Ezz Steel extended its rise on Sunday to a second straight session on its plans to pay a dividend of 1.3 Egyptian pounds ($0.23) per share, helping Egypts benchmark index inch higher. Shares in the largest independent steel producer in the Middle East rose 1.36 percent to last trade at 7.45 pounds.
The firm, which says it controls more than 65 percent of the market in Egypt by sales, said it plans to announce the details of the dividend payment on Tuesday. "Its a good dividend. It was unexpected," said Hany Saad, head of equity at Delta Rasmala Securities.
El Kahera Housing, the most heavily traded stock by turnover, also extended its rally for the second straight session, jumping 11.62 percent to 5.09 pounds. Shares in El Kahera Housing have risen 15 percent since investment bank Pioneers Holding said on Wednesday it was studying whether to bid for a stake in the housing company.
Shares denominated in US dollars also rose. Maridive & Oil Services rose 3.85 percent to $2.70 a share, helped by a steady decline in the exchange rate of the Egyptian pound against the greenback. Overall, the EGX 30 index rose 0.3 percent to 3,587.46 points. The rival Hermes index shed 0.16 percent to 342.08 points, while the broader EGX 70 rose lost 0.19 percent to 442.83 points.