EGX 30 slips 0.18% as Elsewedy unit joins rail consortium
The EGX 30 fell 0.18% to 52,585.7 on June 22, extending the near-flat market tone flagged on June 21, when PHAR jumped 5.7% on EGP 176.4 million in turnover, according to analyst notes. Elsewedy Electric said its Rowad Modern Engineering unit has joined an Alstom-led consortium for rail projects in Egypt, ZAWYA reported. In technology, Telecom Egypt, the NTRA and the Arab Academy launched the first Cybersecurity Innovation Lab, according to Tech Review Africa. Corporate news flow stayed active with at least 8 filings on June 21, including AGM resolutions, board meetings and disclosure forms for AREH, MICH, DSCW, SPMD, GMCI, ELWA, MASR, PRDC and BINV.
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Cairo Stock Exchange — ELKA Jumps 7.3% Even as EGX 30 Slides 1.66%
ELKA rose 7.3% to 1.33 EGP on Monday, defying a 1.66% drop in the EGX 30. The session highlighted selective resilience in construction names as the Egyptian pound weakened to 56.22 per dollar, pressuring heavyweight stocks.
EGX 30 drops 1.66% as IPO pipeline drives Cairo headlines
The EGX 30 closed down 1.66% at 48,416.9 on October 26. Primary market news led the flow, with EFG Hermes completing its role on MNT-Halan’s EGP 7.84 billion IPO, described as Egypt’s largest listing since 2021, according to Arab Finance, Gulf Business and شبكة تواصل الإخبارية. EFG Hermes is also set to begin promoting the Misr Life Insurance and Egypt Education Platform IPOs in November, while EFG Hermes and CI Capital are to lead the Banque du Caire IPO after an indicative price range was set, according to waya.media and ZAWYA via TradingView. In stocks, Abu Qir Fertilizers rose 4.00% on October 19 ahead of results, according to ad-hoc-news.de, while Juhayna secured a loan for a citrus expansion, AD HOC NEWS reported, and Talaat Moustafa Group signed a deal covering 4 Egyptian projects worth $202 billion, according to Fast Company Middle East.
Release from Bonyan for Development and Trade (BONY.CA) Regarding the Purchase of Treasury Stocks