Orascom Construction, Union National Bank: Egypt Equity Preview

The following companies may be active in Egypt’s stock market. Symbols are in parenthesis and prices are from last close.

The benchmark EGX 30 Index rose 1.1 percent to 5,062.08 in Cairo.

Orascom Construction Industries (OCIC) : Egypt’s biggest publicly traded builder is preparing to bid for Burrup Fertilizers Pty, the Australian Financial Review reported in its Street Talk column, citing sources it didn’t identify. Barclays Capital is advising Orascom Construction on its offer, the newspaper said. The shares gained 0.6 percent to 244.93 Egyptian pounds.

Union National Bank Egypt (MART EY): The Cairo-based lender said first-quarter profit dropped 30 percent to 10.3 million pounds ($1.7 million) from a year earlier. The shares advanced 2.5 percent to 6.62 pounds.

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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