EGX 30 Loses 191 Pts This Week On MB’s Announcement Of Al-Shater’s Candidacy

Throughout the week; EGX30 decreased by 3.81%; losing 191.53 points to close at 4,827.02 points. The primary winners during the week were NDPR and NHPS, where their prices increased by 25.26% and 25.05%, respectively.

Regarding the corporate news, Juhayna Food Industries (JUFO) announced distributing cash dividends of EGP 0.15 per share on 22/04/2012 to the shareholders as of 17/04/2012.

The ordinary shareholder meeting of Suez Cement (SUCE) approved distributing cash dividends of EGP 0.65 per share.

Egyptian Company for Mobile Services (EMOB) set a consortium of 4 banks comprising National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB) and HSBC, for arranging new loan after lowering its value to EGP 2.5 billion. This loan will be used for refinancing the company’s short term loans along capital and operational expansions.

Elswedy Electric (SWDY) disclosed its annual financial results for the year ended on the 31st of December 2011, posting net profit of EGP 536.55 million, as compared to net profit of EGP 816.64 million in the prior year. The board of directors recommended the distribution of cash dividends at EGP 1 per share.

Regarding the sectors; the Telecommunication sector topped the losers’ list; decreasing by 9.05%. The Travel & Leisure and Real Estate sectors followed; losing 7.42% and 6.10%, respectively. The Food & Beverages sector showed no change at all.
Egypt’s Muslim Brotherhood announced last Saturday it will field its deputy chairman, Khairat al-Shater, as a candidate in the upcoming presidential election.
The Brotherhood’s supreme guide, Mohammed Badie, announced Shater’s nomination in a news conference and read out a brief statement from Shater, who was not present.