Egypt
Egypt’s annual inflation jumps to 16.5% in May
Egypt’s annual inflation rate surged to 16.5 percent in May, up from 13.5 percent in April, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Major stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of the U.S. Federal Reserve's interest rate decision and commentary.
The operator of fitness centers in the Middle East and north Africa, Leejam posted a 22.9% rise in fourth-quarter net profit © Mena Today
Major stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of the U.S. Federal Reserve's interest rate decision and commentary.
Saudi Arabia's benchmark index was up for a sixth straight session and ended 0.3% higher, with rising 1.7% and oil major Saudi Aramco gaining 1%.
Among other gainers, Leejam Sports surged 8.1%, hitting its all-time high of 243 riyal a share.
The operator of fitness centers in the Middle East and north Africa, Leejam posted a 22.9% rise in fourth-quarter net profit and raised its quarterly cash dividend by 20%.
The Fed is widely expected to hold rates steady in a meeting on Wednesday, with the market's attention on policymakers’ updated economic and interest rate projections and comments from Chair Jerome Powell.
Egypt’s annual inflation rate surged to 16.5 percent in May, up from 13.5 percent in April, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Foreign investors returned to the Tel Aviv Stock Exchange in force last month, increasing their holdings despite ongoing conflict in Gaza and heightened regional tensions. Net foreign purchases reached an estimated NIS 2.5 billion ($700 million) in May, with much of the capital concentrated in the banking sector.
In a move that reinforces China’s growing industrial footprint across North Africa, Chinese steelmaker Jingdong Steel has announced a $500 million investment to build a major steel production facility in Algeria.
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