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.