Egyptian Stocks: Lecico, Orascom Construction, Orascom Telecom
Egypt’s benchmark EGX 30 Index gained 1.3 percent to 5,126.69 at the 2:30 p.m. close in Cairo, the highest level in more than a month.
The following shares rose or fell in Cairo. Symbols are in parentheses.
Lecico Egypt SAE (LCSW) climbed 2.2 percent, the most since March, to 14.52 Egyptian pounds. The Alexandria, Egypt- based maker of sanitary ware and tiles said it reached a final settlement with Mohandes Insurance Co. valued at 41 million Egyptian pounds ($6.9 million) on its claim for a factory fire last June.
Orascom Construction Industries (OCIC) rose 3.3 percent to 252.96 pounds, the highest since Jan. 26. Egypt’s biggest publicly traded builder said its Dutch unit OCI Nitrogen BV acquired an ammonia-methanol production plant on the Texas coast through a joint-venture with Janus Methanol AG.
Separately, the company is preparing a bid for Burrup Fertilisers Pty, a person with knowledge of the plans said.
Orascom Telecom Holding SAE (ORTE) gained 1.2 percent to 4.14 pounds, the highest since May 3. North Africa’s biggest mobile-network operator appointed Ahmed Abou Doma, former chief executive officer of its Bangladeshi unit, as CEO.
Sidi Kerir Petrochemicals Co. (SKPC EY) rose 2.2 percent to 14.36 pounds, the highest since April 21. The Alexandria, Egypt- based company said first-quarter profit advanced 4 percent to 222.7 million pounds.
Upper Egypt General Contracting Co. (UEGC EY) increased 1.2 percent to 84 piasters, the highest in almost a month. The Cairo-based construction company said nine-month profit rose 32 percent to 57.1 million pounds.
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