Egyptian Stocks: Commercial International, AMOC and Delta Sugar
Egypt’s benchmark EGX 30 Index (EGX30) advanced 0.8 percent to 4,299.94 at 11:18 a.m. in Cairo, the highest intraday level in almost a month.
The following shares rose or fell. Symbols are in parentheses.
Alexandria Mineral Oils Co. (AMOC) gained 2 percent to 66.76 Egyptian pounds, heading for the highest close in almost two months. The Egyptian petroleum products producer said profit for its first quarter that ended Sept. 30 increased 87 percent to 385.3 million pounds ($64 million) from a year-earlier.
Commercial International Bank Egypt SAE (COMI) increased 2.2 percent to 25 pounds, the highest intraday level in more than a month. Egypt’s biggest publicly traded lender and the local unit of London-based HSBC Holdings Plc agreed on a six- year loan of 2.1 billion pounds to Emaar Egypt, Al Mal newspaper reported, citing unidentified people.
Delta Sugar (SUGR EY) dropped 1 percent to 19.77 pounds, poised for the lowest close in more than three months. Egypt’s biggest publicly traded sugar refiner was cut to “hold” from “buy” and had its share price estimate reduced to 23.5 Egyptian pounds at CI Capital, which cited an increase in the country’s corporate tax and a rise in the price of sugar beets.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.