CIB-Sawiris deal drives Egypt stocks to end week with $664mn gains

Egypt’s stocks ended the trading week with gains worth 5.2 billion Egyptian pounds (US$ 664 million) after business tycoon Naguib Sawiris’ one billion pounds offer to acquire the country’s second largest brokerage firm from the Commercial International Bank (CIB).

Main index, EGX30, jumped 2.79 percent to 6669.8 points in a session that saw CIB approval for moving forward on discussions with Sawiris over the potential acquisition, driving the financial services and bank sectors to perform well on Thursday.

Orascom Telecom for Media and Technology (OTMT), owned by Sawiris, submitted a non-binding offer to acquire the CIB investment banking arm of CI Capital Holding.

The market capitalisation has recorded 421.597 billion pounds during the closing session of Thursday.

Indices:

EGX50 EWI index surged 2.01 percent to 1142.27 point

EGX20 grew 2.94 percent to 6688.18 points.

In addition, the mid- and small-cap index EGX70 hiked 1.37 percent to 364.09 points. The price index, EGX100 pushed up 1.23 percent to 760.95 points.

Turnovers

On Thursday, the bourse’s trading volume hit 424.825 million securities, with turnovers closed at 893.109 million pounds, exchanged through 25,901 thousand transactions.

Also during the closing session,162 listed securities have been traded in; 22 declined,111 advanced; while 26 kept their previous levels.