Five EGX-listed companies are buying back their own shares after the sell-off

Here are the stories driving the day, both at home and abroad. Five EGX-listed companies are running share buybacks this week, three of which approved their programs days after the sell-off that triggered the bourse’s first trading halt since 2021. Ibnsina Pharma’s board signed off on 25 October, Edita’s on 26 October, and Taaleem’s on 29 October, while Pioneers Properties for Urban Development (PRE Group) and Bonyan for Development and Trade already had programs running.

Buying picked up mid-week even as the market started to recover. Bonyan made its two largest purchases this week, buying 2.62 mn shares on Tuesday and another 2 mn shares on Wednesday, according to bourse filings (here and here). The EGX30 gained 2.83% on Wednesday to close at roughly 50.7k points, its second consecutive session of gains, with foreign institutions net buyers of EGP 338.7 mn. Edita, meanwhile, made its largest purchase on Monday, buying 1.68 mn shares (pdf).

^^We’ll have more on this story in Sunday’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- Looks like Cairo’s getting its first taste of winter this weekend, with Friday topping out at 25°C before a chance of afternoon rain cools things down to a 17°C low, according to our favorite weather app.

MAKING HEADLINES ABROAD-

This afternoon’s news cycle is still heavily dominated by the results of the US Midterm elections. Making headlines elsewhere, however, are multiple reports of bomb threats against several flights across Europe for the second time this week. At least 15 flights across Europe received bomb threats today, triggering diversions, emergency landings, and security inspections at airports in several countries. One Aer Lingus flight from Dublin to Rome was diverted to a French military base in Evreux, while a London-to-Sofia Ryanair flight landed in Plovdiv, Bulgaria.

Authorities have since cleared several aircraft, with inspections in Prague, Rome, Brussels, Bucharest, and Bulgaria finding no explosives or suspicious materials. The threats also prompted police deployments and emergency security measures, including preparations for four incoming flights at Prague Airport. The incidents mark a second wave of aviation disruption this week, following similar threats on Tuesday that affected at least seven flights and a cruise ship across Europe. None of those earlier threats led to the discovery of explosives, and authorities have yet to establish whether the incidents are connected or part of a coordinated campaign.