Egyptian Exchange benchmark EGX 30 index rose by 1.09 % this week, representing an increase of 52.91 points, ending Thursday transactions at 4,867.75 points compared to 4,814.84 points at the end of last week. Regarding current week trading, the index hit its highest point on Thursday closing at 4,867.75 points, where its lowest point recorded on Sunday at 4,719.01 points. EGX30 started week in red area and dipped by 1.99 % on Sunday to close at 4,719.01 points. Market trade volume reached 77,385,783 shares amounted to EGP 570,153,775. The index eroded early loss and rose by 0.46 % on Monday to close at 4,740.53 points. Market trade volume reached 128,786,780 shares amounted to EGP 335,620,280. EGX30 extended positive performance and advanced by 1.64 % on Tuesday to close at 4,818.41 points. Market trade volume reached 270,110,930 shares amounted to EGP 446,888,945. EGX30 extended positive performance and edges 0.02 % higher on Wednesday to close at 4,819.50 points after fluctuated session. Market trade volume reached 99,064,937 shares amounted to EGP 265,432,678. Egypt's index extended green area and advanced by 1 % on Thursday to close at 4,867.75 points. Market trade volume reached 202,952,271 shares amounted to EGP 347,218,120. Companies' Performance: Talaat Moustafa Group (TMG) - (TMGH.CA) stock closed last week at EGP 3.95, while closed on Thursday at EGP 4.1 (highest close), jumping by 4 % (EGP 0.15). The lowest close during that week came on Sunday closing at EGP 3.83. On Tuesday, TMG announced that its legal status in Madinaty contract case is solid. The company added, in a release sent to EGX that, the worst scenarios will be limited to negotiations with authorized government organizations for reconciliation and amending the mistake in the new contract. “It's highly unlikely Talaat Moustafa would be stripped of the land especially considering the significant infrastructure that has been built," Rehab Taha, Cairo-based equities analyst at Prime Securities SAE, who has a buy recommendation on the shares told Bloomberg. “Talaat Moustafa is a cyclical stock historically that reacts aggressively to news reports." Raya Holding For Technology And Communications - (RAYA.CA) closed last week at EGP 4.52, while closed on Thursday at EGP 4.46 (highest close, retreating by 1 % (EGP 0.06). Stock lowest level recorded on Monday closing at EGP 4.37. On Sunday, Medhat Khalil, CEO of Raya, expected that Raya will inaugurate its new data center in New Cairo by end of 2013. He added that, this data center will be the first in Egypt that operates with a4 system with investment cost exceeds EGP 100 million, adding that Raya is currently preparing the feasibility studies of the project. Khalil revealed, in the sidelines of signing a partnership accord with US Government to obtain $ 286 million, Raya's strategy to expand in establishing data centers in the coming 5 years. He pointed out that, this strategy includes establishing the previous mentioned data center as a first phase in as well as developing its center in 6th of October to be an alternate to its headquarter. Also on Sunday, Raya Data Center successfully received USTDA's support for a feasibility study grant that will be dedicated to Raya's investment in a new data center in New Cairo, providing Raya's newly launched cloud-computing services. The company added, in a release sent to Arab Finance that, the grant was signed by U.S. Ambassador Anne Patterson representing USTDA, Medhat Khalil, Raya Holding Chairman and CEO, and Reem Asaad, Raya Data Center CEO at the U.S. Embassy in Garden City, Cairo on Thursday, July 12th. The $285,804 grant, provided by USTDA, will fund a feasibility study that will develop the fundamental design requirements, technology, and implementation plans for Raya's new data center facility. The feasibility study will guide a major investment by Raya with a comprehensive technology and business analysis needed for service definition and implementation planning. On Monday, Ray announced that it approved in its BOD meeting that Raya International Services, an affiliate to Raya, to subscribe by 49 % in a limited liability company to be established in Qatar with capital of about 300.000 Qatari Riyals. Also on Monday, Reem Asaad, CEO of Raya Data Centers Co.; affiliated to Raya Holding, announced that company's BOD is studying to establish new branch in Upper Egypt in order to expand in this area. She pointed out that Bareeq plant started actual production last April, adding that its revenues will be added to company's balance by year-end. Ezz Steel - (ESRS.CA) closed last week at EGP 7.33, while closed on Thursday at EGP 7.35 (highest close), rises (0.02). Stock lowest level recorded on Sunday closing at EGP 7.08. On Wednesday, Ezz Steel announced that Meris, Middle East Rating & Investors Service, maintained Credit Rating and Solvency of company's bonds at “BB+" with negative outlook. Orascom Telecom Holding (ORTE.CA) closed last week at EGP 3.21, while closed on Thursday at EGP 3.28 (highest close), upping by 2 % (EGP 0.0.7). Stock lowest level recorded on Sunday closing at EGP 3.14. On Sunday, Naguib Sawiris, the Egyptian billionaire founder of OT, plans to add gold to his investments after agreeing to buy Canada's La Mancha Resources Inc. (LMA) for about C$500 million ($493 million), Bloomberg reported. Sawiris' Weather Investments II SARL will pay C$3.50 a share for La Mancha, the Montreal-based company said today in a statement. That's 45 percent more than La Mancha's 20-day average price before today and compares with the 50 percent average premium in gold takeovers valued $100 million or more announced this year. “It's a 13 percent discount to La Mancha's 52-week high, which is pretty decent in this market," Nicholas Campbell, a Vancouver-based analyst at Canaccord Genuity Corp., said in a telephone interview. “It's a good price and it's in cash too." As well as telecommunications, the Sawiris family has interests in construction, fertilizers, cement, real estate and hotel development, La Mancha said. Buying the Canadian company will give Sawiris gold mines in Africa and Australia. La Mancha said it put itself up for sale at the request its majority shareholder Cie. Francaise de Mines et Metaux, a unit of French nuclear company Areva SA (AREVA), which has agreed to tender its 63 percent stake to Weather. La Mancha is being advised by BMO Capital Markets and law firm Fasken Martineau DuMoulin LLP. Areva's financial adviser is Deutsche Bank AG and its legal counsel is Blakes. Weather is being advised by Societe Generale SA and Norton Rose LLP. The value of the deal is based on the 142.7 million shares of La Mancha that were outstanding at June 29. On Monday, Moody's Investors Service has downgraded the corporate family rating of Pakistan Mobile Communications Limited (Mobilink), Orascom Telecom affiliate, to B2 from B1 and the senior unsecured rating to Caa1 from B3. Moody's has also changed the ratings outlook to negative from stable. Egyptian Company for Mobile Services (Mobinil) - (EMOB.CA) closed last week at EGP 127.95, while closed on Thursday at EGP 125.65, dipping by 2 % (EGP 2.3). Stock highest level recorded on Tuesday closing at EGP 126.18, while the lowest close came on Wednesday closing at EGP 124.07. On Sunday, Ashraf Halim, Vice President Commercial of Mobinil, stated that Mobinil is conducting talks with Telecom Egypt in order to settle the current crisis of interconnection fees. He pointed out that, Mobinil still addressing National Telecommunication Regulatory Authority (NTRA) to obtain license of passing international calls as well as fiber optic network. Separately, Halim estimated the allocated investments to enhance company's network during 2012 at EGP 2.5 billion. On Tuesday, Meris, Middle East Rating & Investors Service, has downgraded Mobinil Credit Rating from “A+" to “A" and bond rating from “A" to “A-“. Moreover, Meris maintained Mobinil outlook at stable, adding that this rating reflects uncertainty about Mobinil's operational and financial performance. The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB) and HSBC, arranging a loan for the Egyptian Company for Mobile Services Mobinil, signed the finance term sheet. Sources told Amwal Al Ghad that these banks have agreed on the conditions of the EGP 2.5 billion loan. Sources said the bank's contributions to the loan will be announced by the neginning of next August, expecting NBE to contribute with EGP 850 million, Banque Misr and CIB to contribute each with EGP 650 million and HSBC to contribute with EGP 350 million. As the loan agent, NBE will assign other banks to contribute with EGP 300-350 million and will keep the rest of his contribution totaled to EGP 850 million. Banque Du Caire considers contributing with EGP 150 million to the syndicated loan, sources said. Mobinil will use the 7-year loan to finance future local expansions and refinance current debts. A consortium compromising of NBE, CIB and NSGB offered EGP 2 billion loan to Mobinil last year to which NBE contributed with EGP one billion and CIB and NSGB offered EGP one billion. Sectors Performance: The most active sectors all through the week were Telecommunications, Financial Services, Construction & Material, Real Estate and Banks. Telecommunications sector achieved total traded value of EGP 500,730,984. Financial Services came second in terms of performance, as it achieved total traded value of EGP 219,988,747. Construction & Material sector ranked third in terms of performance, as it achieved total traded value of EGP 166,551,438. Regarding, Real Estate it achieved total traded value of EGP 162,001,997. Finally, Banks, as it achieved total traded value of EGP 160,860,770. 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 96,798,892. Arab investors chose also to buy by value of EGP 17,373,043. Foreign investors were most active sellers this week by the value of EGP 114,171,935. Retail & Institutions' Activity: Retail activity led the market all through the week as it ranged between 24.56 – 60.45 %. While Institutions activity ranged during this week between 39.54 – 75.43 %.
