Waha Capital shares up 7% after earnings

Shares in Abu Dhabi's Waha Capital  rose sharply in early trade on Sunday after the company said its third-quarter profit more than doubled, driven by higher income from its stake in AerCap Holdings.

Waha made a net profit of Dh301.2 million ($82 million) in the three months to September 30, up from Dh107.1 million in the year-ago period. AerCap, in which Waha Capital owns a 14.1 per cent stake, recorded a 118 per cent year-on-year rise in earnings per share in the third quarter.

Shares in Waha jumped 7 per cent to Dh2.92, outperforming a 1.3 per cent rise by the Abu Dhabi index, and were the third most heavily traded stock in the market.

They rose above technical resistance at Dh2.85, the late October peak. Any clean break, in the form of a daily close, would trigger a bullish right triangle formed by the highs and lows since mid-October and pointing up to Dh3.16.  

 

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