Orascom Telecom (OT) surged on the Egyptian stock exchange on Sunday, boosting the benchmark index as OT's Cairo-listed shares tracked rises in its London-listed GDRs, dealers said. OT's GDRs, or global depository receipts, rose at the end of last week, driven up by foreign interest as OT's management discussed its business with investors abroad, dealers said.
An OT spokesman said OT management was attending a telecoms conference organised by US investment bank Lehman Brothers and said it discussed first quarter results. OT reported a 67 percent rise in net income for the first quarter of 2005.
OT's shares last traded up 27.19 Egyptian pounds ($4.69) at 522 pounds.
The benchmark Hermes index, in which OT is a major component, climbed 682.81 points, or 1.9 percent, to 36,739.04 points. The broader CIBC index slipped 0.43 points, or 0.3 percent, to 131.81 points.
Vodafone shares last traded at 79.15 pounds, up 2.31 pounds or 3 percent on the day.
Misr International Bank last traded up 0.70 pounds, or 1.7 percent, at 42.01 pounds, which dealers attributed to market talk that a Bahraini bank was emerging as a favourite to buy the bank.
Comments
Comments are closed.