Cairo – Mubasher: Prime Research initiated coverage of Ezz Steel with a “Buy” recommendation, setting the stock’s fair value at EGP 11.22.
The company’s stock shut 3.76% higher at EGP 6.9 on Sunday, after a total of 218,300 shares were exchanged at EGP 1.5 million.
Ezz Steel is a leading producer in Egypt and Middle East markets, as it continues to dominate the steel market for several years, according to Prime.
The research firm added that outlook for the steel industry in Egypt is optimistic backed by local demand.
