EGX30 to test its strength by breaching 10,000 points level this week
EGX30 closed at 9,977.9 points last week, recording 0.76% decline
Alyaa Stohy
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EGX to launch Tamayoz index methodology for SMEs market in days
Decision taken to oblige exporting companies to contract with registered sponsors for structuring process, develop investor relation capabilities
Egypt’s Financial Regulator activates secondary bonds market
Authority allows settlement of transactions executed on bonds at end of trading session
Egypt’s Financial Regulator extends Aldar Properties’ MTO deadline for SODIC acquisition
Extension will apply for additional 30 days starting from 14 June
MTIE reports good performance driven by favourable revenue mix, solid performance by subsidiaries
MTIE reported revenues in the first quarter (Q1) of 2020 of EGP 2.51bn, compared with EGP 2.23bn in Q1 of 2020, and compared to EGP 2.13bn in Q4 of 2020. This meant an increase of 12.7% year-on-year (y-o-y), and 18.1% quarter-on-quarter (q-o-q).
Abu Qir Fertilizers to establish methanol, ammonia complex in SCZone
Complex to produce 1 million tonnes of methanol, 400k tonnes of ammonia annually
EGX further declines to close at 10,054 points, blue-chips see heavy sell-off
If market decline continues, EGX30 will be vulnerable for strong selling pressure where next support level will stand at 9,800 points
Egypt’s Iron and Steel starts trial mineral beneficiation project
Project aims to conduct iron processing in Egypt’s oases area, using dry, water-saving magnetic separation technology
Financial Group tops brokerage rankings in May with EGP 7.38bn transactions
Company acquires 13.5% market share
SODIC records strong growth across operational, financial KPIs for Q1 2021
Strength of Q4 2020 carried over, helping company deliver best Q1 on record for gross contracted sales, says Managing Director Maged Sherif
Orascom Investment reports 10% y-o-y revenue decline to EGP 730.5m in 2020
The cables business, notably Pakistani submarine fibre optic cable operator, Pakistan Cables, was the largest contributor to revenues, with 91% as of 2020, or -1.3pps y-o-y), recording EGP 664.2m (-11.1% y-o-y).
Egypt’s Oriental Weavers plans expansion with expected 2021 CAPEX of $26m
For the woven segment, nine new looms will be added to the company’s current capabilities, two of which have already arrived, whilst four Goblin machines will be added to satisfy the intense increase in demand.
Madinet Nasr for Development reports net profit of EGP 115m for Q1 2021
MNHD has more than 10,000 units under development across eight key projects in Greater Cairo
EGX to test potential rebound opportunity this week
Benchmark index EGX30 closed at 10,242.3 points, recording decline of 4.56%
Paradigm Logistics offers ETRS partnership opportunity in Ostool Transportation
Transaction is expected to be about EGP 1bn
IDH, IFC partner on $45m debt financing package to expand diagnostic service access
The eight-year loan will be used to finance IDH’s growth plans across new and existing markets, whilst also helping to expand access to high-quality diagnostic services in high growth emerging markets. This comes in addition to its current presence in Egypt, Jordan, Nigeria, and Sudan.
Egypt’s FRA cuts credit inquiry fees for consumer finance by up to 75%
The move comes as part of the authority’s initiative to facilitate work among companies and providers of consumer finance services. It aims to contribute to increasing the purchasing power of the community.
Egypt’s IDH announces Q1 2021 performance as strong as Q4 2020
Company plans to add 30-35 new pathology lab branches across Egypt annually
Egypt’s FRA approves registration of Hadisolb demerging mining subsidiary
In a press release, the FRA stated that the subsidiary company was listed in the commercial registry on 21 March 2021.
EGX needs consistent buying power to sustain further advances
Bulls not able to maintain advances to 10.750 points resistance level, movement to consolidate expected to continue during current week
EFG Hermes reports 30% y-o-y surge in top-line after stellar Q1 2021 performance
The surge comes on the back of a positive performance across the majority of the Group’s lines of business in Q1 of 2021.
Electronic catalogue of Egyptian products to be launched within days
Step aims to enhance Egypt’s foreign trade in both directions
Speed Medical to establish consumer finance firm for pharmaceutical services
New company is first of its kind in Egypt, with capital of EGP 25m
Ghabbour Auto to continue eyeing growth of financing arm GB Capital: CEO
Company anticipates reEGPase of Drive mobiEGP application in H2 2021
Executive framework of African Economic Integration Initiative finalised: FEDCOC
Initiative comes as part of optimal exploitation of Africa’s natural resources, developing intra-African trade
EGX expects calm, test of previous 10,700 points resistance
Last week, EGX30 closed at 10,767.84 points, recording increase of 1.7%
Chief of Egypt’s Financial Regulator elected as committee head at IOSCO
Mohamed Omran’s election also ensures he becomes Vice-Chairperson of IOSCO
ODE reports revenues grow 61.5% to EGP 1.46bn in Q1 2021
Company reported strong performance for the quarter compared to same quarter of previous year
Rameda’s new antiviral medication successfully opens up new export markets
Levant region has lion’s share of group’s export volumes in Q1 2021
Elsewedy Electric enters Asian market through $60m acquisition of 2 companies
In a statement to the Egyptian Exchange (EGX), the company said that it acquired 95% of PT CG Power Indonesia, which specialises in manufacturing electrical transformers in Indonesia.