CAIRO: The Egyptian Exchange (EGX) rallied at the close of Thursday’s session, amid an investor buying spree among local and Arab traders on Beltone Financial takeover deal.
Orascom Telecom Media and Technology (OTMT) and Act Financial announced early on Thursday they are seeking to buy Beltone Financial in return for 650 million EGP ($83 million,) OTMT said in a statement to the EGX.
Boosted by the news, the benchmark index EGX30 jumped 1.86 percent to end at 7,492 points, compared to 7,354 points Wednesday.
Orascom shares ended 7.14 percent up, and Beltone soared 19.72 percent.
Similarly, the small and mid-cap index EGX70 hiked 1.76 percent to end at 398.5 points, compared to 391.6 points in its last session.
The broader index EGX100 also inched 1.22 percent to close at 852.4 points, after 842.2 points on Wednesday.
Market capitalization gained around 5.3 billion EGP ($676.89 million,) totaling 452.5 billion EGP, compared to 447.2 billion EGP in the previous session.