Alex Iron and Steel helps Egypt stock market up

CAIRO: Alexandria Iron and Steel helped the Egyptian stock exchange up on Tuesday on continuing interest in Ezz Steel Rebar s plan to increase its stake in the company, brokers said. Alexandria Iron and Steel shares rose LE 175.29 ($30.59) or 11.7 percent to last trade at an all-time high of 1,670. Ezz said earlier in the month it plans to increase its stake to 50.86 percent from 21.48 percent through a share swap with Ezz Holdings, and a capital increase. Interest revived on Tuesday after market talk said the transaction included a valuation of Alexandria Iron and Steel at LE 2,000, said Mohamed Kutb of Prime Asset Management. Kutb said Oriental Weavers rose on rumors that it would soon release good 2005 results, though the company has not set a date for any announcement. The shares last traded up LE 4.36 or 4.8 percent at LE 95. The benchmark Hermes Index ended 518.60 points, or 0.8 percent, higher at 62,077.26 points. The broader CIBC index rose 1.68 points or 0.7 percent to 247.60 points. Bassim Arida of CIBC brokerage said the session marked a consolidation after some recent volatility. As long as we hold these levels for a week or two, we can start to go higher, he added. The market hit record highs about one month ago, but the Hermes index has since slipped about 10 percent. Reuters