CAIRO: Shares ended flat on Thursday with investment bank EFG-Hermes dropping after posting 2006 net income of $123 million, double what it earned in 2005 and in line with market expectations.
Shares in EFG-Hermes, popular with retail investors, shed 1.6 percent to end at LE 37.69 ($6.62) after the firm reported that it doubled its 2006 net and its board recommended a dividend payout of LE 0.75 per share.
The results were quite good, said Yasser Hassanein of Dynamic Securities. But it was discounted already.
Overall, the benchmark Hermes index ended flat at 64,436.96 points, and the widely watched CASE 30 index dipped 0.4 percent to 7,354.52 points.
The broader CIBC-100 index ended the session 0.1 percent higher at 286.36 points.
Dealers said shares in Telecom Egypt, the day s most heavily traded share by volume, were up on increased foreign interest. The stock ended 5.6 percent higher at LE 15.50.
Shares in Misr Cement Qena were also higher on unconfirmed market talk that a takeover bid by ASEC Cement was too low and may not go through at under LE 80 per share, above the current bid price.
People believe the government will not sell below LE 80, said Sarah Tolba of Delta Securities.
ASEC Cement, a subsidiary of Egypt-based Citadel Capital, has offered to buy all 30 million shares of Misr Cement Qena at LE 75 per share. ASEC said on Tuesday it wanted at least a narrow majority in the firm. Shareholders have until Feb. 27 to take up the offer.
ASEC outbid Portugal s Cimpor, which last week offered LE 67 a share. Shares in Misr Cement Qena rose 5.5 percent to LE 80.89. Shares in ASEC were also up, gaining 3.9 percent to LE 37.98.
