Bloomberg News

Egyptian Stocks: Delta Sugar and Orascom Telecom Are Active

November 24, 2011

Nov. 24 (Bloomberg) -- Egypt’s benchmark EGX 30 Index rose 1.7 percent, the most in almost a month, to 3,780.13 at the 2:30 p.m. close in Cairo. That pared the gauge’s decline to 8.4 percent this week, for the worst weekly slump since March.

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

Delta Sugar Co. (SUGR EY) gained for a second day, advancing as much as 2.6 percent before closing 0.8 percent higher at 19.45 Egyptian pounds. The country’s biggest publicly traded sugar refiner said it is negotiating to obtain government approval for an alternative site to build a factory. It canceled plans for a factory in the Sharkiya Governorate in the Nile Delta because it couldn’t obtain government approval.

Orascom Telecom Holding SAE (ORTE EY) jumped 6.1 percent, the most in more than two months, to 2.98 pounds. North Africa’s biggest mobile-phone company by users said this week it had asked the Egyptian bourse to suspend trading of its shares after the market closes today to allow it to split into two companies. The bourse doesn’t oppose suspending the stock, the company said.

--Editors: Claudia Maedler, 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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