Electricity Ministry considers reducing fuel oil at power plants to cope with post-flotation financial burden    Prosecution detains Finance Minister's advisor on corruption charges    Banque Misr financed import operations worth $2bn, post-flotation collection of US dollars surpassed $1bn    Families of alleged kidnapped workers in Libya stage protest near Press Syndicate    Relations between Egypt, US are strategic: Shoukry    Bundesliga Matchday 17: Top talking points    Bundesliga: RB Leipzig dominate Frankfurt, Hoffenheim stay unbeaten    Australian Open: Nadal outlasts Alexander Zverev to reach fourth round, Konta through    MB behind rumour of canceling Azhari education in Egypt    Anti-corruption campaign: Egypt busts minister's adviser over bribery    Member of 'Sinai Province', Ismailia Future prison escapee recaptured    Anonymous militants assassinate school teacher in Al-Arish    Libya's neighbouring countries are most affected by its turmoil: Shoukry    In pictures: Thousands protest power cuts in Gaza    Libya's neighbouring countries meeting starts in Cairo    Muslim Brother arrested for trading foreign currency on black market    Animal welfare in spotlight at Berlin Green Week    Breaking: suicider killed, other 2 terrorists eliminated in Jeddah, KSA    Minister: Merkel expresses deep respect for Sisi, great Egyptian people    Discrimination against British Muslims in employment sector, reports    New Barberini Museum near Berlin is a hot number for impressionism and more    Al-Sisi meets with top security, government officials    Dispute over protest law continues    ‘Fruits of development'    New hopes for tourism    After Mali, a double dilemma    Revisiting Africa    Ready two years ahead    A fresh start for businesses    Policemen killed in Western Desert    Awaiting an official response    Latest TV addition    Diplomacy in action    Islamic Museum to reopen    Entre Nous: Warm drinks for winter    LECTURES    Nehad and Soares    WEF discusses gender equality    Conflict among terrorist entities escalate, Egyptian monitor group    Ministry provided EGP 50m from Emirati grant to reconstruct Museum of Islamic Art: Nasr    How German designer Stefan Diez takes a global approach to everyday objects    كريس جيريكو مع عازف الساكس العالمي كيني جي ضمن أكثر 10 لقطات رواجا هذا الأسبوع    Egyptian gas market sees seasonal surplus, says Wood Mac    Sisi: We will not leave citizens prey to greedy traders    French ‘Eric La Garenne' performed in Egypt Opera House    160 commissions take stock of Egyptian artefacts in museums: head of museum department    Dalida film to be screened in Bahrain    CAF faces legal kicking in Egypt over international football TV rights deal    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Egypt shares see mid-Tuesday surge
Recent news for financial heavyweights spurs strong gains for the stock market
Published in Ahram Online on 04 - 09 - 2012

Egypt stocks are seeing significant gains mid-Tuesday, the benchmark EGX30 index up 1.9 per cent at 5,634 points, some two hours into the trading session.
Turnover has already reached LE330 million ($55 million), with Orascom Construction Industries and Orascom Telecom Holding being the most active shares, up 2.25 and 3 per cent, respectively.
"Investors seem to have an open appetite for trading today, and I believe it is driven by the recent announcement of major business deals," says Ashraf Abdel Aziz, head of institution sales at Arabeya Online Securities.
Recent days saw National Societe General Bank (NSGB) and investment bank EFG-Hermes both announce major acquisition deals.
On Monday, oil giant BP said it would invest $10 billion in a new natural gas project on Egypt's Mediterranean coast, while a senior US official suggested the Obama administration was close to granting the new Egyptian government $1 billion in debt relief.
Shares in NSGB gained 8.13 per cent by midday, while EFG-Hermes shares were up 2.5 per cent.


Clic here to read the story from its source.