Egypt news

Tadawul among world’s 20 worst performers in August
3 hours ago Tadawul among world’s 20 worst performers in August
By Mohammed Abu Meleeh Riyadh-Mubasher: The global stock markets have recently showed bearish performance on tumbling oil prices and mounting concerns about economic slowdown. Out of the 66 markets polled by Mubasher, 64 declined and two advanced. …
Nile Air plans to float 30% stake on EGX
5 hours ago Nile Air plans to float 30% stake on EGX
Cairo-Mubasher:Nile Air company seeks to float 30% stake on the Egyptian Exchange(EGX) early 2016, said CEO, Yousry Abdel Wahab in exclusive statement to Mubasher . The initial public offering (IPO) will be from the Egyptian shareholders’ 60% …
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04:00 PM EGX indices end on negative zone, equities shed EGP 1.2bn
Cairo-Mubasher: The Egyptian Exchange(EGX) indices reiterated collectively on Wednesday, as the market capitalisation lost nearly EGP 1.2 billion ($154 million) amid local and foreign sell-off. The benchmark index EGX30 fall 0.74% or 53.39 points …
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02:07 PM Spinalex losses widen 552% in FY14/15
Cairo-Mubasher: Alexandria Spinning and Weaving's (Spinalex)losses widened 552% to EGP 39.3 million in the fiscal year 2014/2015, compared with EGP 6 million in the previous year. The company's gross profit reached EGP 7 million in FY14/15, …
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02:02 PM GB Auto to establish EGP 40m microfinance firm
Cairo-Mubasher: Ghabbour Auto (GB Auto) launched a microfinance company with capital of EGP 40 million. The new firm named "Tasheel for microfinance services" will provide various finance schemes for young entrepreneurs with limited financial …
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01:50 PM Gold slips as European shares rebound
Dubai – Mubasher: Gold prices went down on Wednesday, after European markets saw a rebound in early trades. Gold opened the day with a rise to as high as $140 an ounce, after Asian and European bourses sagged at open. However, it fell by 0.07% …
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12:22 PM El Sewedy profits boosted by revenues, turnkey – MubasherTrade
Cairo – Mubasher: The research team at MubsherTrade said, in a report issued Wednesday, it maintained the target price of El Sewedy Electric at EGP 58.55 per share, reiterating a ‘Buy’ recommendation. El Sewedy posted a surge by 249.8% in net …
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11:42 AM NBK Capital sets El Sewedy Electric FV at EGP 54/shr
Cairo-Mubasher: NBK Capital MENA Research set El Sewedy Electric fair value (FV) at EGP 54/shr, with a Hold recommendation. El Sewedy Electric numbers in the second quarter of 2015, beat NBK Capital forecasts on much higher recognition of revenue …
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10:54 AM Ajwa half- year profits jump 760%
Cairo-Mubasher: Ajwa Group for Food Industries' net profits climbed 760% to EGP 6.66 million in the first half of 2015, up from EGP 774,800 for the comparable period in the previous year. Meanwhile, the company reported unconsolidated losses of …
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10:38 AM Nile City Investment widens losses in Q1
Cairo-Mubasher: Nile City Investment's net losses widened 875% to EGP 27.7 million in the first quarter of 2015, against EGP 2.8 million for the comparable period of the previous year. The firm reported net profits of EGP 27 million in 2014, …
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10:19 AM EGX likely to extend swing trend on Wed-Analysts
Cairo-Mubasher: The Egyptian Exchange (EGX) is expected to continue fluctuating trend on Wednesday, while the benchmark movement is correlated with testing the level of 7,200 points, analysts told Mubasher. "The market is likely to show …
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09:38 AM Egypt to borrow EGP 98.750bn in T-bills and T-bonds in Sep
Cairo-Mubasher: Egypt's Ministry of Finance plans to offer treasury bills and treasury bonds totaling EGP 98.750 billion in September 2015. Accordingly the total value of the T-bills and T-bonds will amount to EGP 262 billion in the first quarter …
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1 September 04:08 PM EGX indices down; market capitalisation rise EGP 1.2bn
Cairo-Mubasher: The Egyptian Exchange’s (EGX) indices declined on Tuesday, with the market capitalisation rising by nearly EGP 1.24 billion ($158 million). EGX30 edged down 0.67% or 48.57 points to close below the 7,250 level at 7,203.86 pts. …
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1 September 03:52 PM AMOC seals contract with Italian Technip
Cairo-Mubasher: Alexandria Mineral Oils Co (AMOC) signed the contracts related to preparing both the feasibility and the technical study for a new project to produce diesel and naphtha. The new project investment cost is estimated at $250 million …
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1 September 01:47 PM Beltone Holding right issue covered 95.06% in 1st phase
Cairo-Mubasher: Beltone Financial Holding's right issue was covered 95.06% in the first phase, with a subscription of 95.06 million total shares for a total value of EGP 190.1 million. The number of the unsubscribed stocks reached nearly 4.94 …
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1 September 01:35 PM Arabian Cement shareholders OKs selling frozen shares
Cairo-Mubasher: Arabian Cement's shareholders gave a nod to sell the shares of shareholders' frozen stakes. On the other hand, the shareholders meeting refused to reorganize the board of directors; also, they rejected to review the terms of the …
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1 September 11:48 AM South Valley Cement to add new production line
Cairo-Mubasher: The board of directors of South Valley Cement approved to establish a second production line to produce cement and clinker said a bourse statement. The new line will boost the company's cement production capacity from 1.6 million …
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1 September 11:33 AM Elsewedy Electric H1 profits up near two-fold
Cairo-Mubasher: Elsewedy Electric Co. half-year net profits jumped 249.8% to EGP 805 million, up from EGP 230 million for the comparable period in the previous year. Meanwhile, the company's unconsolidated financial statements reflected net …
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1 September 11:16 AM EFG-Hermes board approves capital cut
Cairo-Mubasher: The board of directors of the Egyptian Financial Group Hermes Holding approved the reduction of the company's issued capital by EGP 184.7 million, from EGP 3.259 million to EGP 3.074 million. The capital reduction move is subject …
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1 September 10:29 AM EGX to see fluctuating trend on Tuesday-Analyst
Cairo-Mubasher: The Egyptian Exchange (EGX) forecasted to witness swing trend on Tuesday, amid the struggle between both the selling and the purchasing power. "The benchmark index EGX30 targets the levels of 7,330 and 7,500 after it break above …
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31 August 04:13 PM EGX rises above 7,250 on gasfield discovery, parliament news
Cairo – Mubasher: Egypt’s stock market reversed its early fall on Monday, ending on a positive note, amid a strong buying appetite. Market capitalisation added around EGP 6.8 billion ($863.5 million). The local stocks were buoyed by the news that …
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31 August 03:53 PM Goldman Sachs slashes fcasts for China economy
Dubai – Mubasher: Goldman Sachs lowered its forecasts for China's economic growth for 2016 to 6.4% from 6.7%. The bank also marked down its projections for 2017 and 2018 to 6.1 % and 5.8 %, respectively from 6.5 % and 6.2 %, previously. The …
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31 August 01:36 PM Orascom Construction H1 profit rises to $45m
Cairo – Mubasher: Orascom Construction Ltd posted $44.7 million in consolidated net profit for the first half of 2015, while its second-quarter earnings amounted to $35.2 million, the company said in a bourse filing Monday. Unaudited standalone …
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31 August 12:22 PM Eni shares soar after Egypt’s ‘supergiant’ gasfield discovery
Cairo – Mubasher: Shares of Italian energy group Eni have rocketed on Milano bourse early Monday, adding 2.15% to reach 14.7 euros. The stock was spurred by the news that Eni discovered a “supergiant” gasfield off the coast of Egypt, the largest …
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31 August 12:01 PM Asian bourses slip; China stocks biggest losers
Dubai – Mubasher: Asian shares fell on Monday, led by Shanghai index that shut 0.82% lower at 3,206 points. Similarly, Singapore main gauge slipped 0.84% or 25 points to reach 2,932 points. Sensex index also sagged 0.58% to 26,250. Asia Dow index …
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