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Thursday, 26 August 2021

New closing share price mechanism will come on 5 September

MARKET NEWS- The date for instituting the new mechanism for calculating closing share prices has been moved to Sunday, 5 September, from Thursday, 2 September, the bourse said in a statement (pdf) today. No reason was given for the push. Approved by the EGX earlier this month, a “pre-close auction” system will be introduced in a move designed to improve accuracy, increase trading volumes and boost foreign inflows into Egyptian shares. EGX shares will also be allowed to rise and fall by 20% during a single session, up from a current 10%, while the limit on intraday share price movements on Nilex shares are set at 10% compared to the current 5% limit.

Want to get technical? EGX boss Mohamed Farid explained to us how the “pre-close auction” and “MVWAP” will work last month.

IN OTHER MARKET NEWS- Education provider CIRA will distribute EGP 100 mn in dividends to shareholders for their 2020 fiscal year, CIRA noted in a bourse filing (pdf) today. The company plans to pay out around EGP 0.17 per share.

EARNINGS WATCH- Misr Fertilizers Production Company (Mopco) reported a net income after tax of EGP 2.2 bn in 1H2021, up 84% y-o-y from EGP 1.2 bn in 1H2020. Sales revenues grew 11% y-o-y during the first six months of the year to EGP 4.2 bn, according to a bourse filing (pdf).


The EGX30 rose 0.6% at today’s close on turnover of EGP 2.29 bn (37.2% above the 90-day average). Local investors were net sellers. The index is up 2.6% YTD.

In the green: Mopco (+8.8%), Pioneers Holding (+5.4%) and Heliopolis Housing (+4.3%).

In the red: Egyptian Resorts Company (-4.4%), Fawry (-2.2%) and Ibnsina Pharma (-1.9%).

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