Egyptian stock alert
CLOSING UPDATE: North Upper Egypt Development and Agricultural Production hits 52-week high third time in two months 22 May 2018 15:10 EET
NEWS BITES - MIDDLE EAST & NORTH AFRICA
This is an end of day Alert, produced after today's Egyptian market close. It concludes the BSS News Bites intra-day Alert series (summaries below).
North Upper Egypt Development and Agricultural Production, Egypt's 26th largest food and beverage company by market capitalisation, hit a 52-week high of LE8.37 today for the third time in the past two months and last traded at LE8.37. This brought its four-day rise to LE1.35 or 19.2%. Trading volume was 5.8 times average at the end of the day. Compared with the EGX 30 Index which fell 123.2 points (or 0.7%) in the day, this represented a relative price increase of 10.9%.
Technical indicators complementing today's significant uptrend:
+ The positive 0.15 MACD (Moving Average Convergence Divergence) indicator suggests a bullish signal.
+ The stock has outperformed 90% of the Egyptian market over the past 6 months.
+ In the last three months the stock has hit a new 52-week high eight times, pointing to a significant uptrend.
+ The price soared 16.2% in the last week and 17.7% in the last month.
+ The present value of EGP1,000 invested one year ago is LE1,770 [vs LE1,317 for the EGX 30 Index].
Afternoon Alert: North Upper Egypt Development and Agricultural Production jumps 9.6% on strong volume
22 May 2018 12:12 EET
North Upper Egypt Development and Agricultural Production Co SAE (CA:NEDA) traded on heavy volume of 3.3 times average so far today while the price jumped 73.0 qirsh (or 9.6%) to trade at LE8.33.
North Upper Egypt Development and Agricultural Production Co SAE (CA:NEDA; CAI:NEDA; EY:NEDA)