EGX 30 Ends Below 6000 Pts, Citadel Capital 4.34% Up
During Wednesday closing session, the Egyptian Exchange (EGX) has pared its early gains to eventually hit EGP 1.4 billion as the capital market has amounted to EGP 407.759 billion.
The main index, EGX30 rose by 0.35% to close at 5911.3 p. EGX20 went up by 0.57% to end at 6984.06 p.
Meanwhile, the mid- and small-cap index, the EGX70 slumped by 1.10% to conclude at 562.76 pts. Price index EGX100 tumbled by 0.64% to finish at 929.15 p.
Traded volume reached 279.935 million securities worth EGP 930.883 million, exchanged through 49.222 thousand transactions.
This was after trading in 189 listed securities; 95 declined 84 advanced while 10 keeping their previous levels.
Egyptians were net sellers seizing 84.75% of the total markets, with a net equity of EGP 39.240 million excluding the deals.
On the other hand, non-Arab Foreigners and Arabs were net buyers seizing 10.45% and 4.79% respectively, of the total markets, with a net equity of EGP 33.258 million and EGP 2.982 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed unsteady performance.
Citadel Capital:
Citadel Capital (CCAP.CA) climbed by 4.34% to finish at EGP 4.33.
The Algerian government said Wednesday it has started negotiations with Citadel Capital on acquiring a 49% stake in ASEC Algeria Cement, a subsidiary of ASEC Cement Holding (ACH), through right issue to increase the company’s capital which worth $60 million. ASEC Algeria plans to establish a new cement plant at a production capacity of 3.5 million tons in Gulfa city.
ASEC Cement Holding is Citadel Capital’s arm in cement sector.
Under Algerian regulations on banking finance, the firms that have been founded in Algeria or have local contributors shall obtain loans through Algerian banks only.
In case of reaching an acquisition deal with the Algerian government, ASEC Algeria shall re-make its financial study on the construction of two cement production lines as the government intends to inject further liquidity for the firm. ASEC’s current study targets obtaining loans of $180 million so as to establish the first production line of which 30% has been completed.
Ahmed Heikal Citadel Capital Founder and Chairman, said Tuesday the company will be injecting more investments in the African planet within the coming period. African countries such as Kenya and Mozambique enjoy key investment opportunities and political stability.
Talaat Moustafa Group:
Talaat Moustafa Group (TMGH.CA) soared by 3.66% to end at EGP 5.66.
SODIC:
Six of October Development & Investment (SODIC) – (OCDI.CA) inched higher 0.38% to conclude at EGP 26.08.
SODIC has refuted on Wednesday the news that Lebanon’s Solidere International has paid EGP 160 million so as to settle their current disputes over a piece of land spreading over 250,000 m2.
SODIC noted that the above-stated sum had already been paid by Solidere as per signed contracts and without any intention to end the current disputes between the two companies.
SODIC added that the arbitration lawsuit filed against Solidere as the latter did not fulfill its obligations as pursuant to the agreement signed between the two firms in June 2008 on Sheikh Zayed Project. SODIC said arbitration procedures are confidential.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) maintained Tuesday’s levels at EGP 3.86.
The Group announced Tuesday its financial results posting a net profit of EGP 919 million during the first half of 2012, 81% down from a year earlier net profit of EGP 4.816 billion.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA) dived by 1.72% to conclude at EGP 0.57.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) declined by 0.96% to end at EGP 12.38.
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) went down by 0.08% to finish at EGP 296.39.
