Juhayna Jumps to Record on Ramadan Food-Sale Bets: Cairo MoverTamim Elyan
Juhayna Food Industries climbed to a record as investors bet a pick up in sales during the Islamic month of Ramadan boosted third-quarter profit of the Egyptian juice and dairy producer.
The company’s stock surged as much as 9.6 percent to 11.70 Egyptian pounds, before trading at 11.20 pounds at the 2:30 p.m. close in Cairo, the highest since the food manufacturer sold shares to the public in June 2010. Juhayna led advancers on the benchmark EGX 30 Index, which fell 0.2 percent.
Cairo-based Juhayna will post 19 percent profit growth in the third quarter to 143 million pounds, according to the median of three analyst estimates compiled by Bloomberg. Juhayna shares have gained 45 percent this year, outperforming the benchmark gauge’s 5.4 percent increase. Ramadan ended on Aug. 7.
“Investors are expecting strong third-quarter results” after a sales increase in Ramadan, said Hisham Metwalli, a trader at Cairo-based Arab Finance Brokerage.
Eight out of 13 analysts have a hold rating on the stock, while two recommend buying and three advise selling.