Beltone Financial, Ezz Steel and Kima: Egyptian Equity Preview
The following companies may be active in Egypt’s stock market. Symbols are in parentheses and prices are from last close.
The benchmark EGX 30 Index lost 1.7 percent to 5,174.82 in Cairo.
Beltone Financial Holding (BTFH) SAE: The Cairo-based investment bank was appointed as the sole sell-side adviser for the planned acquisition of Egyptian food producer Al Malika by Savola Azizia United Co. of Saudi Arabia. The shares fell 4 percent to 13.94 Egyptian pounds.
Egyptian Chemical Industries (EGCH EY): Egypt’s Industrial Development Agency approved the request of the fertilizer producer, also known as Kima, to build a new plant in Aswan, Al Masry Al Youm reported. The shares declined 5.8 percent to 229.92 pounds.
Ezz Steel (ESRS) : Egypt’s biggest publicly traded producer of the material said 2010 standalone profit fell 53 percent to 116.1 million pounds ($19.5 million).
The price of steel rebar sold in Egypt rose 11.8 percent in June to 5,257 Egyptian pounds per ton, Al Masry Al Youm reported, citing a report by the state-run Central Agency for Public Mobilization and Statistics. The shares retreated 2.2 percent to 9.97 pounds.
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