UAE’s Waha Capital Continues Rally After Strong Q3

Shares in Abu Dhabi-listed Waha Capital continued to outperform the market on Monday after the company said on Sunday that its third-quarter profit more than doubled, driven by higher income from its stake in AerCap Holdings.

Waha made a net profit of Dhs301.2 million ($82 million) in the quarter, up from Dhs107.1 million in the year-ago period.

The stock jumped 4.8 per cent to Dhs3.06 on Monday, outperforming a one per cent rise by the Abu Dhabi index, and was the most most heavily traded counter in the market.

On Sunday, Waha surged seven per cent, breaking technical resistance at Dhs2.85, the late October peak. This triggered a bullish right triangle formed by the highs and lows since mid-October and pointing up to Dhs3.16. It faces strong resistance at Dhs3.20-3.28, the September and July peaks.