Dana Gas Rises to 10-Month High on Payment Bets: Abu Dhabi Mover

Dana Gas PJSC rose to the highest level in 10 months as speculation the United Arab Emirates energy company will collect outstanding payments in Iraq and Egypt boosted its earnings outlook.

The shares rose 4.1 percent to 51 fils, the highest level since March 5, at the close in Abu Dhabi. The company was the fourth-biggest gainer on a percentage basis in the benchmark ADX General Index, with almost six times the three-month daily average volume traded. Dana Gas said its board approved the 2013 budget, and discussed progress on projects in the U.A.E., Egypt and the Kurdish region of Iraq, as well as efforts made to collect outstanding receivables.