EGX 30: 11,051 (+1.3%) weekly change, (-20.8%) YTD
Traded Value 1W Avg: EGP 493M , (-22.9%) above 90D Avg.
EGP:USD: 15.76 (+0.1%) weekly change
We want to start this week’s ThndrClaps with a very exciting announcement—Trading on Thndr is now live! A big thank you to everyone for their patience as we finalized all the necessary steps. If you haven’t filled in your account opening form yet here are the steps.
Egypt introduces the region’s first green bond issuance worth USD 750M
As Egypt pushes ahead with anti-pollution and renewable energy projects, the government issued the region’s first green bond worth USD 750M. The issuance was ~5x oversubscribed reaching a demand of USD 3.7B. The bond maturity is five years at a yield of 5.25%. (Source: Bloomberg)
Egypt’s Mostorod petrochem refinery is inaugurated
Qalaa Holdings subsidiary Egyptian Refining Company’s (ERC) inaugurated a USD 4.3B petrochem facility in Mostorod. The main purpose of the project is to get low value products that are produced by Cairo Oil Refining Company and produce high value distilets that the market currently needs. The project will produce 4,.7M tons of products and is expected to cut oil imports by 40%. (Source: Enterprise)
Palm Hills, CI Capital’s Taaleem sign shareholder agreement for Badya university
Palm Hills and CI Capital enter into a joint venture (JV) to develop a 9K students university in Badya. The investment cost is around EGP 1.9B which will be funded from the new joint company’s capital and credit facilities. (Source: Al Khaleej)
Beyond Meat Stock surged 22% after Walmart deal
Shares of the plant-based meat company Beyond Meat surged 22% in September as the company announced tripling its distribution network. The company said the wider distribution of its Beyond Burger patties – made from peas, mung bean and rice to mimic the taste of a beef burger – to over 2,400 Walmart stores comes after the successful launch of its value offerings this summer, at a time traditional ground beef prices were spiking due to COVID-19-related supply chain disruptions at beef plants. Early adopters were vegans and vegetarians, but this Walmart deal proves it has expanded beyond that. (Source: Fool)
Market wrap up
Stay informed by checking out our weekly wrap up of financial markets performance here.
Mayar Sherif becomes first Egyptian woman to compete in a Grand Slam main draw #RolandGarros