Wednesday 13 July 2011

Egypt index buoyed by army statement, global rebound | Reuters

Egypt's main index rose 2.7 percent in early trade, buoyed by the ruling army's efforts to defuse political tensions and helped up by a recovery on international markets on Wednesday, traders said.

Investment and capital market analyst Nader Khedr said the market was lifted by several items, including the appointment by private equity firm Citadel Capital of a financial adviser to provide guidance on possible acquisition offers.

'The market has also been boosted by the statement of the military council yesterday and the commencing of negotiations regarding the cabinet reshuffle,' he added.

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