EGX 30 Surges 0.07%, EFG-Hermes 3.31% Up Amid EFSA’s Approval
During Monday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 137 million as the capital market has amounted to EGP 396.372 million, according to data compiled by Amwal Al Ghad at 11:07 a.m. Cairo time (09:07 GMT).
EGX indices opened mixed.
The main index, EGX30 rose by 0.07% to hit 5727.1 p. EGX20 went up by 0.21% to reach 6689.76 p.
Meanwhile, the mid- and small-cap index, the EGX70 dropped by 0.34% to hit 527.77 pts. Price index EGX100 fell by 0.23% to reach 879.11 p.
Traded volume reached 11.698 million securities worth EGP 41.422 million, exchanged through 2.019 thousand transactions.
This was after trading in 82 listed securities; 31 declined 18 advanced while 33 keeping their previous levels.
EGX’s early losses were backed by Egyptians’ selling pressure.
Egyptians were net sellers seizing 88.28% of the total markets, with a net equity of EGP 5.773 million excluding the deals.
On the other hand, Arabs and non-Arab Foreigners were net buyers seizing 5.88% and 5.84% respectively, of the total markets, with a net equity of EGP 2.561 million and EGP 3.211 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed unsteady performance during early trading.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) soared by 3.31% to hit EGP 12.17.
EFG-Hermes and QInvest of Qatar to create an investment bank, the Egyptian investment bank said on Monday, giving a green light for the tie-up to go ahead.
“The Egyptian Financial Supervisory Authority certified, with no reservations …, (EFG-Hermes’) Extraordinary General Meeting minutes that was held on Sunday Sept. 16, 2012 to approve the company’s strategic alliance with QInvest,” EFG-Hermes said in a statement.
The statement was sent to the EGX and London stock Exchange (LSE).
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock sank by 2.83% to reach EGP 4.12.
Orascom Construction Industries:
Orascom Construction Industries – OCI (OCIC.CA)’s stock pushed down by 1.16% to hit EGP 271.20.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) inched lower by 0.56% to reach EGP 3.55.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA) maintained with no change at EGP 0.53.
OTMT announced on Monday in a press release that it has received a notice pursuant to which France Telecom (FT) exercised its right to require OTMT to assign to FT the General Services Agreement (GSA) governing the provision of services by OTMT to the Egyptian Company for Mobile Services (ECMS) (EMOB.CA), along with certain related deferred receivables, in compliance with the Master Agreement between FT and OTMT.
The companies are also expected to enter into a transition services agreement with ECMS pursuant to which OTMT and FT will assist ECMS in the review of other related party agreements ECMS has with OTMT, FT and certain related companies to optimize ECMS’s cost structure with no additional cost on the company. FT will pay OTMT a transfer fee of EUR 110.0m, to be marginally increased pursuant to the terms of the Master Agreement. Following the assignment of the GSA, OTMT expects to continue to offer management support services to ECMS.
