Egypt Stocks: GB Auto, Nile Cotton Ginning, Orascom Telecom

Egypt’s benchmark EGX30 Index fell for a second day, losing less than 0.1 percent to 7,201.53 at the 2:30 p.m. close in Cairo.

The following stocks rose or fell in Egypt. Symbols are in parentheses.

GB Auto (AUTO EY) climbed 4.4 percent, the most in more than three months, to 46.03 Egyptian pounds. A spokeswoman for the Middle East’s biggest independent car maker said the company is expected to receive contracts from the Egyptian government to provide new trucks.

Nile Cotton Ginning Co. (NCGC EY) rose 1.1 percent to 16.34 pounds, the highest level in more than a month. The Cairo-based cotton and food producer said it sold 6,000 square meters of land in north-western Egypt for 19.4 million pounds ($3.3 million) and is negotiating to sell an adjacent plot for a similar price.

Orascom Telecom Holding SAE (ORTE EY) gained 3 percent, the most since Nov. 21, to 4.43 pounds. The Algerian government selected Shearman & Sterling LLP to advise on its possible acquisition of Djezzy, the local unit of the Middle East’s biggest mobile network operator by users, the Algerian Finance Ministry said in an advertisement in the newspaper Horizon.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net.

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net.

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