Abu Kir, Mobinil, Orascom Construction: Egypt Equity Preview
The following companies may be active in Egypt’s stock market. Stock symbols are in parentheses and prices are from the last close unless otherwise indicated.
The benchmark EGX30 Index gained 5.3 percent to 5,212.08 in Cairo.
Abu Kir Fertilizers & Chemical Industries Co. (ABUK EY): The country’s biggest publicly traded fertilizer company will distribute a 5 Egyptian pound dividend on April 14 for shareholders as of April 11. The shares rose 5.1 percent to 203.54 pounds.
Egyptian Co. for Mobile Services (EMOB EY): Egypt’s oldest mobile network operator, known as Mobinil, was raised to “underweight” from “sell” with a share-price estimate of 143 pounds at CI Capital. Mobinil is expected to benefit from growing demand for broadband services through its unit LinkdotNet, the bank said in a report. The shares gained 10 percent to 136.91 pounds.
Orascom Construction Industries (OCIC) : Egypt’s largest publicly traded builder had its share-price estimate cut to 250 pounds from 282 pounds at Deutsche Bank AG, which maintained the “hold” recommendation. The shares rose 8.2 percent to 221.52 pounds.
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