Egyptian shares up, CIB rises again on merger talk

(Reuters) - Main Egyptian stock indexes rose on Tuesday, with shares in Commercial International Bank (CIB) climbing on continued market speculation it would buy Arab-African International Bank, traders said.

Shares in CIB, one of Egypt's top private banks, rose 3 percent to close at 72.99 pounds a share.


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Wheat Futures Rise as Morocco, Egypt Increase Purchases of U.S. Supplies

(Bloomberg) -- Wheat futures rose after importers
purchased U.S. supplies and a government report showed sales of
the grain are outpacing last year's.

Orders for U.S. wheat from overseas are up 44 percent in
the marketing year that began June 1 from a year earlier, the
Department of Agriculture said today. Morocco bought 243,000
metric tons today, Egypt purchased 115,000 tons and Bangladesh
bought 106,000 tons.


Read more at Bloomberg Commodities News

Emerging mkts flooded by local-currency global bonds

(Reuters) - A large chunk of the new issuance is denominated in the
Brazilian real , which has gained more than 14 percent so
far this year. But sovereign bonds are also being offered in
other strengthening local currencies, such as the Colombian
peso , the Peruvian sol and even the stable
Egyptian pound .




Despite being denominated in local currencies, those bonds
are more accessible to international investors because most are
settled in international markets and payable in dollars.


Read more at Reuters.com Bonds News

Egyptian shares drop on profit-taking, OCI down

(Reuters) - Egypt's main indexes dipped on Wednesday after scoring fresh closing highs for three consecutive sessions, led by profit-taking in heavyweight Orascom Construction Industries, traders said.

"Despite good news coming on OCI's new airport deals, people chose to offload the stock among other market leaders. They got worried that the market reached the ceiling of the its rally," said Sarah Tolba of Delta Securities.


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Egypt shares rebound, housing sector leads

(Reuters) - Egyptian shares rebounded on Tuesday after three days of declines, carried higher by gains in the volatile housing sector including Heliopolis Housing, traders said.

"In terms of turnover, Heliopolis Housing, Sixth of October Development and Investment, and Alexandria Real Estate are the three major players," said Walaa Hazem of HC Securities.


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Egyptian shares dip on profit taking, housing up

(Reuters) - Egyptian shares fell on Thursday from profit taking on EFG-Hermes and Mobinil, dealers said, one day after the benchmark Hermes index reached an all-time closing high.

"The whole market fell on profit taking today. A lot of retail investors cashed out before the weekend," said Mohamed Radwan of Delta Securities.


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Egypt benchmark Hermes index hits all-time high

(Reuters) - Egypt's benchmark Hermes stock index hit an all-time closing high on Wednesday led by investment bank EFG-Hermes, which rallied to a one-year high after breaking a key technical price level.

Shares in EFG-Hermes, the most heavily traded stock by turnover, closed 5 percent up at 47.30 Egyptian pounds, the highest since May 21, 2006 according to Reuters data.


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Investor discloses large stake in Martin Marietta

(Reuters) - Sawiris is the third-wealthiest Egyptian man, with a net worth of about $3.9 billion, according to Forbes Magazine. Last month, Sawiris disclosed a 9.9 percent stake in cement producer Texas Industries Inc.




In early trading after the filing, Martin Marietta shares rose as much as 1.3 percent to an all-time high of $169.74. By late morning the stock was down 0.7 percent at $166.43 on the New York Stock Exchange.


Read more at Reuters.com Mergers News

Key Egyptian stock index inches up to 16-month high

(Reuters) - The Case 30 index,, a benchmark for major firms listed in Egypt, hit a 16-month closing high on Sunday, powered by El-Sewedy Cables which raced to an all-time closing high on strong growth and outlook.

Shares in El-Sewedy Cables, one of the biggest cable manufacturers in the Middle East, rose 6.6 percent to last trade at 59.95 Egyptian pounds.


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Egypt o/n interbank rate steady at 8.758 pct

(Reuters) - The median overnight interbank rate on the Egyptian pound was steady at 8.758 percent on Sunday compared with 8.757 percent on Wednesday, in the absence of significant auctions of government paper, dealers said.

"The market is very liquid because there are no auctions. Any movement in a few basis points means nothing," said one dealer. Overnight rates have been hovering just above 8.75 percent for the past three weeks.


Read more at Reuters Africa