Arabian Cement Egypt Rises 5%; Trading Volume Surges

Arabian Cement Egypt Rises 5%; Trading Volume Surges

CAIRO (Capital Markets in Africa) – Arabian Cement Co. rose 4.6 percent, the biggest gain since April 11 compared with end-of-day price changes and almost 14 times the country’s benchmark index. The shares climbed to EGP 8.81 from EGP 8.42. Trading volume was more than five times the 30-day average of 494,560 for this time of day. Arabian Cement Egypt’s move compares with the 0.3 percent gain in the Egyptian Exchange EGX 30 Price Index and little change in…

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Egyptian Stocks Leap; EFG-Hermes Predicts 20% Upside in 2018

Egyptian Stocks Leap; EFG-Hermes Predicts 20% Upside in 2018

CAIRO (Capital Markets in Africa) – Egypt’s main stock benchmark, the EGX 30, gains 2.2% to 14,534.67 as of 12:30pm in Cairo, the steepest intraday advance since March 2. EFG-Hermes sees local market as being in the middle of “a multi-year rally“ supported by broad reforms with multiple catalysts ahead. EGX 30 has 20% upside through the end of 2018, strategist Mohamad Al Hajj writes in a note. Index rises to the highest level in dollar terms since…

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Busy IPO Season Beckons for Cairo as Reforms Yield Results

Busy IPO Season Beckons for Cairo as Reforms Yield Results

CAIRO (Capital Markets in Africa) – Egypt’s stock market is shaping up to be the Middle East’s hot spot for initial public offerings next year. At least six companies plan IPOs by the end of 2018, following two sales since January, according to data compiled by Bloomberg. That’s a marked increase on the average of three in the past three years as foreign investors fretted that a severe dollar shortage would trap their money. Between…

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Egypt’s EGX 30 Falls Most in Five Months; CIB and AMOC Pressure

Egypt’s EGX 30 Falls Most in Five Months; CIB and AMOC Pressure

CAIRO (Capital Markets in Africa) – Egypt’s main stock benchmark falls 2.6% to 13,546.24 as of 2:09pm in Cairo, the most since April 23 and the lowest level in a month. Index is pressured by  Commercial International Bank Egypt (CIB) and Alexandria Mineral Oils (AMOC). Commercial International Bank Egypt down 2.3% to 76.17 Egyptian pounds Biggest contributor to index decline; down to the lowest level since May NOTE: Bank is the biggest singular weight to the EGX 30 (35.2%) Overal, Egyptian…

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Market Watch: Egyptian Equity Indices End in Mixed Note, Market Cap up EGP3bn

Market Watch: Egyptian Equity Indices End in Mixed Note, Market Cap up EGP3bn

Cairo (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Monday’s (17th July 2017) trading session on a mixed note, as the benchmark index EGX30 rose 1.02%, gaining 140.55 points, and closed at the level of 13,956.32 points. The equal-weighted index EGX50 rose 0.81% to 2,141.02 points. On the other hand, EGX70 declined by 0.75% to the level of 679.46 points, while the broader index EGX100 slipped 0.09% and closed at 1,569.44 points. The…

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Egypt Seeks Advisers for IPO Program Aimed at Boosting Revenue

CAIRO (Capital Markets in Africa) – Egyptian authorities are in talks with local and international investment banks to advise the government on selling stakes in state-run companies on the stock exchange, a senior official said. The plan focuses on initial public offerings that would “broaden the ownership” of the companies among Egyptians, bolster local capital markets and help the government raise revenue, Investment and International Cooperation Minister Sahar Nasr said. Egypt has already hired HSBC and EFG-Hermes…

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Egypt Stocks Surge on Bets Devaluation Will Drive Growth Rebound

Egypt Stocks Surge on Bets Devaluation Will Drive Growth Rebound

CAIRO (Capital Markets in Africa) – Egyptian stocks advanced the most in more than two months as investors bet that policy makers may devalue the country’s currency as soon as this week, luring back foreign investors and giving a lift to an embattled economy. The EGX 30 Index gained 3.2 percent, the most among more than 90 indexes tracked by Bloomberg globally after Ghanaian equities, to close at 8,133.12. Financial stocks, such as Commercial International Bank Egypt, the country’s largest…

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