-Annual urban inflation in March recorded 10.5% YoY up from 8.8% in February, lower than our projected 11.3%. 

-The recently recorded inflation rates and inflation outlook room for another 100 bps rate hike.  Being aware of the costs of high interest rates on the real and fiscal sides at this stage, we believe the CBE will wait and monitor the markets’ reaction to March’s 100 bps hike, before raising borrowing costs once again. The Fed decision in early May and the momentum of Fed tightening will play a role here. 

-A delegation is soon heading to India to look into importing Indian wheat.

-Vika Egypt submitted an offer to purchase up to 56.063 million shares of Sinai Cement, or 42.12%, at a value of EGP377.8 million pounds, and an average price of 6.74 pounds per share (close to market price). Sinai Cement is reporting losses and has a negative book value. The plant has an annual capacity of 1.1 million tons per annum of white cement.  

-EKHO will distribute DPS of USD0.07 (DY 5.5%) payable on 21/04 with a record date of 18/07.  

-EFIC will distribute EGP2.00 (DY 12.3%) in two equal installments. The record date is 19/04, while distribution dates are 26/04 and 31/07.