Egypt Stocks: Citadel Capital, Delta Sugar, Heliopolis Housing
Egypt’s benchmark EGX30 Index rose for a second day, gaining 1.1 percent to 6,762.44 at the 2:30 p.m. close in Cairo, the biggest gain in two weeks.
The following stocks rose or fell in Egypt. Symbols are in parentheses.
Citadel Capital SAE (CCAP EY) climbed 1.6 percent, the most since Nov. 10, to 7.81 Egyptian pounds. The Cairo-based private equity firm with $4 billion in assets under management said oil production at the Sukheir Bay field, controlled by its subsidiary National Petroleum Co., rose by 1,700 barrels per day.
Delta Sugar Co. (SUGR EY) gained 4.8 percent to 20.78 pounds, the highest level in almost eight months. Egypt’s biggest publicly traded sugar refiner was raised to “strong buy” from “buy” at Cairo-based CI Capital Brokerage Co.
Heliopolis Housing (HELI EY) fell 1 percent to 22.04 pounds, the lowest since Nov. 11. The Cairo-based real-estate developer was cut to “hold” from “strong buy” at CI Capital.
Housing & Development Bank (HDBK EY) advanced 1.4 percent to 23.45 pounds, the highest level in four weeks. The Cairo- based lender plans to offer loans to small and medium businesses in 2011, Al Mal newspaper reported, citing deputy chairman Essam Abo Hamed.
Orascom Construction Industries (OCIC EY) gained 3.2 percent, the most in more than six months, to 266.75 pounds. Investors are speculating Egypt’s biggest publicly traded builder will be awarded contracts in Qatar after the Persian Gulf country won the rights to host soccer’s 2022 World Cup.
“It is poised for more gains tomorrow as investors expect the company to be awarded more contracts in Qatar,” said Ashraf Akhnoukh, senior equity sales trader at Commercial International Brokerage.
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