Egypt Stocks: Abu Kir Fertilizers, Mobinil, Orascom Construction
Egypt’s benchmark EGX30 Index gained 0.8 percent to 5,251.3 at the 1:30 p.m. close in Cairo. The measure has lost 26 percent this year, making it the world’s worst performer.
The following stocks rose or fell in Egypt. Symbols are in parentheses.
Abu Kir Fertilizers & Chemical Industries Co. (ABUK EY) fell for the first time in three days, declining 2.7 percent to 198.01 Egyptian pounds. The country’s biggest publicly traded fertilizer company will distribute a 5 Egyptian-pound dividend on April 14, compared with 13 pounds in September, according to Bloomberg records.
Egyptian Co. for Mobile Services (EMOB EY) jumped 9.4 percent to 149.81 pounds, the highest level since Jan. 26. 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 Cairo-based investment bank said in a research report.
Orascom Construction Industries (OCIC) gained for a third day, rising 2.2 percent to 226.29 pounds. Egypt’s biggest publicly traded builder said it signed an agreement with Italy’s Maire Tecnimont SpA (MT) to look for fertilizer investment opportunities in sub-Saharan Africa.
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