Egypt’s benchmark EGX 30 Index advanced 0.7 percent to 5,550.22 at the 2:30 p.m. close in Cairo, the highest level in two weeks.
The following shares rose or fell in Cairo. Symbols are in parentheses.
EFG-Hermes Holding SAE (HRHO EY) increased 3.3 percent, the most in more than two weeks, to 21.28 Egyptian pounds. Egypt’s biggest publicly traded investment bank approved an increase in issuing bonus shares by 0.25 share for every one share, pending regulatory approval. It had said on April 26 it plans to distribute one free share for every 10 held.
Egyptian Financial & Industrial Co. (EFIC EY) climbed 1 percent to 16.84 Egyptian pounds, the highest level since Jan. 24. Egypt’s biggest publicly traded phosphate-based fertilizer producer was rated “buy” and had its share price estimate set at 21.49 pounds in new coverage at Beltone Financial Holding SAE. The Cairo-based investment bank cited an expected increase in fertilizer prices and the company’s exports.
Palm Hills Developments SAE (PHDC EY) jumped 5.6 percent to 2.45 pounds, the highest level in more than two months. The Egyptian luxury real-estate developer advanced on speculation it will resolve a dispute with the government over its land purchases after Egypt settled a similar disagreement with Saudi Arabia’s Kingdom Holding Co. about its Toshka land purchase last week. Six of October Development & Investment Co. gained 3.7 percent to 68.23 pounds.
“The Toshka settlement bodes well for the real-estate sector because it shows the willingness of the government to work with investors to avoid legal battles over previous land sales,” said Omar Darwish, equity sales trader at Cairo-based Commercial International Brokerage Co.