MobiNil’s earnings report boosts Egyptian market
This week the market saw greater activity with the release of MobiNiL’s FY2000 earnings, which came in as a surprise, beating market estimates by over 20 percent, as net profit reached LE289.1 million on the back of LE2.1 billion of revenues. Accordingly, MobiNiL rallied on the last day of the week to close at LE75.75, up 9.43 percent from the previous week. Orascom Telecom followed suit, rising 8.71 percent to LE45.56.
Another development that spurred market activity was Chipsy International’s tender offer to acquire Chipsy for Food Industries (CFIN) at LE15.15/share. CFIN closed the week 2.51 percent higher at LE14.68.
The cement sector gained some ground, as Suez Cement added 3.3 percent to close at LE33.22 and Helwan Cement advanced 8.12 percent to LE37.30 after the company’s ESA transferred ownership of 431,547 shares at LE38.00/share to employees who opted out of the ESA.
Medical conglomerate Lakah Group continues to top volumes with more than 5.5 million shares traded to end the week with a remarkable 22 percent gain to LE2.33.
Upper Egypt Contracting was the week's top loser, falling 18.53 percent to LE20.93 after posting a 42 percent decline in its net income for FY2000 ending June.
Prime Securities S.A.E.
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