Egypt's indexes recover, OCI leads blue chips

(Reuters) - Egyptian shares rebounded on Tuesday after two consecutive sessions of declines, led by Orascom Construction Industries (OCI) as foreigners returned to buying, brokers said.

Mostafa Badra of National Securities said recovery in global markets drove foreigners back to buying mostly affecting OCI," he added.


Read more at Reuters Africa

Apache Plans to Triple Australian Oil, Gas Spending to $1 Billion by 2008

(Bloomberg) -- Apache Corp. plans to triple spending
in Australia next year from 2006 as it steps up drilling and
construction in a region that may rival Egypt and the U.S. Gulf
as the company's main oil and gas producers.

Capital investment in drilling and exploration will probably
reach $1 billion next year, up from about $300 million in 2006,
said Tim Wall, managing director of Houston-based Apache's
Australian unit.


Read more at Bloomberg Energy News

Egypt median o/n interbank rises to 8.7625 pct

(Reuters) - The median overnight interbank rate on Egypt's pound rose to 8.7625 percent on Sunday from 8.754 percent on Thursday, with the market liquid in the absence of auctions of certificates of deposits, dealers said.

"Many banks were offering money as they have a lot of liquidity available. I believe this will not change soon," one dealer said.


Read more at Reuters Africa

Average yield rises on 182-day Egypt T-bills

(Reuters) - The average yield on Egyptian 182-day treasury bills rose to 7.367 percent (CBEY) at an auction on Sunday from 7.360 percent at the July 17 issue.

The Finance Ministry accepted bids for 500 million Egyptian pounds, the same amount it had requested.


Read more at Reuters Africa

Egyptian bourse edges down, but Raya and CIB shine

(Reuters) - Main Egyptian stock indexes dropped on Wednesday driven by market mainstay Orascom Telecom (OT), which shed 1.5 percent after offering to acquire technology and communications firm Raya.

But traders said the drop in the OT share price to 77.60 pounds was probably not related with the offer to buy Raya and may be attributed to profit-taking that has hit blue-chip stocks after a bullish run last week saw the market hit record closing highs.


Read more at Reuters Africa

Egypt buys 1.1 mln T wheat from farmers

(Reuters) - The Egyptian government has bought 1.1 million tonnes of wheat from farmers since April 1, the start of the marketing season, about 700,000 tonnes less than at the same point last year, an official said on Saturday.

Darwish Mustafa, undersecretary in the Ministry of Social Solidarity, told Reuters the purchases were down because the harvest had started later than usual in some provinces.


Read more at Reuters Africa

Egyptian stocks up, housing dominates again

(Reuters) - Egyptian stocks rose on Sunday, driven by strong interest in Medinet Nasr Housing and Alexandria Real Estate Investment, brokers said.

But two other housing and real estate stocks, Heliopolis Housing and Sixth of October Investment and Development (SODIC) , fell back after early gains.


Read more at Reuters Africa