Sodic Rises to 7-Month High After Selling Homes at Egypt Project
Six of October Development & Investment Co. jumped to the highest level in almost seven months after the Egyptian luxury real-estate developer sold all residential units offered at one of its projects.
Shares (OCDI) of the Cairo-based company climbed as much as 8.1 percent to 19.25 Egyptian pounds before trading at 18.77 pounds at 11:48 a.m. in Cairo, the highest intraday level since Aug. 8. The benchmark EGX 30 Index (EGX30) increased 1.6 percent.
The company, also known as Sodic, said it sold all 160 homes it offered as it started the second and third phases of the Westown Residence project on the outskirts of Cairo. It signed contracts were valued at 193 million Egyptian pounds ($32 million), bringing its total for the year to about 420 million pounds, it said.
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