CAIRO: Egypt’s benchmark ended higher after Orascom Telecom (OT) soared.
OT ended 10 percent higher after an Egyptian newspaper reported that a law firm valued the company’s Algerian unit Djezzy at $7 billion.
"We are still waiting on confirmation of the news. But if it is real then this is an extremely positive valuation," Margo Moussa, says an analyst at Arab Finance Brokerage.
The Egyptian Company for Mobile Services also climbed 10 percent.
Orascom Construction Industries, which said in a statement on Sunday it approved a $1.1 per share dividend that won’t include global depository receipts, was up 1.3 percent.
The index ended 1.9 percent higher at 4,409 points.
