The EGX30 climbed 2.5% during trading yesterday, leaving it just shy of 24k by the end of the session. The benchmark index is up 64% year-to-date in EGP terms. The combination of a widely anticipated devaluation and concerns about the impact of the war in Gaza have caused the rally to accelerate over the past month. The EGX30 and gold have both climbed more than 20% in the past five weeks alone.

The prospect of the EU receiving more liquefied natural gas (LNG) from Egypt in the short and medium term looks unachievable due to tight gas balances and reduced imports form Israel., Reuters said, citing Oxford Institute of Energy Studies (OIES).

Abu Dhabi Tourism Investments Company, owned by the Abu Dhabi Fund for Development, intends to investment USD161 million to develop 3 hotels in Egypt.

SWDY reported expectedly solid 3Q23 consolidated results. Attributable earnings stood at EGP2.5 billion (+108% YoY, -6% QoQ), bringing 9M23 earnings to EGP8.1 billion (+161% YoY).  SWDY is currently trading at FY24e P/E of 6.2x and EV/EBITDA of 5.3x.

SWDY Board of Directors accepted the resignation of Sherif El Zeiny in his capacity as the Group’s Vice President and Chief Financial Officer effective November 14, 2023.

EGAL reported solid financial indicators for 1Q23/24. Net profit after tax for the quarter surged more than 2.5-fold YoY to EGP1.6 billion and up from a loss of EGP225 million in previous quarter supported by healthy margins. EGAL is currently trading at FY23/24e P/E of 5.1x and EV/EBITDA of 4.3x.

HELI (FV: EGP18.84, OW) Board approved proposals on how to use the Heliopark land sale proceeds including 1) buying a land plot, 2) developing New Heliopolis, and 3) paying off debt, and approved an offer from an investor to co-develop a 77 feddan land plot in New Heliopolis on a revenue share basis. 

HELI refuted media reports that the Holding Company for Construction and Development values HELI at around EGP20.0 billion and intends to sell its stake to a strategic investor.

EAST announced yesterday that the total selling prices, not just the tax, will be increased by 12% annually for a period of five years. 

DICE founders yesterday upped their offer to buy back shares to EGP0.80/share, up from the EGP0.65 offered previously.

Saudi conglomerate Tamer Group could acquire 30% of Egyptian pharma wholesaler United Company of Pharmacists (UCP) for USD35 million before the end of this year, according to local press.

British multinational lender Standard Chartered Egypt expects to begin operations by the end of 2023. 

The FRA released August 2023 reports outlining that the total financing granted through non-banking financing services providers amounted to EGP49.8 billion. 

CICH completed a deal to issue securitization bonds worth EGP255 million for AUR Company for financing medium, small and micro Projects.

A recent Kuwaiti government document stated that the Kuwait Investment Authority agreed with the CBE on a joint path to exit their shares (49.36%) in the Arab African International Bank.

Oil prices fell another 2.5% yesterday, slipping to their lowest levels in over three months on concerns over falling demand in the US and China. Brent crude futures fell 2.5% to their lowest since mid-July at USD79.54/bbl.

Hutchinson Ports Company aims to pump USD2 billion investments into Egypt in the coming years, and continue cooperation in local ports such as Sokhna Port.