Egypt | - Part 42

Egypt’s CIB eyeing Citigroup’s retail operations

CAIRO (Reuters) – Egypt’s Commercial International Bank (CIB) said on Wednesday Citigroup had opened its books for a due diligence process that could lead to the purchase of its retail portfolio.Citigroup said it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently high costs.The third-largest U.S. bank, built with a series of acquisitions spanning back to the 1980s,…

African Market Watch: Tuesday, 10th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Exchange (EGX) slid on Tuesday, losing around EGP 1.3 billion of its capitalization as traders booked gains from most leading stocks. The benchmark index EGX30 shut slightly lower by 0.04% at 9709.5 points, while small and mid-cap index EGX70 lost 0.52% to 566.38 points. The broader index EGX100 ended 0.34% lower at 1132.29 points. Today’s turnover amounted to nearly EGP 2 billion, while traded volume reached 153.2 million shares and number of…

African Market Watch: Monday, 9th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Stock Exchange (EGX) indices ended on a mixed note on Monday as the benchmark index EGX30 added 0.78% to 9,713.61 points, while market capitalisation gained EGP 1.4 billion. The EGX70, which measures small and mid-cap stocks, inched down 0.28% to 566.38 points, while the broader index EGX100 gained 0.03% to 1,139.14 points. Today’s turnover amounted to EGP 667.5 million, while traded volume reached around 166.4 million shares sealed through 19,700 transactions. The…

African Market Watch: Friday, 6th March 2015

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Kenya: The NSE 20 Index dropped 37.83pts to close at 5,373.22pts. The NASI Index gained 0.23pts to close at 172.51pts with total market capitalization at KES 2,408mn. Market activities measured by volume and value traded were recorded at 36,466,000 shares and KES 1,062.271mn. The market sentiment was positive today, as the market breadth (advancer/decliners ratio) berthed at 1.7x with 25 advancers and 15 decliners. On the one hand, topping the price gainers list were Crown…

African Market Watch: Thursday, 5th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Stock Exchange (EGX) indices advanced collectively today as the benchmark index EGX30 added 1.21% or 115pts to close at 9575.98 points. However, the market capitalization has lost around EGP 1.1 billion ($143 million). Today, EGX indices rebounded on the return of the purchasing power, particularly the blue chip stocks, where the benchmark surpassed level of 9500 points. The EGX70, which measures small and mid-cap stocks, went up 0.90% to 566.52pts and the…

African Market Watch: Wed, 4th March 2015

Posted on by The Editorial Team

Egypt: The Egyptian Stock Exchange (EGX) indices retreated collectively on Wednesday, while the market capitalization added EGP 727mn amid buy spree by Local institutions and Arab retail investors. The benchmark index EGX30 inched down by 0.15% or 14.2pts to end at 9461.06 points. Likewise, the EGX70, which measures small and mid-cap stocks, went down 0.16% to 561.49pts and the broader index EGX100 lost 0.19% at 1122.37pts. Today’s turnover amounted to EGP 531mn, while traded volume reached…

Egypt’s cabinet approves long-awaited investment law

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s cabinet approved a long-awaited draft law on investment on Wednesday, aimed at making deals less vulnerable to legal disputes or changes in government, and reducing stifling bureaucracy. The government is seeking to address foreign business concerns before an investment conference in Sharm el-Sheikh set for mid-March, when Egypt hopes to secure domestic and foreign investment of up to $12 billion (7.8 billion pounds). Announcing the new law, Prime Minister Ibrahim Mehleb…

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