Lebanon's biggest stock rallies from drop as trading resumes

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The aftermath of yesterday's blast is seen at the port of Lebanon's capital Beirut, on August 5, 2020.
The aftermath of yesterday's blast is seen at the port of Lebanon's capital Beirut, on August 5, 2020.
PHOTO: Anwar Amro/AFP

Shares in Lebanese real-estate company Solidere rebounded from a 13% drop to close slightly higher as they traded for the first time since the deadly blast in Beirut's port that killed more than 150 people.

Solidere is the largest and one of the most liquid listings on Lebanon's bourse, which has a market capitalization of about $5 billion, similar to those of Mauritius and Malta. The stock reversed losses near the end of the session to close 0.5% higher at $14.28. Volume was more than double the 30-day average.

The shares, which trade in US dollars, had jumped nearly 160% since the start of October, when anti-government protests in the city escalated, as investors saw it as a hedging alternative against surging inflation and the sliding Lebanese pound. By July, it had reached its highest level since 2011.

Solidere rebuilt part of Beirut after the civil war that ended in 1990, and has projects across the city.

ZAR/USD
16.92
(+0.76)
ZAR/GBP
21.57
(+0.90)
ZAR/EUR
19.76
(+0.99)
ZAR/AUD
11.93
(+1.37)
ZAR/JPY
0.16
(+1.20)
Gold
1870.55
(+0.83)
Silver
23.24
(+5.92)
Platinum
846.51
(+1.83)
Brent Crude
41.98
(+0.17)
Palladium
2223.00
(+0.93)
All Share
54247.81
(+1.84)
Top 40
50127.05
(+2.04)
Financial 15
9588.13
(+0.19)
Industrial 25
74229.70
(+3.26)
Resource 10
53508.98
(+1.08)
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