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Egyptian Stocks: Nile Cotton Ginning and Citadel Capital

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Aug. 2 (Bloomberg) -- Egypt’s benchmark EGX 30 Index declined to the lowest in almost three months, losing 2.1 percent to 4,967.04 at the 1:30 p.m. close in Cairo.

The following shares rose or fell. Symbols are in parentheses.

Citadel Capital SAE (CCAP EY) retreated 2.7 percent to 4.75 Egyptian pounds, the lowest level since May 16. Investors may be concerned near-term gains in the stock price of the Cairo-based private equity firm will be limited, said Ryan Ayache, a Dubai-based banking analyst at Deutsche Bank AG.

“Operationally, a lot of their investments are doing well, but it doesn’t mean investors will make good returns on the stock right now,” Ayache said. Also, “There may have been some hot money in the stock hoping to benefit from a transaction with Abraaj Capital.” Talks for a Citadel stake sale to Abraaj broke down last week.

Nile Cotton Ginning Co. (NCGC EY) surged 4.9 percent, the most in almost two months, to 11.63 pounds. National Bank of Egypt lowered the interest rate it charges textile manufacturers to 11 percent for projects that start in the next 18 months, Al Mal newspaper reported today.

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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