EGX 30 Opens 0.04% Higher, OTMT 8.77%
During Thursday opening session, the Egyptian Exchange (EGX) has posted early gains of EGP 734 million as the capital market has amounted to EGP 367.487 billion, according to data compiled by Amwal Al Ghad at 11:11 a.m. Cairo time (09:11 GMT).
The main index, EGX30 rose by 0.04%% to hit 5310.4 p. EGX20 went up by 0.41% to reach 6206.14 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched higher by 0.77% to hit 490.42 p. Price index EGX100 push up by 0.43% to reach 825.36 p.
Traded volume reached 7.572 million securities worth EGP 29.199 million, exchanged 2.416 thousand transactions.
This was after trading in 108 listed securities; 11 declined 82 advanced while 15 keeping their previous levels.
the main reason behind EGX30’s early upwards was that Egyptians and Arabs were net buyers seizing 84.13% and 4.51% respectively, of the total markets, with a net equity of EGP 1.892 million and EGP 415.371 thousand excluding the deals.
On the other hand, non-Arab Foreigners were net sellers 11.36% of the total markets, with a net equity of EGP 2.308 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective upwards except for the shares of Orascom Construction Industries (OCIC.CA) which dropped by 0.50% to hit EGP 277.00 and of Commercial International Bank- Egypt (CIB) (COMI.CA) which slumped by 0.43% to reach EGP 30.00.
Commercial International Bank:
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) led EGX upwards as it jumped by 8.77% to hit EGP 0.62. OTMT announced Wednesday its financial results.
Orascom Telecom Media & Technology Holding (OTMT.CA) reported 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.
Citadel Capital:
Citadel Capital (CCAP.CA) soared by 0.90% to reach EGP 3.35.
Talaat Moustafa Group:
Shares of Talaat Moustafa Group (TMGH.CA) rose by 0.88% to hit EGP 4.60.
EFG-Hermes Holding:
Shares of EFG-Hermes Holding (HRHO.CA) inched higher by 0.85% to reach EGP 11.82.
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.
EFG-Hermes said Sunday it will announce the date of its extraordinary shareholders meeting with a week. EFG-Hermes added that its ESM aims to provide its shareholder with all the disclosures and details; QInvest buyout deal in particular regarding the acquisition of 60% of Hermes stakes.
EFG-Hermes official source noted that once the group obtains the shareholders’ approvals, all the necessary procedures to conclude QInvest acquisition deal would be then completed.
Dr. Ashraf Al-Sharkawy, EFSA chairman, had stated that EFG-Hermes did not provide the required information and further disclosures including the fate of minority rights after the deal is completed as well as the financial mechanism regarding dividend distribution.
Al-Sharkawy noted that the EFSA has asked EFG-Hermes for more disclosures including the future of the group, its capital and fate of its minority, but it did not respond yet.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) went up by 0.55% to reach EGP 3.67.
