Sunday 3 July 2016

CORRECTED-MIDEAST STOCKS-Abu Dhabi banks jump on FGB/NBAD merger details; Egypt up on c.bank comments | Reuters

CORRECTED-MIDEAST STOCKS-Abu Dhabi banks jump on FGB/NBAD merger details; Egypt up on c.bank comments | Reuters:

"Abu Dhabi banking shares climbed on Sunday after the boards of directors of First Gulf Bank and National Bank of Abu Dhabi approved a proposed merger of the banks, aiming to complete it in the first quarter of 2017.

Egypt's index edged up following comments by central bank governor about possible further currency devaluation.

Shares in NBAD jumped 4.0 percent to 10.05 dirhams while FGB gained 2 percent to 12.85 dirhams. They were the market's two most heavily traded stocks."



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