BY THE NUMBERS
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EGP / USD CBE market average: Buy 18.0056 | Sell 18.1079
EGP / USD at CIB: Buy 18.05 | Sell 18.15
EGP / USD at NBE: Buy 17.95 | Sell 18.05
EGX30 (Tuesday): 13,264 (+1.5%)
Turnover: EGP 1.2 bn (44% ABOVE the 90-day average)
EGX 30 year-to-date: +7.4%
THE MARKET ON TUESDAY: The EGX30 ended Tuesday’s session up 1.5%. CIB, the index heaviest constituent ended 2.1% up. EGX30’s top performing constituents were: Juhayna up 6.1%, Porto Group up 3.8%, and Egyptian Resorts up 3.7%. Yesterday’s worst performing stocks included Domty down 2.8%, GB Auto 0.7% down, and Oriental Weavers down 0.6%. The market turnover was EGP1.2 billion, and local investors were the sole net sellers.
Foreigners: Net Long | EGP + 484.7 mn
Regional: Net Long | EGP + 9.1 mn
Domestic: Net Short | EGP – 493.8 mn
Retail: 68.0% of total trades | 54.5% of buyers | 81.6% of sellers
Institutions:32.0% of total trades | 45.5% of buyers | 18.4% of sellers
Foreign: 24.6% of total | 39.4% of buyers | 9.9% of sellers
Regional: 5.7% of total | 6.0% of buyers | 5.4% of sellers
Domestic: 69.7% of total | 54.6% of buyers | 84.7% of sellers
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PHAROS VIEW
The curious case of the cement industry: Analysts at Pharos believe that the EV/ton of the current cement players is much lower than replacement cost or comparative multiples regionally. They take the view that this will be conducive to sector consolidation, with high potential for rerating. They flag ACC (OW, FV:11.5EGP/share) as the most efficient player, with high margins, low EV/ton compared to replacement cost, and has also been successful in exporting excess capacities. You can view the report here.
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WTI: USD 51.17 (+0.27%)
Brent: USD 54.17 (+1.98%)
Natural Gas (Nymex, futures prices) USD 3.29 MMBtu, (-0.06%, May 2017 contract)
Gold: USD 1,257.30 / troy ounce (-0.09%)
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