OCI weighs on Egypt's CASE30, Maridive extends gains

Reuters: [2008-05-06 15:24:00]

CAIRO, May 6 (Reuters) - Shares in heavyweight Orascom Construction Industries (OCI) <OCIC.CA><OCICq.L> pulled down Egypt's benchmark CASE 30 index <.CASE30> on Tuesday as institutions dominated trading, brokers said.

OCI dropped 3.2 percent to last trade at 440.99 Egyptian pounds ($82.43) extending losses to a second day, while the CASE 30 lost 1.1 percent to 11,801.78 points.

"The decision to abolish the privileges of fertiliser companies in free zones was a drawback for the firm," said Hashem Ghoneim, the CEO of El Nour Securities.

OCI said in February it was taking over the fertiliser activities of UAE company Abraaj Capital in exchange for cash and shares worth about $1.59 billion.

The Egyptian government has abolished the tax and custom privileges of energy-intensive companies, including fertilisers, in free zones as part of a budget amendment approved by parliament on Monday.

Shares in other big caps were also in the red, with Orascom Telecom <ORTE.CA><ORTEq.L> last trading 1.1 percent lower at 80 pounds and investment bank EFG-Hermes <HRHO.CA><HRHOq.L> edging down 0.1 percent to 55.32 pounds.

"Big caps are still affected by the IPOs we saw in previous days as investor are reallocating money," Ghoneim added.

Investors were still buying shares in Egyptian oil services company Maridive & Oil Services <MOIL.CA> on its second day of trading, boosting it by 7.5 percent to $5 per share.

"The issue price was seen as cheap in the market and the company has very good fundamentals," said Eissa Fathy, managing director of the Strategic Company for Securities.

Overall, the broader CIBC index <.CIBC> was 0.1 percent down to 581.94 points, while the well watched Hermes index <.HRMS> dipped 1.05 percent to 103,212.7 points. ($1 = 5.35 Egyptian pounds) (Reporting by Wael Gamal) ((wael.gamal@reuters.com; Cairo newsroom +20 2 2578 3290/1))

Keywords: MARKETS EGYPT CLOSER

To view related displays double click on the following codes: 
    All CSE indices  <0#.INDEX.CA> 
    CSE General index <.CCSI> 
    Top 10 by volume <.AV.CA> 
    Market gest <EG/STATS2> 
    Top 10 by turnover <.AMP.CA> 
    Egyptian pound forex rates <EGP=> 
    Top 10 movers <.AT.CA> 
    Stocks by sector <EG/SECTOR1> 
    Top 10 gainers <.NGP.CA> 
    Top 10 percentage gainers <.PG.CA> 
    Top 10 losers <.NLP.CA> 
    Top 10 percentage losers <PL.CA> 
    GDRs <0#.SIEY> 
 RELATED NEWS AND OTHER TOPICS 
    Egypt news - [EG] 
    Egypt diary - [EG/DIARY] 
    Press review - [PRESS/EG] 
    Active Egypt stocks - [EG-HOT] 
  Keywords: MARKETS EGYPT CLOSER =2 
    

OCI weighs on Egypt's CASE30, Maridive extends gains

Reuters: [2008-05-06 14:38:00]

CAIRO, May 6 (Reuters) - Shares in heavyweight Orascom Construction Industries (OCI) <OCIC.CA><OCICq.L> pulled down Egypt's benchmark CASE 30 index <.CASE30> on Tuesday as institutions dominated trading, brokers said.

OCI dropped 3.2 percent to last trade at 440.99 Egyptian pounds ($82.43) extending losses to a second day, while the CASE 30 lost 1.1 percent to 11,801.78 points.

"The decision to abolish the privileges of fertiliser companies in free zones was a drawback for the firm," said Hashem Ghoneim, the CEO of El Nour Securities.

OCI said in February it was taking over the fertiliser activities of UAE company Abraaj Capital in exchange for cash and shares worth about $1.59 billion.

The Egyptian government has abolished the tax and custom privileges of energy-intensive companies, including fertilisers, in free zones as part of a budget amendment approved by parliament on Monday.

Shares in other big caps were also in the red, with Orascom Telecom <ORTE.CA><ORTEq.L> last trading 1.1 percent lower at 80 pounds and investment bank EFG-Hermes <HRHO.CA><HRHOq.L> edging down 0.1 percent to 55.32 pounds.

"Big caps are still affected by the IPOs we saw in previous days as investor are reallocating money," Ghoneim added.

Investors were still buying shares in Egyptian oil services company Maridive & Oil Services <MOIL.CA> on its second day of trading, boosting it by 7.5 percent to $5 per share.

"The issue price was seen as cheap in the market and the company has very good fundamentals," said Eissa Fathy, managing director of the Strategic Company for Securities.

Overall, the broader CIBC index <.CIBC> was 0.1 percent down to 581.94 points, while the well watched Hermes index <.HRMS> dipped 1.05 percent to 103,212.7 points.

The broader CIBC index <.CIBC> gained 0.7 percent to 582.27 points. ($1 = 5.35 Egyptian pounds) (Reporting by Wael Gamal) ((wael.gamal@reuters.com; Cairo newsroom +20 2 2578 3290/1))

Keywords: MARKETS EGYPT CLOSER

To view related displays double click on the following codes: 
    All CSE indices  <0#.INDEX.CA> 
    CSE General index <.CCSI> 
    Top 10 by volume <.AV.CA> 
    Market gest <EG/STATS2> 
    Top 10 by turnover <.AMP.CA> 
    Egyptian pound forex rates <EGP=> 
    Top 10 movers <.AT.CA> 
    Stocks by sector <EG/SECTOR1> 
    Top 10 gainers <.NGP.CA> 
    Top 10 percentage gainers <.PG.CA> 
    Top 10 losers <.NLP.CA> 
    Top 10 percentage losers <PL.CA> 
    GDRs <0#.SIEY> 
 RELATED NEWS AND OTHER TOPICS 
    Egypt news - [EG] 
    Egypt diary - [EG/DIARY] 
    Press review - [PRESS/EG] 
    Active Egypt stocks - [EG-HOT] 
  Keywords: MARKETS EGYPT CLOSER =2 
    

DIARY - Egypt/Sudan - May 6

Reuters: [2008-05-06 09:52:00]

This diary is updated daily. New listings or amendments are marked *. All events/times provisional and in GMT (local time is GMT +3 for Egypt, GMT +3 for Sudan).

TODAY'S EVENTS

CAIRO - Final bids due for up to 67 percent of Banque du Cairo, according to al Alam al Youm.

COMING EVENTS

WEDNESDAY, MAY 7

CAIRO - Mobinil <EMOB.CA> releases first quarter 2008 results.

CAIRO - Orascom Telecom <ORTE.CA> to release first quarter results after trading session ends.

CAIRO - Egyptair holds news conference on future plans.

THURSDAY, MAY 8

CAIRO - Central bank's monetary policy committee meets.

CAIRO - Verdict expected in libel lawsuit filed by state news agency MENA against leftist newspaper al-Badeel.

CAIRO - Shares of Egyptian developer Palm Hills expected to list on Egypt's stock exchange.

*CAIRO - The Africa Gulf Society for Sexual Medicine holds media programme on treatment of erectile dysfunction in the Middle East and Africa.

FRIDAY, MAY 9

CAIRO - Central bank issues statement on monetary policy.

SUNDAY, MAY 11 - WEDNESDAY, MAY 14

CAIRO - Intergas V conference and exhibition.

MONDAY, MAY 12

CAIRO - ITU Telecom Africa 2008, through Thursday.

CAIRO - Commercial International Bank (CIB) <COMI.CA> <COMIq.L> to announce its first quarter financial results.

WEDNESDAY, MAY 14 - THURSDAY, MAY 15

CAIRO - GSM Association is holding a Mobile Money summit.

SATURDAY, MAY 17

CAIRO - Court session in lawsuit filed by man against Egyptian academic Saad Eddin Ibrahim for $100 million in damages for "harm to Egyptian national unity."

SUNDAY, MAY 18

SHARM EL-SHEIKH - World Economic Forum meeting starts, through May 20.

MONDAY, MAY 26

CAIRO - Euromoney conference on Egyptian real estate.

THURSDAY, JUNE 19

CAIRO - Telecommunications Regulatory Authority deadline for bids for Egypt's second fixed-line telephone licence

TUESDAY, JUNE 24

SHARM EL-SHEIKH - Two-day meeting of African Union experts to prepare for AU summit.

THURSDAY, JUNE 26

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, JUNE 27

CAIRO - Central bank issues statement on monetary policy.

SHARM EL-SHEIKH - Two-day meeting of African Union Executive Council to prepare for AU summit.

MONDAY, JUNE 30

SHARM EL-SHEIKH - Two-day African Union summit.

THURSDAY, JULY 17

ALEXANDRIA - Wikimania 2008 conference at Alexandria Library, organised by the Wikimedia Foundation, through Saturday.

THURSDAY, AUGUST 7

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, AUGUST 8

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, SEPTEMBER 18

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, SEPTEMBER 19

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, NOVEMBER 6

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, NOVEMBER 7

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, DECEMBER 25

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, DECEMBER 26

CAIRO - Central bank issues statement on monetary policy.

NOTE-Inclusion of diary items does not necessarily mean that Reuters will file a story on the event.

Key world financial events diary [KEY/DIARY]

International political diary [POL/DIARY]

Full index of available diaries [IND/DIARY] ((Cairo newsroom +202 2 578 3290/1, fax +202 577 1133, cairo.newsroom@reuters.com))

Keywords: EGYPT DIARY

French stocks - Factors to watch on May 6

Reuters: [2008-05-06 08:14:00]

PARIS, May 6 (Reuters) - Below are leading stories from the French press and company-related news which could have an impact on the French market or individual stocks.

ALSTOM <ALSO.PA>

Swiss and French officials are investigating if French company Alstom <ALSO.PA> paid "hundreds of millions of dollars" in bribes to win contracts in Asia and South America between 1995 and 2003, the Wall Street Journal said on Tuesday, citing people involved in the matter.

For details, see: [ID:nL06327495]

VEOLIA <VIE.PA>

Veolia Environnement reported a 7.1 percent in first-quarter recurring operating profit, helped by new water and waste management contracts, and cold weather that bolstered its energy business. For details, see: [ID:nPAC009512]

EDF <EDF.PA>

French President Nicolas Sarkozy on Monday called on Belgian authorities to treat power giant EDF <EDF.PA> in the same way as other potential buyers of Suez's <LYOE.PA> 57 percent stake in Belgium's Distrigaz <DISTy.BE>.

For details, see: [ID:nL05446274]

CREDIT AGRICOLE <CAGR.PA>

The French bank said it had abandoned a plan to bid for Italy's Banca delle Marche, leaving Banca Popolare dell'Emilia Romagna <EMII.MI> in the frame. For details, see:[ID:nL05875234]

NICOX SA <NCOX.PA>

The company said U.S. phase-2 study for glaucoma drug codenamed PF-03187207 did not meet primary clinical endpoint, and said its partner Pfizer <PFE.N> has taken the decision not to launch a global phase 3 development program for PF-03187207.

For details, see:[ID:nWEB3872]

EADS <EAD.PA>

The U.S. Government Accountability Office (GAO) on Monday kicked off a hearing on Boeing Co's <BA.N> protest of a $35 billion U.S. Air Force refueling aircraft contract won by Northrop Grumman Corp <NOC.N> and its European subcontractor EADS <EAD.PA>.

For details, see: [ID:nN05392404]

INFOGRAMMES <IFOE.PA>

Europe's largest video games maker Infogrames <IFOE.PA> on Tuesday named Fabrice Hamaide as finance director, replacing Yves Hannebelle. For details, see: [ID:nL06367831]

EURO DISNEY <EDLP.PA>

Euro Disney SCA said H1 operating profit was 1 million euros versus year-before 36 million euros loss, net loss was 43 mln euros, and revenue was 605 mln euros, up 18 percent.

For details, see: [ID:nWEB3899]

SAFT <S1A.PA>

Saft reported a 2.7 percent rise in first-quarter revenue.

For details, see: [S1A.PA-RTRS]

CORPORATE DIARY:

* M6 <MMTP.PA> Q1 SALES/AGM

* Suez <LYOE.PA> Q1 SALES/AGM

* Technip <TECF.PA> AGM

* Veolia Environnement <VIE.PA> Q1 SALES

* Lagardere <LAGA.P> Q1 SALES

* JCDecaux <JCDX.PA> Q1 SALES

FTSEurofirst 300 index..............................<.FTEU3> DJ STOXX index......................................<.STOXX> Top 10 STOXX sectors...........................<.PGL.STOXXS> Top 10 EUROSTOXX sectors......................<.PGL.STOXXES> Top 10 Eurofirst 300 sectors...................<.PL.FTEU3S> Top 25 European pct gainers.......................<.PG.PEUR> Top 25 European pct losers........................<.PL.PEUR>

Main stock markets: Dow Jones...............<.DJI> Wall Street report .....[.N] Nikkei 225.............<.N225> Tokyo report............[.T] FTSE 100...............<.FTSE> London report...........[.L] Xetra DAX.............<.GDAXI> Frankfurt market stories[.F] CAC-40.................<.FCHI> Paris market stories...[.PA] World Indices......................................<0#.INDEX> Reuters survey of world bourse outlook..........<EQUITYPOLL1> Western European IPO diary...........................<WEUIPO> European Asset Allocation.........................[EUR/ASSET]

Reuters News at a Glance: Equities...............[TOP/EQE]

Main currency report:...............................[FRX/] ((Paris newsroom, tel. +33149495452, Email: paris.equities@reuters.com))

Keywords: MARKETS FRANCE/STOCKS =3 PARIS

Spanish stocks - Factors to watch on Tuesday

Reuters: [2008-05-06 08:08:00]

MADRID, May 6 (Reuters) - The following Spanish stocks may be affected by newspaper reports and other factors on Tuesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:

IBERDROLA <IBE.MC>

The Spanish utility is putting the final details to its bid for British Energy, Expansion reported on Tuesday, citing sources close to the deal.

La Gaceta de los Negocios also reported on Tuesday that the Spanish utility is to build its first combined cycle plant in Germany with a generating capacity of 1,100 megawatts. Its investment will total 600 million euros ($927.1 million).

SACYR VALLEHERMOSO <SVO.MC>

Valoriza, the Portuguese subsidiary of Sacyr, has won a contract worth 250 million euros to manage municipal services like water and rubbish collection in Covilha in Portugal, reports Cinco Dias on Tuesday.

REPSOL <REP.MC>

Spain's Repsol-YPF expects its oil output in Ecuador to fall 10 percent this year to 53,000 barrels per day compared to last year due to an investment freeze, a company official said on Monday. For a full story click on [ID:nN05420835]

COLONIAL <COL.MC>

Colonial has had a waiver on repaying some of its debt extended until May 23 to give the Spanish property company time to sell some assets, chief executive Mariano de Miguel told Reuters on Monday.

For a full story, please click on [ID:nN05402744]

Auditor Deloitte also said on Monday that the firm may not be able to sell off assets as planned to relieve its debt. For a full story, please click on [ID:nL05546324]

TELEFONICA <TEF.MC>

The Spanish telecoms regulator, the CMT, has ruled that Telefonica must pay compensation to Orange and Ya.com for delays in providing them wholesale ADSL services in Spain, payments which could total 10 million euros, El Pais reported on Tuesday.

ECONOMIC DATA

March industrial production data is due at 0700 GMT.

Services PMI is due at 0715 GMT

Registered jobless data for April is due at 0700 GMT

For today's European market outlook double click on [.EU].

For real-time moves on the Spanish blue-chip index IBEX please double click on <.IBEX>

For IBEX constituent stocks highlight .IBEX in the command box and press the F3 button on your keyboard

For latest news on Spanish stock moves double click [HOT-ES]

For Spanish language market report double click on [.MES]

For latest Eurostocks report please double click on [.EU]

((madrid.newsroom@reuters.com; +34 91 585 2160)) ($1=.6472 Euro)

Keywords: MARKETS SPAIN FACTORS/