Tuesday, 22 March 2016

The Great Investment Banking Shake-Out of 2016 Continues: Arqaam acquires Akanar while Naeem and Mubasher eye AT Brokerage.

TL;DR

Cabinet shuffle now expected today… (What We’re Tracking)

Arqaam Capital acquires Akanar Partners + Naeem, Mubasher look to acquire AT Brokerage. (Speed Round)

Domty shares begin trading today. (What We’re Tracking Today)

EGP devaluation is credit positive, Fitch says + CBE still tussling with FX bureaus over parallel rate. (Speed Round)

Phasing out electricity subsidies could go beyond 2019. (Speed Round)

Centamin 2015 profit drops, production rises 16% from Sukari mine. (Basic Materials + Commodities)

Medical Supply Division to continue imports despite devaluation. (Health + Education)

South Sinai investor calls on gov’t to break reliance on charter flights. (Tourism)

Mazda could expand manufacturing to Egypt. (Automotive + Transportation)

Is a ban on luxury goods coming? (Egypt Politics + Economics)

By the Numbers

WHAT WE’RE TRACKING TODAY

The cabinet shuffle is set to be announced Tuesday morning at the latest, after President Abdel Fattah El Sisi and Prime Minister Sherif Ismail met for three hours on Monday to discuss a finalized list of nominees, according to cabinet sources, Al Shorouk reports. Among the portfolios that widely expected to change hands: investment, finance, tourism, transport, education, justice, irrigation, health, environment and antiquities. Al Masry Al Youm had a roundup of the latest gossip late last night, but it’s rather weak fare at this point.

While we wait for the final shape of cabinet, El Sisi is kicking off what sounds like an old-fashioned ‘listening tour,’ with Al Ahram’s front page this morning is reporting that the president will hold a series of “dialogue sessions … with politicians, intellectuals and journalists from across the political spectrum as part of a comprehensive national dialogue on the nation’s progress and priorities.”

Domty begins trading on the EGX this morning under the ticker symbol DOMT.CA. Shares will open at EGP 9.20, giving the company a market cap this morning of EGP 2.3 bn. EFG Hermes Promoting & Underwriting was sole global coordinator and bookrunner for the offering. Akanar Partners were financial advisor, Baker & McKenzie LLP was international counsel to the issuer, while Matouk Bassiouny served as local counsel.

The CBE is holding its only FX auction for the week today at 11:00 am, expected to inject USD 120 mn into the market. The number of weekly FX auctions was cut down from three a week to just one, which will be held every Tuesday.

The CBE’s Coordinating Committee will hold an emergency meeting today to discuss the impact of the devaluation and rising interest rates on inflation. Sources tell Al Borsa that the meeting will not be impacted by the upcoming cabinet shuffle, despite membership of the economic group ministers, who will reportedly be replaced in the committee.

GB Auto will hold its 4Q2015 results call today at 16:00 CLT, with speakers including Chairman and CEO Raouf Ghabbour, CFO Mostafa El Mahdi, and CIO Mena Sadek. Details here (pdf).

AmCham is holding its Women in Business: The Key to Economic Growth summit on today. The conference will also announce the regional winners of the fourth AmCham MENA Council Women Awards.

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WHAT WE’RE TRACKING THIS WEEK

Madinet Nasr for Housing and Development (MNHD) are holding their 4Q2015 results call tomorrow at 16:00 CLT, with speakers including CEO Ahmed El Hitamy, CFO Mohamed Abdel Salam, and IR Manager Salah Katamish.

ON THE HORIZON

Saudi Arabia’s King Salman is said to be making a visit to Cairo on 4 April for talks with senior Egyptian officials including President Abdel Fattah El Sisi, according to a statement from the Saudi Embassy in Cairo.

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SPEED ROUND

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Akanar Partners is now Arqaam Capital’s investment banking division: Arqaam Capital, the specialist emerging markets investment bank, has acquired Akanar Partners, Arqaam says. Akanar’s team of 15 will be fully integrated and lead corporate finance efforts across Arqaam Capital’s regional footprint and sees it as a chance to “build scale and capabilities within the M&A advisory services space.” Arqaam and Akanar will continue to serve existing clients “with enhanced access and superior product offerings” across the GCC and sub-Saharan Africa. Matouk Bassiouny represented Akanar Partners in the merger and its role role included advising on the transaction structuring and assisting in the negotiations of the transaction documents. The were no details provided on the value of the agreement or on the other advisors involved. Since its establishment in 2009, Akanar Partners has advised on more than 17 M&A, capital markets and debt transactions with a total value of over EGP 7.0 bn.

… Arqaam Capital is gearing up to set up an EGP 50 mn holding company in Egypt before the end of the year, Al Borsa reported. The holding company will join together Akanar Partners and Arqaam Securities Brokerage.

And the Great Investment Banking Shake-out of 2016 continues: Naeem Holding has signalled its intent to acquire AT Financial and its affiliate non-listed brokerage house AT Brokerage, according to a statement to the EGX, Al Mal reports. Naeem will make an offer once it concludes the legal, financial, and technical studies of the acquisition. Mubasher is also looking to make a move on the brokerage, a source from the company tells Al Borsa, but has not yet made a formal offer. Sigma Capital was also looking to acquire the brokerage “several months” ago but talks fell through, according to the Al Borsa source.

The EGP devaluation is broadly credit positive, but Egypt continues to face “a difficult year of slower growth, high inflation and large financing needs,” Fitch Ratings says. While viewed as credit positive, the changes the Central Bank of Egypt implemented are expected to have fiscal implications in higher government borrowing costs, as per Reuters. Fitch forecasts a further exchange rate weakness to over EGP 9 per USD 1 in 2016 and believes that, if FX constraints still persist, Egypt could turn to the IMF and believes “an IMF programme is within reach if required by the authorities.” It says that what the CBE means by its adoption of a “more flexible exchange-rate policy” remains unclear and expect upward pressure on prices, particularly if VAT is implemented this year.

The Supply Ministry will communicate with FX bureaus every day to determine the market FX rate and notify the CBE and domestic media of it, Supply Minister Khaled Hanafy says. This is to prevent currency speculation and to communicate market information to importers, Hanafy explained, according to Al Ahram. The efforts are aimed at stabilising the exchange rate and instating a stable mechanism to buy and sell USD. The head of the FX bureau chamber reiterated calls to build an interbank channel between banks and the registered bureaus to halt any smuggling activities. He also called on the CBE to allocate part of its FX auctions to the bureaus.

The EGP weakened to EGP 9.60 per USD on Monday despite assurances by FX bureaus that exchanges would stick to the official rate, AMAY reports. Several traders attributed the rise to the greenback being in short supply. Speaking of the bureaus, the CBE denied a Bloomberg report stating that it would reduce the number of FX bureaus from 140, with Deputy CBE Governor Gamal Negm telling Al Borsa that a company cannot be shut down without a lawful purpose.

Phasing out electricity subsidies could go beyond 2019, Electricity Minister Mohamed Shaker said, according to Al Mal. Electricity subsidy reform began since 2014 and the subsidy was supposed to be removed completely  by 2019. Shaker said the delay in implementing the reform was due to the EGP devaluation and the increase in spare parts, maintenance, and production prices. Shaker refused to comment on potential electricity price changes or on the possibility of introducing new consumption tranches.

The partners in Israel’s Leviathan gas field are looking to raise up to USD 4 bn to develop the field and are in talks with banks on funding plans, Bloomberg said. Sources added that the two partners, Noble Energy and Delek Group, are also in talks to export 10 bcm of natural gas annually to Turkey. Noble and Delek had entered into non-binding negotiations with Dolphinus Holdings last November to supply Egypt with as much as 4 bcm annually for 10-15 years.

A gag order has been imposed on the case of foreign funding for NGOs until the formal investigation and case is complete, head of the Judicial Investigation Commission Hisham Abdel Hamid said on Monday, AMAY reports. The ban print, broadcast and online media — foreign and domestic. Secretary of State John Kerry had decried the reopening of the case earlier this week.

THE MACRO PICTURE

Moody’s believes Gulf petro-states will have to rely on debt markets as their fiscal deficits rise due to tumbling oil prices, Mathias Angonin, a Dubai-based senior sovereign analyst with Moody’s, tells the FT (paywall). “Our assumption is that a growing share of the deficits will be financed by debt, a lower share by reserves going forward,” he said. Moody’s downgraded Bahrain and Oman and will decide at the end of May whether or not to adjust down the high ratings of Saudi Arabia, the UAE, Qatar, and Kuwait, writes the FT.

In other emerging markets news, China’s benchmark stock index hit above 3,000 points for the first time in two months and turnover surged after policy makers loosened controls on margin lending, Bloomberg writes. Reuters obtained an email sent from China’s central bank to the Fed dated July 27, 2015 with the subject line “Your urgent assistance is greatly appreciated,” after being faced with a sharp decline in stock markets last year. “In a message to a senior Fed staffer, the PBOC’s New York-based chief representative for the Americas, Song Xiangyan, pointed to the day’s 8.5 percent drop in Chinese stocks and said ‘my Governor would like to draw from your good experience.’”

Across the pond, US stocks ended in the green yesterday while European shares fell, led by energy producers and miners. As for commodities, oil made a comeback amid “speculation that the global crude glut will decline as U.S. production slips,” according to Bloomberg. Gold dropped as the “gold-to-silver ratio just fell below 80, and the last three times that happened silver outperformed gold by 60 to 302 percentage points in the next two or three years.”

European bank chiefs are warning that “ultra-loose” monetary policies could push some institutions into taking greater risks “as they seek to protect profit margins,” according to the FT (paywall). The suggestion comes as news emerged that Europe will be making companies disclose more clearly the taxes they pay and profits they make in individual countries to quell the concealment of untaxed cash, according to the salmon-colored newspaper .

EGYPT IN THE NEWS

Hamas is reportedly expunging images or slogans associated with the Muslim Brotherhood from its streets and mosques in what is looking like an attempt to curry favor with Egypt, the Jerusalem Post reports. Hamas’ Public Works Department began removing images of senior Muslim Brotherhood leaders, including founder Hassan al-Banna and ousted Egyptian president Mohamed Morsi, according to a story that broke on Al Sharq Al Awsat. Hamas has also erected a banner in central Gaza reading, “The resistance does not direct its weapons to the outside, our compass is directed to Palestine’s liberation,” which JP says “delivers a placating message to Egypt, according to which it will not intervene in the latter’s internal arena.”

Mashable and BuzzFeedNews are picking up on an Al Jazeera story about 17-year old student Ragaa Imara being sentenced to eight years in prison, five years for “spreading hatred of the regime” on Facebook and three for being part of the banned Muslim Brotherhood. Imara is accused of maintaining the Facebook group Students Against The Coup, which needs no further explanation. In 2013, an Alexandria court attempted to sentence several teenage girls for being part of the brotherhood.

Is North Korea’s ambassador to Cairo about to depart? New US sanctions imposed on North Korea earlier this month over Pyongyang’s nuclear development efforts place North Korea’s ambassador to Egypt, Pak Chun Il, on a blacklist. According to UPI, an unnamed source in Egypt told Radio Free Asia that Pak played a key role in establishing an Egyptian branch of Pyongyang’s Korea Mining Development Trading Corporation, which is also under sanctions. On Friday, the sanctioned North Korean ambassador in Myanmar was replaced.

Egypt had a small part to play in the New Yorker’s Exporting Jihad, a piece on Tunisia after the Arab Spring. “Tunisia is the only country to emerge from the Arab revolutions of 2011 as a functioning democracy. Egypt, Libya, Yemen, Bahrain, and Syria have returned to dictatorship, descended into chaos, or both. Tunisian president Beji Caïd Essebsi gave an interview to the Washington Post earlier this week in which he made mention of Egypt in similar light. Essebsi said that Islamist party Ennahda’s participation in the country’s transformation was critical to its success. “If you are a democrat, you cannot tell them they don’t exist. We took this fact into consideration and now we have a stable state much better than in other countries. If Ennahda hadn’t worked with us, there was a risk of the Egyptian scenario.”

WORTH READING

‘‘I predict that the number of branches and people employed in the financial-services sector may decline by as much as 50 percent.” The New York Times wonders: “Hundreds of financial analysts are being replaced with software. What office jobs are next?” Regardless of the industry you work in, if you work in a “knowledge industry” and wonder what the future of work might be like for your kids, you’ll want to make yourself a cup of coffee this morning (bonus points if you make it Irish), put your feet up on your desk, and read The Robots are coming for Wall Street.

WORTH WATCHING

Next generation office warfare: How to build a mini wooden crossbow that shoots toothpicks. Arm yourselves, but careful you don’t put someone’s eye out. (Watch, running time: 4:16)

DIPLOMACY + FOREIGN TRADE

President Abdel Fattah El Sisi will visit Khartoum “soon,” Sudan’s Culture and Information Minister Ahmed Bilal Osman told local news agency Ashorooq. El Sisi will discuss with President Omar Al Bashir developments regarding the Grand Ethiopian Renaissance Dam, among other issues.

Transport Minister Saad El Geyoushi discussed the ministry’s preference to rely on direct investments in projects instead of loans at his meeting with China’s ambassador to Egypt on Monday, AMAY reports. The discussion focused on the projects undertaken by Chinese companies, including the cancelled electric railway line project with the Aviation Industry Corporation of China — a project that stalled due the ministry’s condition that it rely on direct investments.

ENERGY

EGAS unaware of any intention by Eni to sell part of the Shorouk concession
EGAS has not been contacted by Eni about selling part of its Shorouk concession, an official from EGAS told Al Borsa. According to the agreement signed with Egypt, the company is required to get Egypt’s permission before selling part of the concession. Even if Eni decides to sell, the buyer will have the same contractual commitments, the source adds.
(Read in Arabic)

Domestic gas demand will hit 5.5 bcf per day in the summer months, says EGAS
EGAS estimates that domestic natural gas demand will be around 5.5 bcf per day in the summer, excluding demand from the Idku and Damietta liquefaction plants, a source told Al Borsa. The source added that demand from fertilizer and steel producers alone have reached 510 mcf per day and 210 mcf per day respectively. EGAS halted the supply of natural gas to certain fertilizer manufacturers last summer due to rising costs and diminishing production from the factories. (Read in Arabic)

Enppi expands internationally, targets Saudi Arabia
Enppi is expanding its international business activities to boost revenues, the company announced. Enppi is looking at Saudi Arabia specifically, where the company was awarded two contracts with Aramco and Yanbu Aramco Sinopec Refining. The company is also reopening its Abu Dhabi branch, allowing it to list as a general contractor at the subsidiaries of the Abu Dhabi National Oil Company. Enppi is currently executing 17 oil, gas, and petrochemical projects domestically and internationally at a total cost of USD 350 mn, said company Chairman Emam El Saeed. (Read in Arabic)

Electricity Ministry hopes to conclude talks with Al Nowais over coal plant in three months
The Electricity Ministry is hoping to conclude talks with Abu Dhabi-based Al Nowais Investments to build a coal-powered plant in Eyoun Moussa in three months, said Electricity Minister Mohamed Shaker. Both parties have reached an agreement on the legal, technical, and contractual aspects of the agreement and are currently discussing the final price of electricity generated from the plant, Shaker added. Talks over the power plant have been ongoing for well over a year since the project was first announced. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

Centamin 2015 profit drops, production rises 16% from Sukari mine
Centamin reported 2015 results yesterday, with pre-tax profit dropping 28.3% to USD 58.4 mn, although overall revenue rose 7.6% to USD 508.4 mn, according to a company statement. Gold production from the Sukari gold mine increased 16% y-o-y in 2015 to 439k ounces from 377k, Centamin said. The company’s operational costs have gone down to USD 713 per ounce produced from USD 729 due to lower oil prices. Centamin sold a total of 437k ounces in 2015 year with cash from operating activities at USD 185.8 mn, compared to 375k ounces sold in 2014 with cash totaling USD 116.8 mn in 2014. (Read)

Juhayna unfazed by devaluation, says it depends on local inputs
The EGP devaluation against the USD has a limited impact on Juhayna’s operational costs because almost all production requirements are sourced domestically, the company’s head of quality control Maha Mesbah said. The devaluation will not have any impact on quality either, she added, noting that the impact will be mitigated through increased exports. Mesbah explained that Juhayna is engaged in backward integration, is setting up its own dairy farm, and already possesses a 300-tonne fruit processing and packaging plant. (Read in Arabic)

Coca Cola responds to FX shortage, switches to domestic inputs
Coca Cola Egypt has begun switching to using domestic inputs because of the FX shortage, Al Mal was informed. The company is using local packaging, water, and sugar and pays suppliers in EGP. Still, Coca Cola reiterated its commitment to follow through with its planned USD 500 mn investment until 2020. The company’s regional marketing head also added that Coca Cola only repatriates profits if USD is made available. (Read in Arabic)

Kazyon inks government cooperation protocol to build 65 retail outlets
Hard-discount chain Kazyon will open 65 outlets in 16 governorates this year after signing a cooperation protocol with the Internal Trade Development Authority (ITDA). The government prioritises domestic trade is being because it creates jobs at a low cost and and expands the provision of basic commodities, Supplies Minister Khaled Hanafy said. Kazyon had already built 10 outlets in eight governorates over the past two months, ITDA’s head said. (Read in Arabic)

MANUFACTURING

Poland’s Pietrucha could relocate its regional hub to Egypt, assess investment opportunities
Plastic materials manufacturer Pietrucha is interested in relocating its regional hub to Egypt, the company’s head of sales Robert Koroski said at a roundtable meeting set up by the Egyptian Businessmen’s Association. The company is looking to enter Egypt and has already submitted proposals to five domestic companies suggesting a partnership, he added, with Samcrete being the likeliest partner. Pietrucha had expressed its intention to pump investments in the Suez Canal area development project. (Read in Arabic)

Polyee Plast to inaugurate EGP 45 mn polycarbonate factory in two months
Polycarbonate sheet manufacturer Polyee Plast will inaugurate a new EGP 45 mn factory within two months, company Chairman Amr Fotouh told Al Borsa. The new factory is located in Badr City and is built on over an area of 8,000 sqm, he added. The factory will increase Polyee Plast production to 600 tonnes per month from 200-300 tonnes at the moment. (Read in Arabic)

HEALTH + EDUCATION

Medical Supply Division pledges continued imports despite devaluation
The Medical Supply Division at the Cairo Chamber of Commerce has pledged to continue importing medical supplies for Health Ministry centers and hospitals according to agreed upon tenders despite devaluation, said division head Mohamed Ismail Abdo. The division has prepared a memo for Prime Minister Sherif Ismail and Health Minister Ahmed Rady asking for a reduction on future contract periods to one year instead of three or four to amend the value of current tenders by 10% to correlate with the devaluation, he added. The division has also rejected the proposed law creating a ‘higher authority for medication’ on the grounds of it lumping together medical supplies and pharmaceuticals and consisting primarily of pharmaceutical representatives, said Abdo. (Read in Arabic)

Administrative Court upholds fixed taxation rates on pharmacies
The Administrative Court upheld a 2005 taxation agreement between the Tax Authority and the Pharmacists’ Syndicate that sets a fixed taxation rate on certain products, including medicines, cosmetics, and powdered milk. The court overturned a decision by the Finance Ministry to set new taxation rates on pharmacies, Al Mal reports. (Read in Arabic)

TOURISM

South Sinai investor calls on gov’t to break reliance on charter flights
Breaking Egypt’s dependence on charter flights and big-name travel agencies topped a list of recommendations drawn up by Atef Abdel Latef, member of the South Sinai and Marsa Alam investors associations, to help increase the number of tourist arrivals. Abdel Latef posits that Egypt has been beholden to 21 major travel agencies and that diversifying EgyptAir’s partnerships with numerous smaller players would help mitigate the effects of travel bans on the country. He also claims that relying on charter flights has not been working and called for regular scheduled flights by EgyptAir. He also recommended facilitating online visas, in addition to making tours and accommodation cheaper. (Read in Arabic)

Emirates reducing fares for Egyptian travellers
Emirates has reduced airfares for Egyptians travelling to Dubai and select Asian countries on economy class for a limited time. The price reduction applies to tickets booked online between 1-14 April 2016 to travel between 1 April and 5 July 2016. Destinations under the  offer include Bangkok, Kuala Lumpur, Bali, Phuket, and Singapore. (Read)

AUTOMOTIVE + TRANSPORTATION

Mazda could expand manufacturing to Egypt
Egypt is among five countries Mazda is considering expanding production to in the next three years, Al Mal reported. Mazda currently produces 1.75 mn vehicles annually and, if plans to increase production to 2.5 mn vehicles are achieved, it could begin producing cars in Egypt, the head of the Mazda division at GB Auto says. (Read in Arabic)

Auto assemblers threaten increased layoffs, reduced output
Some auto assemblers are threatening to increase layoffs in response to the “stagnant” market conditions, Hussein Suleiman, head of the Egyptian Automobile Manufacturers Association said. Assembly plants have already begun reducing their output, Suleiman added, blaming the EGP devaluation and ensuing economic uncertainty. Sales have dropped 50% y-o-y domestically, he added. (Read in Arabic)

BANKING + FINANCE

No decision made on how to float United Bank, chairman says
No final decision has been made yet on how and when to sell the United Bank, Chairman Ashraf El Kady said. While the intention to float is there, the details of any action will be decided by the CBE. The bank is currently updating its technological infrastructure in partnership with Misys, but the development has nothing to do with offering up the bank for sale, El Kady told Daily News Egypt. (Read)

EGYPT POLITICS + ECONOMICS

Another bid to ban import of luxury goods?
Egypt must place a ban on the imports of luxury goods for three years as they are responsible for an USD 11 bn shortfall in the balance of payments, head of the Investors Union Farid Khamis said in a press conference on Monday, Al Borsa reported.

FY2016-17 budget projections expose confused taxation policies
The Finance Ministry is projecting a EGP 12 bn growth in tax revenues in the FY 2016-17 budget to EGP 434 bn despite a projected GDP growth of EGP 400 bn to EGP 3.2 tn, senior government sources tell Al Mal. These projected tax increases are not attributed to the value-added tax (VAT). EGP 30 bn of the EGP 100 bn increase projected in the FY2015-16 budget was supposed to come from the VAT, which, if implemented this year, would see revenues from it tacked on to the following year’s budget. House Budget Committee member Ashraf Al Araby criticized the contradiction in projecting such a high growth in GDP and the low tax revenue growth. Lower rates of economic growth compared to projections in previous budgets point to an unstable and confused taxation policy, he added. (Read in Arabic)

Union of Investors sends report on Sinai development to president
The Egyptian Union for Investors Associations (EUIA) sent a comprehensive development study for Sinai to President Abdel Fattah El Sisi, said head of the EUIA Farid Khamis at the union’s board meeting yesterday. The study identified key areas for industry, mining, and petroleum investments, Al Mal reports. Khamis promised that the EUIA would send a memo to the cabinet to highlighting key investor demands that have been neglected by the government. Among these was the need to issue permanent licenses for factories in Upper Egypt, the lack of which has hindered the ability of investors to obtain loans.

Suez Canal Economic Zone VP meets DP World to talk Suez Canal port upgrade
A Suez Canal delegation headed by Deputy Head of the General Authority of Suez Canal Economic Zone Abdel Qader Darwish met with Dubai Port Authority officials in the UAE on Monday to discuss developing ports in the Suez Canal, Al Ahram reports. Darwish said the visit falls within the framework of advancing the methods used to manage supply stations to bolster services to ships in the Suez Canal and Port Said. (Read in Arabic)

ON YOUR WAY OUT

A judicial disciplinary council has decided to remove 15 judges from their positions for forming the Judges for Egypt movement, which made statements in favour of former President Mohamed Morsi, Al Ahram reports. Verdicts on the future of 55 other judges will be announced on 28 March.

BY THE NUMBERS
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USD CBE auction (Sunday, 20 March): 8.78 (unchanged since Wednesday, 16 March)
USD parallel market (Monday, 21 March): 9.60 (+0.05 / +0.10 since Sunday, 20 March, AMAY)

EGX30 (Monday): 7494.12 (+0.38%)
Turnover: EGP 685.7 mn (58% above the 90-day average)
EGX 30 year-to-date: +6.97%

THE MARKET MONDAY: The EGX30 gained 0.4% today, with Edita, SODIC, and Arabia Investments being the best performers. On the other hand, Elsewedy Electric, Eastern Company, and GB Auto were the worst performers. Market turnover dipped to EGP 685.7 mn af­ter having crossed the EGP 1.0 bn mark during the past five consecutive sessions, and local investors were the sole net buyers. Globally, equity markets were mixed with China’s Shanghai Composite climbing 2.2% to hit a two-month high while European and GCC markets swayed between small gains and losses in tandem with the volatility in oil pric­es today.

Foreigners: Net short | EGP – 14.2 mn
Regional: Net short | EGP – 1.0 mn
Domestic: Net long | EGP + 15.2 mn

Retail: 74.8% of total trades | 77.2% of buyers | 72.4% of sellers
Institutions: 25.2% of total trades | 22.8 of buyers | 27.6% of sellers

Foreign: 12.4% of total | 11.4% of buyers | 13.5% of sellers
Regional: 6.3% of total | 6.2% of buyers | 6.3% of sellers
Domestic: 81.3% of total | 82.4% of buyers | 80.2% of sellers


WTI: USD 41.62 (+6.58%)
Brent: USD 41.61 (+1.22%)
Gold: USD 1,246.30 / troy ounce (-0.65%)

TASI: 6,486.1 (0.1%)
ADX: 4,354.8 (-0.4%)
DFM: 3,378.6 (-0.2%)
KSE Weighted Index: 358.0 (-0.5%)
QE: 10,444.9 (0.3%)
MSM: 5,376.4 (0.5%)

CALENDAR

21-22 March (Monday-Tuesday): The Africa CEO Forum, Sofitel Abidjan Hotel Ivoire, Abidjan, Ivory Coast.

23-24 March 2016 (Wednesday-Thursday): Microfinance Egypt, Nile Ritz-Carlton, Cairo.

29-31 March 2016 (Tuesday-Thursday): Future Rail and Metro Egypt, Cairo.

04 April 2016: Saudi Arabia’s King Salman visits Cairo.

07-10 April 2016 (Thursday-Sunday): Cityscape Egypt Conference, Cairo International Convention Centre, Cairo

13-16 April 2016 (Wednesday-Saturday): Cafex, Cairo.

17 April 2016: German economic delegation visits Cairo.

25 April 2016 (Monday): Sinai Liberation Day (national holiday)

26-28 April (Tuesday-Thursday): Arabian Hotel Investment Conference, The Madinat Jumeirah, Dubai.

01 May (Sunday): Easter Holiday / Labour Day (national holiday)

02 May (Monday): Sham El Nessim (national holiday)

02-03 May (Monday-Tuesday): The Middle East Investment Summit 2016, Ritz-Carlton DIFC, Dubai.

10 May (Tuesday): Business News Foundation’s Third Annual Energy Conference: Energy and Sustainable Development, InterContinental Hotel Citystars Cairo. Register here.

25-26 May (Wednesday-Thursday): The Middle East and North Africa Solar Conference and Expo MENASOL 2016, Hyatt Regency, Dubai.

06 October (Thursday): Armed Forces Day (national holiday)

27 November 2016 (Sunday): 2016 Cairo ICT Conference Group

04-06 December 2016 (Sunday-Tuesday): Solar-Tec Conference, Cairo International Convention Centre, Cairo

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