The EGX30 fell for a third day in a row, shedding 0.2% at today’s close on turnover of EGP 1.2 bn (19.1% below the 90-day average). Local investors were net buyers. The index is up 3.8% YTD.

In the green: Orascom Investment (+5.4%), Orascom Financial (+3.1%) and Edita (+2.2%).

In the red: MM Group (-1.3%), Cleopatra (-1.0%) and Abu Qir Fertilizers (-1.0%).

EARNINGS WATCH- MM Group reported a 20.3% y-o-y decline in net income in FY20 to EGP 366 mn, down from EGP 459 mn in FY19, the consumer stalwart said in its annual earnings statement (pdf). The company’s consolidated revenues fell 11.7% y-o-y to EGP 8.7 bn, down from EGP 9.8 bn in the same period last year. The company’s consumer electronics division (accounting for more than 69% of consolidated revenues) came under pressure as mobile segment revenues fell just over 21%. Revenues at its telecoms business were down nearly 10% while revenues at its automotive business were flat due to timing differences on deliveries that pushed more than 100 units to 1Q2021.

M&A WATCH- Remco’s EGM has approved a bid from Bayt El Khebra’s Technolease to acquire 99.95% stake in Orient Tours, the company said in an EGX disclosure. Remco’s stake in Orient Tours is worth around EGP 1.09 bn according to a valuation by Solid Capital Financial Advisory.