NDB expands to 11 members, raises $16.1bn in 2024, says Rousseff    Egypt, Somalia leaders discuss strategic partnership, counterterrorism in New Alamein    Egypt, UNDP discuss expanded cooperation on medical waste management, human development    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    EGX closes mixed on July 7th    Gold retreats as investors await tariff clarity    Egypt, UNDP discuss future health projects – Cabinet    Egypt calls for stronger central bank cooperation, local currency use at BRICS summit    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Egypt's Talaat Moustafa Group H1 sales jump 59% to EGP 211bn    Egypt, Uruguay eager to expand trade across key sectors    Egypt accelerates coastal protection projects amid rising climate threats    Deadly Israeli airstrikes pound Gaza as Doha talks raise hopes for ceasefire    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



Ahead of Referendum, EGX Gains EGP 18.9 Bln In Week
Published in Amwal Al Ghad on 14 - 12 - 2012

Amid the cancellation of President Mohamed Morsi's controversial constitutional decree which had divided the nation triggering clashes between opponents and supporters, the Egyptian Exchange has managed to gain EGP 18.9 billion in week as the capital market has hit EGP 360.284 billion at the end of last week, compared to EGP 341.303 billion at the end of a week earlier.
The benchmark EGX 30 index jumped by 6.7 % this week, representing an increase of 324.43 points, ending Thursday's transactions at 5,162.94 points compared to 4,838.51 points at the end of last week.
Regarding current week trading, the index hit its highest point on Thursday closing at 5,162.94 points, where its lowest point recorded on Monday at 4,976.22 points.
Companies' Weekly Performance:
Telecom Egypt (ETEL.CA) closed last week at EGP 12.2, while closed on Thursday at EGP 12.82, jumping by 5 % (EGP 0.62).
Stock highest close during the week came on Wednesday at EGP 12.82, while the lowest close came on Tuesday at EGP 12.32.
On Tuesday, Telecom Egypt announced that a blaze was set in Maadi II call center today but no casualties, adding that firemen controlled it.
The company added that, it is currently counting losses.
On Wednesday, Telecom Egypt announced that it has signed a contract with Palm Hills in order to provide internet services for its projects.
National Societe Generale Bank (NSGB) - (NSGB.CA) closed last week at EGP 35.34, while closed on Thursday at EGP 35.44 (lowest close), an increase by EGP 0.1.
Stock highest close during the week came on Wednesday at EGP39.35.
On Tuesday, EFG-Hermes reiterated NSGB Neutral rating, while cutting FV to EGP40.8 (from EGP 50), implying a 2013 P/BV of 2.0x and less than 15% upside.
Hermes stated that, NSGB's share price has fallen 22 % since its 17 October peak, but it is up 99% year to date.
It added that, it sees as main drivers of the de-rating: i) various media reports on the possible valuation of NSGB by QNB (from a low 2.1x P/BV or EGP35.8 p/s to 2.7x P/BV or EGP46.4 p/s); ii) the deadline extension for QNB to make an offer for NSGB to 20 Feb (from 27 Nov); and iii) the increase in political tensions in Egypt.
In a related context, it cut its 2013-15 forecasts by c6% on higher provisioning and lower our going-concern valuation by 4% to EGP37.1.
Moreover, it reduced the acquisition premium added to its valuation to 10% (from 30%).
On Thursday, QNB Group, the largest financial institution in the State of Qatar and the MENA region, announced that it has entered into a definitive agreement with Société Générale for the acquisition of its entire stake of 77.17% in Egyptian unit NSGB.
Subject to receipt of required regulatory approvals, QNB Group will launch a mandatory tender offer (MTO) for 100% of the share capital of NSGB, to which Société Générale has committed to tender its shares.
The offer for 100% of the share capital of NSGB amounts to US$2,558 million. The price to be offered to all shareholders will be converted into EGP at the time of the filing of the MTO with the Egyptian Financial Services Authority (EFSA).
The transaction is expected to be immediately earnings accretive in 2013 and will further diversify the financial profile of QNB Group. NSGB will be representing 8% and 10% respectively of combined total loans and deposits and 10% of the combined net income.
Regarding Investors' Activity:
Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively.
Local investors were the most active buyers this week earning the value of EGP 45,350,258.
Arab investors chose also to buy by value of EGP 20,964,632.
Foreign investors were most active sellers this week by the value of EGP 66,314,891.
Retail & Institutions' Activity:
Retail activity led the market all through the week as it ranged between 34.41 – 60.38 %.
While Institutions activity ranged during this week between 39.61 – 65.85 %.


Clic here to read the story from its source.