Egyptian Stocks: Orascom Telecom Holding and Lecico Egypt
Egypt’s benchmark EGX 30 Index jumped 3 percent to 4,136.19 at the 2:30 p.m. close in Cairo, the highest level in more than two months.
The following were among the most-active equities on the Egyptian Exchange today. Stock symbols follow company names.
Lecico Egypt SAE (LCSW) increased 1.5 percent, the most in more than a week, to 6.09 Egyptian pounds. The Alexandria, Egypt-based manufacturer of tiles and sanitary ware was raised to “strong buy” from “buy” at CI Capital Holdings, which has a 10.7-pound price estimate for the stock. CI expects “increasing utilization rates for sanitary ware and a recent tile expansion to drive earnings.”
Orascom Telecom Holding SAE (ORTE) surged for a third day, gaining 7 percent to 3.06 pounds. The Cairo-based mobile- phone company expects due diligence for the sale of its Algerian unit Djezzy to end this month, founder Naguib Sawiris said yesterday. Orascom expects a “fair offer,” he said.
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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