Egyptian stock alert
CLOSING UPDATE: Ezz Steel up 12.4% in 2 days 18 January 2018 15:05 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).
Ezz Steel, Egypt's 2nd largest basic resources company by market capitalisation, extended its gains on Thursday, rising an additional LE1.10 (or 4.8%) to trade at LE23.90. Trading volume was 2.3 times average at the end of the day. The shares have risen LE2.64 (or 12.4%) over the past two trading days vs. the EGX 30 Index which has risen 2.1% in the same period.
Technical indicators complementing today's significant uptrend:
+ The positive 0.83 MACD (Moving Average Convergence Divergence) indicator suggests a bullish signal.
+ The price jumped 9.5% in the last week and soared 14.4% in the last month.
The stock has outperformed 55% of the Egyptian market over the past 6 months.
The 1.4% discount to 12-month high of LE24.25 against the 54.2% premium to 12-month low of LE15.50 suggests the climb might be peaking.
Afternoon Alert: Ezz Steel up 11.9% in 2 days
18 January 2018 12:12 EET
Ezz Steel (CA:ESRS) extended its gains on Thursday, rising an additional LE1.0 (or 4.4%) to trade at LE23.80. Trading volume was 3.6 times average so far today. The shares have risen LE2.54 (or 11.9%) over the past two trading days vs. the EGX 30 Index which has risen 2.0% in the same period.
End of Day Alert: Ezz Steel jumps 7.2%, led Basic resources sector higher
17 January 2018 15:05 EET
Ezz Steel, Egypt's 2nd largest basic resources company by market capitalisation, has jumped 7.2% to trade at LE22.80 vs. the Basic resources sector which strengthened 243.8 points (or 3.7%) to 6,847.1. Representing a weighting of about 26.8% of the sector, the stock accounted for 52.5% of today's gain. The shares have outperformed 98% of the market in the past week. Trading volume was 1.3 times average at the end of the day. Compared with the EGX 30 Index which rose 109.2 points (or 0.7%) in the day, this represented a relative price increase of 6.5%.
Ezz Steel (CA:ESRS; CAI:ESRS; EY:ESRS)