Juhayna Gains to Highest in 2 Weeks as It Fights Monopoly Claims

Juhayna Food Industries (JUFO), Egypt’s biggest producer of packaged milk, rose to the highest level in almost two weeks after filing documents with Egypt’s antitrust commission in response to claims of monopolistic practices.

Shares of the Cairo-based company climbed 2.6 percent to 4.72 Egyptian pounds at 10:57 a.m. in Cairo, the highest intraday level since Oct. 3. That brought the stock’s advance this week to 4.9 percent. The benchmark EGX 30 Index (EGX30) gained 0.7 percent today.

The documents filed by Juhayna defend against allegations it is not paying a fair price for raw milk from farmers, Al Alam Al Youm reported today. The company agreed with farmers to link the milk price to that which the farmers pay for fodder, the Cairo-based newspaper cited Juhayna’s deputy financial manager Sameh El Hudeibi as saying.