Bloomberg News

Egyptian Stocks: El Sewedy Electric and Juhayna Food Industries

November 29, 2011

Nov. 29 (Bloomberg) -- Egypt’s benchmark EGX 30 Index surged 5.5 percent, the most almost two years, to 3,987.3 at the 2:30 p.m. close in Cairo.

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

El Sewedy Electric Co. (SWDY EY) climbed 7.8 percent, the most since March, to 20.93 Egyptian pounds. Goldman Sachs Group Inc. set a share-price estimate of 28.9 pounds and a “neutral” recommendation for the country’s biggest manufacturer of electric cables.

Juhayna Food Industries (JUFO EY) rose the most in eight months, gaining 7.2 percent to 4.18 pounds. Egypt’s biggest producer of packaged milk was added to the “Pan-European Buy List” at Goldman Sachs and had its share-price estimate set at 7.82 pounds.

Separately, Egyptian Co. for Food Industries, a unit of Juhayna, signed the final agreement for a 93.7 million-pound ($15.6 million) insurance settlement.

--Editors: Claudia Maedler, Susan Lerner

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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