Citizens under 21 can now trade on EGX

March 01, 2021

EGX 30: 11,525 (+2.1%) weekly change, (+6.3%) YTD
Traded Value 1W Avg: EGP 529 M , (-11.9%) above 90D Avg.  
EGP:USD: 15.69 (+0.3%) weekly change 

Local Pick-ups

FRA allows citizens under 21 to trade on EGX

In a step towards democratizing investment, the Financial Regulatory Authority has granted young Egyptians aged between 16 and 21 to start trading on EGX with a maximum portfolio value of EGP 10K. If you are between 16 and 21 years old, you can now complete your account opening form through the Thndr app. (FRA)

Vodafone Egypt to acquire 20% stake of Bee & Masary

Vodafone Egypt to acquire a 20% stake in payment companies Bee & Masary, subsidiaries of Ebtikar which is a joint venture between MM Group & B Investments. The acquisition comes as part of the mobile network operator to ramp up its investments in Egypt and expand its non-banking financial services. (Enterprise)

Fawry to acquire 48% stake in Fawry Plus

Fawry to acquire the 48% stake owned by Banque Misr & CIB in Fawry Plus banking services. The acquisition would increase Fawry stake to hold 86% of Fawry Plus. (Enterprise)

Other Local Headlines

  • EGX approves Fawry capital increase to EGP 1B
  • Speed Medical sister company Prime Speed to become the first private player to sign a vaccine (SPUTNIK-V) import agreement
  • Ghabbour Auto achieved consolidated net profit surges to EGP 917M in 2020, compared to EGP 43M in 2019

Global Pick-up

LinkedIn is launching marketplace for freelancers

Microsoft owned platform, LinkedIn, is developing a new service, called marketplace, which will enable its 740M users to find, connect with & pay freelancers on the platform.

Book of the week – The intelligent investor

Written by the father of value investing, Benjamin Graham, and most recommended by the world richest investor, Warren Buffet. The book talks about the importance of long-term investing and how you can design and implement an intelligent investment strategy that leads to consistent adequate returns. (Goodreads)