The EGX30 rose 2.0% at today’s close on turnover of EGP 954 mn (35.3% below the 90-day average). Foreign investors were net sellers. The index is up 6.6% YTD.

In the green: AMOC (+7.9%), Sidi Kerir (+6.5%) and Orascom Investment (+6.4%).

In the red: Edita (-1.2%), Eastern Co. (-0.2%) and EFG-Hermes (-0.1%).

EARNINGS WATCH- Alexandria New Medical Center’s consolidated net profits were down 15.6% y-o-y to EGP 20.85 mn in FY2020, down from a EGP 24.71 mn in FY2019, according to the company’s financials (pdf). Revenues were up to EGP 225.4 mn, a 5.5% y-o-y increase from EGP 213.7 mn the year before. This comes as Alexandria New Medical’s parent company Alexandria Medical Services has been the target of a bidding war by multiple firms. There’s Saudi’s Tawasol Holdings, which looks to be wanting to team up with Speed Medical to acquire 100% of the company. Alex Medical had received a competing offer from a consortium of Mabaret Al Asafra Hospitals and investment firm Tana Africa Capital back in January.

Emaar Misr’s consolidated net profits decreased 3.4% y-o-y in FY2020 to EGP 1.67 bn, down from EGP 1.73 bn in FY2019, according to the company’s financials (pdf). Revenues decreased to EGP 4.68 bn, down 17% y-o-y from 5.67 bn in 2019.