Egypt aims to restore gas output, reach self-sufficiency by 2027: PM    EGP climbs vs USD in Wed.'s trading close    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egypt adds automotive feeder, non-local industries to list of 28 promising sectors    Egypt, Jordan to activate MOUs in health, industrial zones, SMEs    27 Western countries issue joint call for unimpeded aid access to Gaza    Egypt's Sports Minister unveils national youth and sports strategy for 2025-2032    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Trump orders homeless out of DC, deploys federal agents and prepares National Guard    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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    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.



EGX 30 Opens 0.16% Higher, OTMT Climbs 1.96%
Published in Amwal Al Ghad on 03 - 10 - 2012

During Wednesday opening session, the Egyptian Exchange (EGX) has posted early gains of EGP 396 million as the capital market has amounted to EGP 391.575 billion, according to data compiled by Amwal Al Ghad at 10:55 a.m. Cairo time (08:55 GMT).
EGX indices opened mixed.
The main index, EGX30 rose by 0.16% to hit 5620.61 p. EGX20 inched lower by 0.02% to reach 6562.9 p.
Meanwhile, the mid- and small-cap index, the EGX70 fell by 0.12% to hit 524.56 pts. Price index EGX100 maintained with no change at 873.55 p.
Traded volume reached 4.899 million securities worth EGP 14.135 million, exchanged through 819 thousand transactions.
This was after trading in 77 listed securities; 46 declined 21 advanced while 10 keeping their previous levels.
EGX's early gains were backed by non-Arab Foreigners' buying deals.
Egyptians and Arabs were net sellers seizing 92.57% and 4.13% respectively, of the total markets, with a net equity of EGP 315.315 thousand and EGP 91.712 thousand excluding the deals.
On the other hand, non-Arab Foreigners were net buyers seizing 3.31% of the total markets, with a net equity of EGP 407.028 thousand excluding the deals.
Leading Shares:
EGX's leading shares witnessed unsteady performance during opening trading.
Citadel Capital:
Citadel Capital (CCAP.CA) dropped 1.72% to hit EGP 4.00.
This was after Golden Sachs had downgraded, in a recent study, on Tuesday Citadel Capital's stock from ‘Neutral' to ‘Sell'. Golden Sachs raised the company's fair value from EGP 3.5 to EGP 4.17, 9% lower than the stock's current price EGP4.6.
Golden Sachs has attributed the downgrading to ‘Sell' to the stock's recent strong rally.
Citadel Capital's Managing Director announced late Monday that it intends to inject $2.5 billion in a projected oil refinery in east Africa's third-largest economy Uganda
Uganda has said it intends to build a refinery once it starts producing crude oil, and it recently raised its estimated oil reserves to 3.5 billion barrels from 2.5 billion barrels.
Citadel secured $3.7 billion in financing for an Egyptian petroleum refinery project in June, and the firm's managing director Karim Sadek said the company is now looking at refining potential deals in sub-Saharan Africa, including Uganda.
"Yes, we would be interested," Sadek told Reuters in Nairobi, where he addressed a business club. "We know very well what's happening on the Ugandan oil side and we've had discussions before."
He said Citadel never invests in projects without a local partner, and he would not be drawn on the size of the investment the private equity group might make since the refinery plans are still in their infancy.
Uganda has outlined plans to build a refinery in Hoima, about 220 km west of its capital Kampala, and in July the government said it was aiming to take up to a 40 per cent stake in the plant with a private investor acquiring the remaining 60 per cent.
Uganda says it wants a facility with a maximum output of 120,000 barrels per day before production can commence, and that it intends to develop the project in phases, starting with a refining capacity of 20,000 barrels.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA) climbed by 1.96% to hi EGP 0.52.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) went up by 1.13% to reach EGP 3.57.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) rebounded by 0.72% to hit EGP 11.18.
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) inched higher by 0.70% to reach EGP 280.00.
Orascom Construction Industries announced Sunday that the Group will be finalizing the actual demerger process between its construction activities and its fertilizer arm within the coming November.
Omar Derwaza, Head of Investor Relations at OCI, said the Group has finalized all the necessary procedures for the demerger. OCI had completed outlining the demerger mechanisms alongside the situation of its two activities (Construction and Fertilizer) after the final demerger, Derwaza added.
Derwaza has also stated that OCI plans to finalize its demerger process with the coming November proceeded by the launch of the two firms; the Demerging Company (OCI Fertilizers) and the Demerged Company (Orascom Engineering and Construction).
The Group will inform the Egyptian Financial Supervisory Authority (EFSA) of any further updates about the demerger process, he noted.


Clic here to read the story from its source.