EGX 30: 10,441 (-4.8%) weekly change, (-25.2%) YTD
Traded Value 1W Avg: EGP 676M , (+1.1%) above 90D Avg.
EGP:USD: 15.96 (-0.3%) weekly change
AAIB becomes second largest shareholder in Palm Hills Developments
Arab African International Bank (AAIB) buys a 12.25% stake in Palm Hills Developments (PHD) for EGP 544.2M. Arab African International Securities acted as the broker in this transaction and the shares were purchased at an average price of EGP 1.43 each. (Source: Company disclosure)
The government wants you to spend more money
Planning Minister, Hala El Said, announces a package of measures to boost consumer spending up to EGP 100B. This package comes in the form of government agreements with merchants and manufacturers to offer average discounts of up to 20% on consumer goods, with ration card holders able to receive an additional 10% off select products. (Source: Enterprise)
Annual urban inflation rose to 5.6% last June
According to CAPMAS Egypt’s Consumer Price Index (CPI) went up from 4.7% in May to 5.6% in June. Food and beverage, the largest component of Egypt’s inflation basket, fell by 1.4% on the back of the coronavirus pandemic that stunted purchasing power and employment levels. (Source: Reuters)
Robinhood raises $600M in latest round of funding
Robinhood, a pioneer of commission-free investing, ushered in 3M new accounts in 2020—and, this has investors happily offering them hundreds of millions of dollars. The fintech company raised an additional $320M bringing its latest round to $600 M making its post-money valuation $8.6B (Source: Techcrunch)
Fawry, Egypt’s favorite e-payment platform, reaches a market cap of 12.9B surpassing EFG Hermes by 28%.
Topic of the week – Budgeting for Investing
Budgeting: A budget is a financial plan—You take a specific period of time (usually a year) and you see how much you are making (your income), how much you are spending, and how much you have left (if any) during that year. Budgets are super helpful when it comes to managing personal finances over both the short and long term.
Investing: Investing is money spent on buying an asset that you hope will generate income or that you can sell later on at a higher price. For example: If you buy a cow as an investment, you can make money from selling it’s milk or you can sell the cow at a higher price in the future.