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Investors who bet on exposure to Middle East oil got it right, at least on the first trading day of shares in a unit of Abu Dhabi's oil giant. The stock of Abu Dhabi National Oil Co. for Distribution PJSC, the fuel retailing unit of Adnoc, soared as much as 16 percent to 2.90 dirhams in early trading. They pared gains to close 6 percent higher at 2.65 dirhams in Abu Dhabi. Adnoc raised 3.1 billion dirhams ($851 million) from the sale of 1.25 billion shares, which were priced at 2.50 dirhams each. About 90 percent of the shares were bought by qualified investors, while close to 10 percent were sold to individuals.
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