EGX 30 slips 0.69% as mixed earnings and corporate deals shape trade
The EGX 30 closed down 0.6851% at 52,564.4 on June 3, with trading framed by mixed first-quarter earnings and fresh corporate activity. Telecom Egypt posted Q1 net profit of EGP 3.57 billion, down 23% year on year despite 14% revenue growth, according to TradingView, ZAWYA and Telecompaper, while Abu Qir Fertilizers reported quarterly net profit of EGP 5.63 billion, according to TradingView. Juhayna Food said Q1 profit more than doubled to EGP 668.6 million, Billionaires.Africa reported, while Elsewedy Electric acquired a majority stake in Thomassen Service and approved a capital reduction tied to ESOP shares, according to ZAWYA. In dealmaking, Orascom Construction formed the Everwater joint venture with Trojan Construction Holding, TradingView reported, while Talaat Moustafa Group launched a strategic entertainment alliance with Sela, according to Arab News.
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EGTS posted the day’s strongest move, soaring 12.9% to EGP 19.9 versus a 0.95% rise in the EGX 30. The rally came as property names outperformed, the Egyptian pound strengthened to 51.67 per dollar, and Brent eased to $91.49 a barrel.
EGX 30 rises 0.95% as Orascom deals and Telecom Egypt sale drive flow
The EGX 30 closed up 0.95% at 52,374.8 on June 9, with deal flow and earnings setting the tone. The government completed the sale of a 10% stake in Telecom Egypt in the final tranche of the transaction, Ahram Online reported, while EFG Hermes led a landmark EGP 5.1 billion corporate bond issuance for EGP Corp-Solutions, according to ZAWYA. Orascom Construction sealed 2 contracts tied to Cairo Metro Line 4 and the high-speed rail project, Ahram Online said, after reporting quarterly net income of $24.5 million, according to the same source. Cleopatra Hospital also posted Q1 standalone profit of EGP 132.8 million, according to TradingView.