Week ending September 25, 2020

EGX 30: 19,911 (-1.3%) weekly change, (-21.8%) YTD  
Traded Value 1W Avg:
EGP 484M , (-24.7%) above 90D Avg.  
EGP:USD:
15.74 (-0.1%) weekly change 

Local Pick-up

Thndr is now officially an EGX member! 

Today, we are excited to announce the registration of Thndr with the EGX. 

No more 15% bank certificate of deposits and interest rates go down 0.5%

The Central Bank of Egypt (CBE) has decided to cut the overnight deposit and lending rate by 0.5 % making them 8.75%, and 9.75% respectively. Local banks have also suspended the issuance of the one year 15% certificate of deposits. The certificates were offered back in March after the COVID-19 outbreak with total subscriptions amounting to ~EGP 383B. The suspension could be another way for the central bank to support the economy’s growth. (Source: Zawya, CBE)

SODIC signs a EGP 2.6B loan agreement to finance Villette. 

Six of October Development & Investment (SODIC) has signed a medium term loan of EGP 2.6B. The loan is used to finance development and construction of East Cairo’s project Villette. The company has sold 1,500 units in Villette, already achieving over EGP 8B in sales. The project is expected to generate another  EGP 5B in future sales.

Global Pick-up

Nike shares skyrocket as digital sales jump 82%

Nike’s shares soared 13% as online sales reached record high. The COVID-19 pandemic worked as an opportunity for the company to accelerate its digital business, and its women’s apparel division grew nearly 200%.  As parents stocked up on back-to-school items, and its business picked back up in key markets like China, Nike said its Jordan brand is looking “stronger than ever.”

Market wrap up

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

Weekly Thunderstrike!

Leaked documents referred to as FinCEN files tie the Wall Street banks to possible money laundering transactions that top USD 2 trillion and span the globe from Interpol wanted Kazakh reporters to Kremlin and Iran linked families