EGX is Among Goldman Sachs’ Recommended Investments📌
American multinational investment bank Goldman Sachs says Egyptian stocks are among the investments the bank advises when it comes to long-term investment in equities.
More details🧐 “In stocks, the recommendations include exposure to Mexican & Russian equities in U.S. dollars, as well as going long on Egyptian shares,” Bloomberg reported.
Why is this important🤔 The Goldman research team stated “the global economy over the coming year will be characterized by strong demand and constrained supply.” The report pointed out that Egyptian stocks’ advantage lies in the fact that the local market appears relatively more willing to adapt to changes in the oil markets, compared to its competitors in the region.
Mwaslat Misr Seeks to Expand.. Looks to List on EGX🚇
Mwasalat Misr is looking to offer a stake on the EGX with plans to expand outside of Cairo & pump investments estimated at EGP 1.5 billion during the coming period.
More details🧐 Mwasalat Misr is a group of Egyptian companies that provide transit solutions for cities of various scales. It currently operates across Cairo. The company owns more than 400 vehicles, traveling on 38 lines in Cairo, & aims to add 14 more lines to completely cover Greater Cairo. The company’s lines are currently in El Obour, Tenth of Ramadan, El Shorouk, & New Cairo in east Cairo, downtown Cairo, & Sheikh Zayed & the 6th of October in west Cairo.
Why is this important🤔 The company plans to expand to governorates outside Cairo, with coastal cities such as Sharm El Sheikh, Hurghada, & New Alamein prioritized in the short term. Mwasalat Misr is also working on expanding to the new administrative capital through lines linking the capital with neighboring cities.
More Companies Release their Earnings📈
We have more company earnings coming your way.
CIB (COMI)🏦 reported net profits of EGP 9.87 billion in the first nine months of 2021, up by 34.5% YoY from EGP 7.34 billion
E-Finance (EFIH)👩💻 reported net profits of EGP 374.82 million in the first nine months of 2021, a 35.18% YoY increase, compared to EGP 277.26 million.
Oriental Weavers (ORWE)🧶 reported net profits of EGP 960.24 million in the first nine months of 2021, an increase of 57.9% YoY from EGP 607.904 million.
Talaat Mostafa Group (TMGH)🏡 reported net profits of EGP 1.69 billion during the first nine months of 2021, a 15% YoY increase compared to EGP 1.56 billion.
Domty (DOMT)🍞 reported net profits of EGP 19.91 million in the first nine months of 2021, down by 81% YoY from EGP 105.09 million.
Al Ezz for Ceramics and Porcelain (ECAP)🏺 reported net profits of EGP 83.15 million in the first nine months of 2021, versus net losses of EGP 29.3 million in the same period last year.
Headlines We’re Watching👀
- Eastern Company’s (EAST) Shareholders Agree to Dividends for FY 20/21
- Amer Group (AMER) Names New Chairman
Johnson & Johnson is Splitting into Two Companies🧴
Healthcare giant Johnson & Johnson will split itself into two publicly traded companies.
More details🧐 The spinoff company, yet to be named, will encompass J&J’s consumer famous product brands like Band-Aid brand Aveeno & Neutrogena skincare products, Tylenol for pain relief, Johnson’s Baby Care products, & Listerine mouthwash, to name a few.
The company that’s set to retain the Johnson & Johnson name, will focus on pharmaceutical & medical device operations, with its J&J COVID-19 vaccine being one of the products.
Why is this important🤔 The move follows U.S. industrial giant General Electric to announce plans of a company split, in an effort to focus on individual businesses. Japanese giant Toshiba also announced plans of splitting into three companies.
“We do think it is a big and bold initiative, but ultimately we think this is about increasing innovation & accelerating growth,” company chief executive Alex Gorsky said.
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