Egypt Equity Movers: Eastern Co. and Orascom Telecom Holding
Benchmark EGX 30 Index increases 0.4% to 5,183.20 at close in Cairo as 14 stocks rise, 10 fall and six are unchanged. Gauge -5.1% this year.
ADVANCERS: * Eastern Co. (EAST) +5.9%; Egypt’s monopoly cigarettes maker says it targets 11% yoy profit growth in fiscal year 2013/2014 ** 156,426 shrs traded, or 4x daily avg in past 3 mos * Orascom Telecom Holding (ORTE) +3%, taking 2-day gain to +6.3% after Algeria’s Al Khabar newspaper reported that VimpelCom, with which co. merged in 2011, has reached preliminary agreement with Algerian govt to resolve ownership dispute over Orascom’s local unit Djezzy ** “Nothing official on this matter until now”: Hamidou Benomari, Finance Ministry communication director, told Bloomberg News yday
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