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Monday, 7 November 2022

Berkshire turns in mixed results + global food prices hold steady

Another mixed set of results for Berkshire Hathaway: The Warren Buffett-led conglomerate posted a USD 2.7 bn loss in 3Q 2022, compared to profits of USD 10.3 bn during the same period last year, according to its quarterly earnings (pdf), marking a second consecutive quarter of losses in the USD bns on the back of continued market volatility. The company has now lost USD 40.9 bn this year, compared to a USD 50.1 bn profit in 9M 2021.

Bottomline isn’t everything: The company saw its operating income jump 20% y-o-y to sit at USD 7.8 bn for the quarter. Buffett has repeatedly urged shareholders to look at the performance of the company’s underlying businesses rather than at Berkshire’s profitability, which is heavily influenced by market fluctuations due to its massive stock portfolio, the Wall Street Journal notes. The firm’s fortunes are seen as a bellwether for US business conditions.

De-FAANGed: A nosedive in the value of Meta shares could herald the end of the glory days for big tech firms Facebook, Amazon, Apple, Netflix, and Alphabet, once seen as safe-bet stocks despite high valuations, according to Bloomberg. The five stocks still make up over 13% of the S&P 500’s market value but have all suffered losses of 40% to 60% in the last year. Meta shares have fallen almost 75% this year, with almost 25% of the company’s value being wiped at the end of October due to disappointing earnings and concerns about the amount of spending on the metaverse.

Global food prices hold steady: The UN Food and Agriculture (FAO) index was virtually unchanged at 135.9 in October from 136.0 the month before, as a rise in cereals prices offset falling meat, dairy and oil prices.




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The EGX30 fell 0.7% at yesterday’s close on turnover of EGP 702.6 mn (35% below the 90-day average). Local investors were net sellers. The index is down 6.4% YTD.

In the green: GB Auto (+5.5%), Sidi Kerir Petrochemicals (+1.9%) and Rameda Pharma (+1.1%).

In the red: QNB Al Ahly (-6.1%), Egypt Kuwait Holding-EGP (-4.2%) and Ezz Steel (-3.0%).

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