EGX 30 falls 1.56% despite flurry of telecom and energy announcements
The EGX 30 closed down 1.56% at 54,796.6 on September 14, despite a run of corporate announcements across energy, telecoms and digital infrastructure. Elsewedy Electric drove much of the flow between September 8 and September 10, with 1 partnership to establish a data center according to TradingView, the energization of 1 50 MW storage asset in Greece according to Solarbytes, and the acquisition of a majority stake in Thomassen Service according to Zawya. In telecoms, Telecom Egypt signed 2 separate subsea cable agreements in the Red Sea and the Mediterranean according to Communications Today and Broadcast Media Africa, while EG-IX peaked near 1 Tbps across 18 member networks according to tech dot africa. In financial services, EFG Hermes won FRA approval to test 1 NFC ePassport verification tool for foreign investors according to TechAfrica News, while EnterpriseAM reports that Value8 asked Dutch courts to freeze Orascom Construction’s proposed merger with OCI Global.
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