Kurdish Ruling Boosts Dana to December High; Egypt Shares Slump
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Dana Gas PJSC’s stock jumped to the highest level in seven months after an arbitration court ruled in its favor. Egypt’s index fell the most since December.
The company’s shares soared 14 percent to 58 fils after Dana Gas said the London Court of International Arbitration handed down a partial ruling confirming its consortium has exclusive rights to develop and produce gas from two fields in Kurdistan. The court also confirmed the Kurdish government’s obligation to pay the group, Dana Gas said, adding it’s owed $1.94 billion as of the end of May.