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Egyptian Stocks: Orascom Telecom Holding and Citadel Capital

May 24 (Bloomberg) -- Egypt’s benchmark EGX30 Index advanced 1 percent to 4,971.72 at the 2:30 p.m. close in Cairo, the highest level in more than a week. That brought the measure’s gain this week to 1.7 percent.

The following shares were active on the Egyptian Exchange. Stock symbols follow company names.

Citadel Capital SAE (CCAP EY) gained as much as 2.3 percent to 3.15 Egyptian pounds before closing at 3.1 pounds, the highest level in more than a week. Asec Cement, a unit of the Cairo-based private equity firm, upgraded the Zahana plant in Algeria, bringing the annual production capacity to 900,000 tons of clinker.

Orascom Telecom Holding SAE (ORTE EY), North Africa’s biggest mobile phone company by subscribers, gained 1.2 percent to 3.4 pounds, the highest level in almost a month. Egypt’s bourse said it will remove Egyptian Co. for Mobile Services (EMOB EY), also known as Mobinil, from the EGX 30 Index “as a result of a negligible free float” after the acquisition of the company by France Telecom SA. Mobinil is one of four telecommunication companies on the gauge. Mobinil shares were unchanged at 180.19 pounds.

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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