Kuwait Energy has also deferred a share sale in London.

The Abu Dhabi market rose 0.2 per cent to 2,713.18 points.

In Dubai, the market extended its 10-day rally as it rose 0.3 per cent to 1,685.73 points, the highest point year to date.

Shares in property stocks such as Emaar Properties and Deyaar led the momentum as they added 0.6 per cent to Dh3.48 and 1.5 per cent to 34 fils respectively.

"More and more people are taking cash from under the pillow and taking it to market," said Mohammed Ali Yasin, the chief investment officer at CAPM Investments.

"There's a new confidence in the market," he said.

Elsewhere in the region, Qatar's index rose 0.1 per cent to 8,637.74 points, the Muscat index slipped 0.1 per cent to 6,363.63 points, and Bahrain's bourse was 0.2 per cent higher at 1,404.23 points. Kuwait's index was trading 0.2 per cent higher at 6,447.50 points.

Saudi Arabia's market was closed.