|11-07-2014, 12:40 PM||#1|
Egypt stock market reclaims rally on M&A news
The Egyptian stock market returned to the winning ways on Thursday, with the EGX30 benchmark extending its recent run of gains amid merger & acquisition news.
The EGX30 Index jumped 0.81% and the Egypt Hermes index climbed 0.56%. The EGX30 has so far gained 5.01% for the week, the top performer in the region.
The index has now gained in seven of the last eight sessions. The Index on Wednesday closed slightly lower but was well off its intra-day low.
Telecommunications companies have boosted the index for the past four sessions, after government officials approved a license that permitted the local units of Vodafone, Orange and Emirates Telecom to sell landlines.
Telecom Egypt shares have been rising after the company announced plans to hire advisors for a potential sale of 45% of its local Vodafone Group unit.
Also, a report by Standard & Poor’s said rating trends for telecom operators in the Middle East are stable and will remain stable during the coming period.
The report also showed high investments and the deployment of 4G and new fiber networks will help businesses, and added that mergers and acquisitions will boost earnings stabilization without threatening credit quality.
A published letter by Arab Dairy Products to the Egyptian stock market showed the company had received another acquisition bid by Saudi Arabia-based Arrow Food Distribution, which was higher than a prior bid than of Pioneers Holdings’ offer.
Even as Arab Dairy is not that big of a company, and its shares are not actively traded on the Egyptian stock market, but the bidding war for such a company suggests improving interest in corporate assets in Egypt.
Shares of Beltone Financial climbed 1.66% early Thursday, adding to a gain of 10% the previous session after the company received regulatory approval to raise up to EGP242 million ($33.85 million) to fund its financial services expansion.
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