Egypt’s stocks rallied on Monday as news about Orange’s acquisition of a 5 percent Mobinil share from Orascom Telecom Media and Technology (OTMT) attracted investors, while market bellwether Commercial International Bank (CIB) continued to rise.
The benchmark EGX30 index was up 1.12 percent to 9,601 points with daily stock turnover closing at LE623.7 million.
OTMT was the biggest gainer in the session, climbing 5.79 percent to LE1.26 per share as the company announced that it is selling its 5 percent stake in the Egyptian Company for Mobile Services, operating under the brand Mobinil, to Orange for LE1.8 billion.
Blue chip CIB achieved the highest turnover at the session with LE113.8 million, rising 1.98 percent to LE55.99 per share. EFSA approved last week a $300 million capital raise for the bank.
Real estate developer Amer Group achieved the second highest turnover at LE81.3 million, rising 0.88 percent to LE1.13 per share.
The broader EGX70 index inched down 0.16 percent.