EGX 30 Ends Week 0.45% Higher, Citadel Capital 3.92% Up
During Thursday closing session, the Egyptian Exchange (EGX) has extended its early gains to eventually reach EGP 2.48 billion as the capital market has amounted to EGP 369.231 billion.
The main index, EGX30 rose by 0.45%% to close at 5332.25 p. EGX20 went up by 0.88% to end at 6235.37 p.
Meanwhile, the mid- and small-cap index, the EGX70 jumped by 1.63% to conclude at 494.58 pts. Price index EGX100 climbed by 1.12% to end at 831.1 p.
Traded volume reached 179.721 million securities worth EGP 663.977 million, exchanged 35.710 thousand transactions.
This was after trading in 189 listed securities; 21 declined 155 advanced while 10 keeping their previous levels.
The main reason behind EGX30’s upwards was that Egyptians and Arabs were net buyers seizing 77.02% and 6.81% respectively, of the total markets, with a net equity of EGP 46.656 million and EGP 3.880 million excluding the deals.
On the other hand, non-Arab Foreigners were net sellers 16.17% of the total markets, with a net equity of EGP 50.537 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed unsteady performance.
Citadel Capital:
Citadel Capital (CCAP.CA) soared by 3.92% to close at EGP 3.45 leading EGX upwards for the end of the week session.
Mohab Agena, Head of Technical Analysis at Beltone Financial, said Thursday the stock of Citadel Capital faced resistance at EGP 3.4 , while having current support at EGP 3.2.
Agena advised investors to buy the stock near current price levels and to add more equities after breaking the current key resistance upwards.
Rising above the current level reflects one more step towards EGP 4 mark, a cash-ins area, the analyst said, defining the stop-loss point at EGP 3.1.
EFG-Hermes Holding:
Shares of EFG-Hermes Holding (HRHO.CA) climbed by 3.50% to conclude at EGP 12.13. This was after EFG-Hermes board of directors announced the date of the shareholders’ extraordinary meeting.
The board of EFG-Hermes Holding invited Thursday shareholders to attend an extraordinary general meeting on Sunday, 16/09/2012. EFG-Hermes had said Sunday it will announce the date of its extraordinary shareholders meeting with a week.
Shareholders will discuss the board’s report on strategic partnership with Qatari QInvest . They will also look into the fair value report by Grant Thornton, as regards defining fair values of the companies subject to the partnership.
The meeting will be discuss selling Hermes’ brokerage stake to EFG-Hermes Qatar for $250 million.
A dividend plan at EGP 4 per share will also be discussed in the meeting, taking into consideration the relevant stock split or treasury shares repurchase.
The company’s shareholders will further discuss waiving trade mark EFG-Hermes to Hermes Qatar and other relevant activities.
As EFG-Hermes is finalizing procedures required by the Egyptian Financial Supervisory Authority (EFSA) to complete QInvest’s acquisition of 60% of its core operations, EFSA demanded Tuesday the Prosecution of the Financial and Commercial Affairs to make investigations and file a criminal complaint against Planet IB.
EFSA investigations revealed that Planet IB alliance violated the Capital Market Law and procedures relevant to acquiring EGX-listed companies.
The investigations also revealed that Planet IB was founded after announcing the acquisition plan. Planet had no legal entity when it notified Hermes and EFSA of the purchase plan.
Talaat Moustafa Group:
Shares of Talaat Moustafa Group (TMGH.CA) surged by 1.54% to end at EGP 4.63.
In its MENA Strategy report, EFG-Hermes said Thursday TMG Holding, SIDPEC and Oriental Weavers are on its MENA Top 20 List.
The report issuer said that foreigners bought 20% of EUR513 million in one-year T-bills sold by Egypt on 28 August, and are also reportedly buying short-tenor EGP T-bills in small volumes.
“We maintain our Neutral weighting on Egyptian equities until this trend is confirmed, believing that we will not see a long-term convergence trade in the Egyptian market until real interest rates fall significantly,” the report issuer said.
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) which dropped by 0.29% to finish at EGP 277.58.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) went down by 0.27% to close at EGP 3.64.
Commercial International Bank:
Commercial International Bank- Egypt (CIB) (COMI.CA) tumbled by 0.13% to end at EGP 30.09.
Capital Intelligence (CI), the international credit rating agency, announced Wednesday that it has affirmed Commercial International Bank (CIB)’s Long and Short-Term Foreign Currency Ratings (FCR) at ‘BB+’ and ‘B’, respectively.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA) kept Wednesday’s levels at EGP 0.57.
Orascom Telecom Media & Technology Holding (OTMT.CA) reported Wednesday its financial results announcing a net profit of EGP 1.430 billion since the inception of the firm till June 30th, 2012.
Operation revenues hit around EGP 1.021 billion, other revenues reached EGP 4.160 million.
