x Abu Dhabi, UAEWednesday 26 July 2017

Brazil deal lifts Orascom

Egypt's Orascom Construction Industries jumps to the highest level in more than a month after the builder announced plans to build a $3 billion fertilizer plant in Brazil.

Orascom Construction’s shares rose 2.3 per cent to 234 Egyptian pounds.
Orascom Construction’s shares rose 2.3 per cent to 234 Egyptian pounds.

Shares of Orascom Construction Industries climbed to their highest price in more than a month after Egypt's biggest listed builder announced it would help to build a US$3 billion fertiliser plant in Brazil.

The shares, listed on the Egyptian Exchange, rose 2.3 per cent to 234 Egyptian pounds, their highest since September 22.

Orascom said it would link up with EBX Group of Rio de Janeiro to set up a facility capable of producing 3 million tons of nitrogen fertiliser a year. Egypt's EGX 30 Index rose 0.8 per cent to 4,347.98.

Local markets were mixed yesterday, as Abu Dhabi companies outperformed Dubai peers in earnings results.

"Liquidity is very thin, with [trading] only based on corporate results," said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi.

First Gulf Bank rose 2.8 per cent to Dh14.65, after quarterly profit rose 8 per cent to Dh920 million. The Abu Dhabi Securities Exchange General Index inched up 0.1 per cent to 2,450.61.

Emirates NBD declined for a second day, by 1.1 per cent to Dh3.40, after its quarterly profitfell 59 per cent. The shares were down 4.5 per cent on Monday.

The Dubai Financial Market General Index declined 0.4 per cent to 1,353.69.

Elsewhere in the region, Kuwait's index slipped 0.2 per cent to 5,901.30, Bahrain's was flat at 1,144.38, Oman's MSM 30 Index was little changed at 5,541.58, and Qatar's index was also little changed at 8,452.46. The Saudi Tadawul All-Share Index was up 0.3 per cent to 6,155.18.

 

halsayegh@thenational.ae