EGX 30 falls 1.03% as Elsewedy unveils $200 million in projects
The EGX 30 closed down 1.03% at 49,825.6 points on June 29, with trading framed by a string of corporate announcements. Elsewedy Electric launched 3 strategic industrial projects worth $200 million, according to ZAWYA, with intlbm on June 25 highlighting the same $200 million push through a circular-economy angle. OCI N.V. said on June 24 it had received an unsolicited voluntary cash offer from NNS at EUR 4.10 per share, according to TradingView. Orascom Construction’s stake held by Sustainable Capital Africa Alpha Fund fell to 14.98% on June 26, while EFG Hermes completed advisory work on Premium’s EGP 239 million securitized bond issuance, ZAWYA reported via TradingView.
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Two cyclical names led EGX today even as the EGX 30 fell 1.03% to 49,825.6. IRON and EGTS rose nearly 5% in a market split between a softer dollar, selective buying and profit-taking in heavyweight stocks.
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