Egypt | - Part 43

Egypt Walks a Fine Line With Interest Rate Strategy

In January, the cash-strapped Arab state surprised the market with interest-rate cuts aimed at stimulating the troubled economy. At its latest monetary policy meeting the central bank again caused surprise, but this time it was by keeping rates steady. Analysts had expected a different decision. In a note published ahead of the central bank meeting last week Emirates NBD, Dubai’s biggest bank, noted that Egypt’s core consumer price index had dropped to nearly a two-year…

Orascom Construction offers 11 pct of shares in $185 mln IPO

Posted on by The Editorial Team

CAIRO (Reuters) – Orascom Construction plans to offer 11 percent of its shares on the Cairo bourse to raise 1.41 billion Egyptian pounds ($185 million). The company is being spun off from OCI NV, which will retain its fertiliser and chemicals operation. The construction business is seeking a dual listing on the Egyptian stock market and NASDAQ Dubai. In a statement published in Egypt’s Al-Ahram newspaper, Orascom said the stock would be offered in two…

African Market Watch: Tuesday, 3rd March 2015

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Egypt: Indices of the Egyptian Exchange (EGX) closed on mixed performance today, as the market capitalization added EGP174.5mn backed by the buying spree of Local institutions for second day in row. The benchmark index EGX30 inched up by 0.20% or 19pts to end at 9475.27pts. The EGX70, which measures small and mid-cap stocks, went down 0.49% to 562.41pts and the broader index EGX100 lost 0.18% at 1124.5pts. Today’s turnover amounted to EGP551.6mn, while traded volume…

African Market Watch: Monday, 2nd March 2015

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Egypt: The Egyptian Exchange (EGX) indices rallied on Monday, gaining nearly EGP 5.8bn, amid a buying spree among local institutions. The benchmark index EGX30 rose 1.86% – its biggest one day gain in a month and a half – to close at 9456.33 points. Monday’s turnover amounted to EGP 492.2 mn, while traded volume reached 106mn shares. The small and mid-cap index EGX70 also gained 1.34% to 565.16pts, while the broader index EGX100 shut 1.30%…

Egypt expects LNG deals with Shell and Total in new bid round

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* New LNG deals expected with Shell and Total * BG Group in line to win higher gas payments * New LNG bid round/talks to start by mid-year By Oleg Vukmanovic and Shadi Bushra March 2 (Reuters) – Egypt expects to agree additional liquefied natural gas (LNG) import deals with Shell and Total, and is close to paying BG Group more for the gas it produces offshore, its oil minister said on Monday. Sherif Ismail…

Egypt’s Banks to benefit from improved environment

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Business Monitor International anticipated the Egyptian banking sector to benefit from the continuous improvements in domestic economic activity and political conditions. It said that reforms to the fuel subsidy system, in addition to lower global oil prices, would improve the fiscal outlook and reduce the financing needs of the government, which would encourage lending to the private sector. Further, it indicated that banks in Egypt have subscribed excessively to high-yielding government debt instruments to support…

African Market Watch: Friday, 27th February 2015

Posted on by The Editorial Team

Egypt: The Egyptian market was closed today. Ghana: Trading activity remained high with impressive volume and turnover being recorded at today. At the close of trading fourteen equities had their shares being traded in with total volume of 87,531 shares with market capitalization valued at GHC63.6bn. Likewise, the indices returned to positive, the benchmark Composite Index went up 15.4pts to close at 2,177.95pts; this brings its year-to-date change to -3.67%. Similarly, the Financial Index also rose…

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