Week Ending November 08, 2020

EGX 30: 10,629 (+1.1%) weekly change, (-23.9%) YTD  
Traded Value 1W Avg: EGP 433M , (-26.9%) above 90D Avg.  
EGP:USD: 15.71 (0.0%) weekly change 

Local Pick-up

Egypt’s non-oil private sector grows to 6-year high in October

According to the latest PMI survey, a widely used indicator of non-oil private sector companies’ performance derived from monthly surveys, Egypt’s non-banking private sector grew to a six year high reaching 51.4. This is the strongest rate the country has reached since 2014. Business activity expanded at the quickest pace since August 2014 last month as demand held up and looser covid-19 restrictions allowed firms to grow capacity (Enterprise)

Vodafone Egypt makes an EGP 8B investment to acquire spectrum frequencies

In a step towards expanding mobile network capacity, Vodafone Egypt makes an EGP 8B investment in acquiring 40 MHz spectrum frequencies. The company said that this is inline with their vision of “Creating a highly connected digital society where all Egyptians have access to a high-quality Internet connection.” (Daily News)

Speed Medical profit skyrockets 199%

Speed Medical – an Egypt-based medical laboratory operator listed on the Nilex, reported a net profit of EGP 50M reaching a 199% Y-o-Y leap. (Zawya)

Global Pick-up

The world’s biggest IPO is now the world’s biggest suspended IPO

Jack Ma’s fintech firm, Ant Group, IPO was suspended less than 48 hours before it starts trading. It was set to be the world’s biggest ever, with almost USD 40B worth of shares sold. The suspension came after a meeting between the regulators and the company’s top executives as the regulators are uncomfortable with the idea of third-party technology driven apps such as Alipay venturing into the consumer lending business. Alipay has more than a billion users, with over 730M of them active on a monthly basis. (The Economist)

Market wrap up

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Weekly Thunderstrike!

Joe Biden defeats Donald Trump to become 46th President of the United States