The EGX30 fell 1.2% at today’s close on turnover of EGP 1.69 bn (23.1% above the 90-day average). Local investors were net buyers. The index is down 6.7% YTD.

In the green: Ibnsina Pharma (+3.8%), Emaar Misr (+1.4%) and Edita (+0.8%).

In the red: Cleopatra Hospital (-4.1%), Talaat Moustafa Group Holding (-3.0%) and Orascom Financial Holding (-2.9%).

EARNINGS WATCH- Integrated Diagnostics Holding’s (IDH) net income soared 230% y-o-y in 1Q2021 to EGP 339 mn, according to the company’s quarterly earnings filing (pdf). Strong bottomline growth came on the heels of a 126% increase in revenues, which reached EGP 1.13 bn in 1Q2021, and was built on momentum generated during 2H2020 and an explosion in the demand for covid-19 testing offered by the diagnostics giant. Growth was spurred by record levels of covid-19 tests and was “both volume- and price-driven,” the company said.

The earnings are the first the consumer healthcare giant has released since listing on the EGX in the country’s first-ever technical listing.

Looking ahead, volume growth will be helped by a “multi-pronged expansion strategy,” which targets widening IDH’s medical service offering, expanding its geographical reach, and strengthening its digital offering and delivery capabilities, IDH CEO Hend El Sherbini said. IDH’s “immediate focus remains on continuing to play a frontline role in helping governments across our footprint combat the ongoing Covid-19 pandemic,” she added. “Our priorities for the remainder of 2021 and beyond remain unchanged as we focus on driving new growth and delivering further value to our patients.” We had more on IDH’s future plans in yesterday’s EnterprisePM.

MARKET NEWS-

Orascom Financial Holding (OFH) has sold down part of its stake in Beltone Financial in an EGP 71.55 mn transaction. OFH’s total holding of the investment bank is now 70.1%, down from 74%, according to an EGX disclosure (pdf). Beltone Securities executed the transaction, which saw 20 mn shares sold on the open market at a price of EGP 3.58 apiece.

Nile Cotton makes good with minority shareholders: Nile Cotton Ginning has bought back stock that was held by shareholders who claimed to have been negatively affected by a recent board decision to delist from the EGX. The vote to delist came after IMEX International took the state-owned company private when it completed its acquisition of a 93.9% stake last October.