Week ending December 5, 2020

EGX 30: 11,015 (+0.3%) weekly change, (-21.1%) YTD  
Traded Value 1W Avg:
EGP 686M , (+20.5%) above 90D Avg.  
EGP:USD:
15.66 (+0.0%) weekly change 

Local Pick-up

Speed Medical upgrades from Nilex to EGX after capital increase

The EGX committee has approved EGP 150M capital increase of Speed Medical, an Egypt-based medical laboratory operator. The company will start trading on the EGX starting from today after completing its upgrade from the Nilex. (Al Borsa)

Palm Hills closes EGP 1.25B securitization transaction 

Palm Hills successfully closed its largest securitization transaction of gross receivables portfolio of EGP 1.5B.  The transaction translates into net proceeds of EGP 1.25B, corresponding to 1,314 handed-over residential units. The receivables portfolio was categorized into three tranches, which received ratings of AA+, AA and A. (Company release)

Elsewedy Electric and Toyota Tsusho sign new EGP 1.46B EPC contract with the electric distribution Company

Elsewedy Electric has signed an agreement with the North Cairo Electric Distribution Company (NCEDC) to upgrade the electricity distribution network, provide smart solutions to digitise the network. The scope of work includes engineering, procurement, and installation of all the project’s components. (Company release)

Global Pick-up

S&P Global expanded its data empire to buy IHS Markit for USD 44B 

Our partners at S&P global have decided to acquire IHS Markit, a leading data and analytics solution provider, to boost its data analytics capabilities for USB 44B in one of the biggest deals announced in 2020. The deal will create a new data powerhouse serving Wall Street and the corporate world. (Reuters)

Market wrap up

Stay informed by checking out our weekly wrap up of financial markets performance here.

Weekly Thunderstrike!

China claims to have achieved quantum supremacy computers capable of carrying out calculations trillions of times faster than today’s most powerful supercomputers