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The EGX30 rose 0.4% at today’s close on turnover of EGP 4.4 bn (171% above the 90-day average). Local investors were net sellers. The index is up 6.4% YTD. In the green: Orascom Construction (+8.2%), Cleopatra Hospitals (+7.4%) and e-Finance (+7.3%). In the red: CIB (-3.9%), Palm Hills Development (-3.5%) and Alexandria Containers and Cargo […]
Author Archives: enterpriseam admin
Posted inSports
End of a sporting era as several GOATs retired last year
Goodbye to the GOAT: 2022 saw the retirement of several of the world’s Greatest Of All Time (GOAT) athletes. Roger Federer left tennis in September, following Serena Williams’ departure in September after competing in the US Open. Sebastian Vettel spun doughnuts on his way out after the November Abu Dhabi Grand Prix. Shaun White got […]
Posted inCALENDAR
JANUARY January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time. January: Fuel pricing committee meets to decide quarterly fuel prices. January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power. January: Global Auto to restart BMW assembly in Egypt. 15 January (Sunday): Tourism Minister Ahmed Issa to speak […]
Posted inWhat We're Tracking Today
THIS MORNING: Goldman Sachs thinks the EGP has further to fall — even though its has probably already overshot its fair value
Good morning, friends, and welcome to the first “big” news day of 2023. THE BIG STORY HERE AT HOME remains the EGP, but we also have news of CIB getting in on the high-yield CD frenzy, the Finance Ministry’s five-year tax policy document, and the World Bank’s move to (slightly) downgrade Egypt’s growth forecast. EGP […]
Posted inUncategorized
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Posted inEconomy
IMF breaks down the details on our USD 3 bn loan
IMF releases breakdown, timing + conditions of our USD 3 bn facility: The IMFyesterday published a package of documents (pdf) on our USD 3 bn loan agreement, shedding light on the disbursal timeline as well as separate external financing it expects us to receive on the back of the program — and the long laundry […]
Posted inEconomy
Inflation hits new high on weaker EGP
Inflation rose to a fresh five-year high in December as the impact of successive currency devaluations continued to feed through to the economy. Figures released yesterday by state statistics agency Capmas showed annual urban inflation jumped to 21.3% in December, up from 18.7% the month before, driven by surging food costs. This is the highest […]
Posted inInfrastructure
ADQ’s Abu Dhabi Ports looks to invest in Suez Port
ADQ-owned Abu Dhabi Ports Company is in talks with the Madbouly government to take over the development and management of the Suez Port, Bloomberg Asharq reports citing anonymous sources it claims are familiar with the conversations. ADP would run the port under a usufruct contract. Third port’s a charm: ADP has been pushing aggressively into […]
Posted inEnergy
Apex acquires shares in six oil concessions from Eni
Egypt-focused oil and gas firm Apex International Energy will acquire shares in six producing oil concessions in the Western Desert from Eni, the company said in a statement yesterday. The assets will raise Apex’s production by 65% to 11.5k barrels per day, which the company says will make it the eighth-largest oil producer in Egypt. […]