Sodic Gains as Investors Bet Stock Split Will Boost Interest
The shares of the Cairo-based company jumped as much 4.1 percent, the most since July 13, before trading 1.5 percent higher at 23 Egyptian pounds at 1:41 p.m. in Cairo. That gave the company a market value of 2.1 billion pounds ($353 million). The benchmark EGX30 Index declined 0.4 percent.
“Investors are hoping the split will create more interest in the name,” said Omar Darwish, equity sales trader at Cairo- based Commercial International Brokerage Co.
The company said in December the split was aimed at making the shares more accessible for small investors and to boost liquidity.
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