Bloomberg News

Egyptian Stocks: Orascom Development and Nile Cotton Ginning

November 09, 2011

Nov. 9 (Bloomberg) -- Egypt’s benchmark EGX 30 Index retreated 0.2 percent, the most since Nov. 1, to 4,417.54 at the 2:30 p.m. close in Cairo.

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

Nile Cotton Ginning Co. (NCGC EY) retreated 1.6 percent, the most this month, to 7.4 Egyptian pounds. The Cairo-based cotton and food producer said net loss for the three months ended Sept. 30 widened to 6.65 million pounds ($1.1 million) from 4.71 million pounds a year earlier.

Orascom Development Holding AG (ODHN EY) lost 1.3 percent to 5.42 pounds, the lowest level since Nov. 2. The resorts developer lowered its guidance for the 2011 margin on earnings before interest, taxes, depreciation and amortization to between 2 percent and 4 percent as hotel occupancy declined.

--Editors: Shaji Mathew, Shanthy Nambiar

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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