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Mostafa Madbouli visits Egyptian Exchange

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Egypt’s Prime Minister and Minister of Housing and Development Mostafa Madbouli – Press Photo

CAIRO – 7 February 2019: The government is keen on supporting the Egyptian Stock Exchange with measures designed to boost its activity and achieve its targets, Prime Minister Mostafa Madbouli said.

It also seeks to raise the financial awareness level of the society on the basics of investment through the Stock Exchange, he said at a meeting here on Thursday with the Egyptian Exchange Board Members.

Stock Exchange Board Chairman Mohamed Farid welcomed the prime minister and said today’s visit reflects the government’s interest in the money market and in raising the trading volume at the stock exchange.

They discussed the latest performance reports concerning the Egyptian Exchange and proposals to boost the potentials of the money market to support the economic and social development plans and raise the competitiveness of the Egyptian Exchange at the regional level.

– Egypt Today

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Stock markets

Jumia, Konga list billion dollars IPOs

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Jumia and Konga, two major players in the e-Commerce, are creating visible excitement with eye-catching listing of their shares on the international market.

Jumia is planning an initial public offering (IPO) in New York this year which will reportedly see the business valued at $1.5 billion.

Elsewhere, Konga, Nigeria’s biggest Omni- channel e-Commerce group, is also reportedly set for a major listing on either the London Stock Exchange or New York Stock Exchange (NYSE) by the last quarter of 2020.

Konga Group is set for an initial public offering that will see the e-Commerce giant valued at about $3.2 billion, further shoring up the potential of the industry in Nigeria, Africa’s biggest market.

Investigations reveal that Mark Jessey, a prominent stock analyst on NYSE had hinted of the strong possibility of Konga IPO before the end of next year.

A move which, according to him, is a much sought-after one by investors, many of whom have followed within the last eight months the huge strides and trajectory of the business which came under new ownership after the exit of previous majority investors, Naspers and AB Kinnevik.

While Jumia’s successful listing could help MTN reduce its debt which unconfirmed reports indicate to have increased to over five billion dollars in June from about $4.1 billion at the end of 2017, Konga’s imminent IPO is one that should see the business excite a horde of potential investors, going by the current standing of the company.

Commenting on the likely listing of Konga, Chris Uwaje, Africa chair for IEEE World Internet of Things (WIoT), noted that the company has added huge value to the e-commerce landscape which should see its value gross over $3.5 billion.

“Within the last seven months, I am aware that the new owners of Konga have repositioned the company strategically and upped the overall value of the business.

Konga could claim to be unarguably the most structured e-Commerce company in Africa, with huge infrastructure and technology back-bone which is rare in Africa and which is the strength of global players such as Amazon and Alibaba.

“In valuing Konga, you must consider its strategic 360 degrees Omni-channel strategy, their Central Bank of Nigeria-licensed mini bank – KongaPay which I am sure cannot be valued anything less than $750 million and best in Africa digital logistics division known as Kxpress with a nationwide network.

“I know Konga is likely the only company that does about 90 per cent of her long haul and last mile deliveries in the continent,’’ Uwaje said.

Source: NAN

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EGX ends Monday on mixed note, market cap. gains LE 2.5B

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egx-reuter

CAIRO – 29 January 2019: The Egyptian Exchange (EGX) ended Monday on mixed note, and market capitalization gained LE 2.5 billion, amid Egyptian and Arab purchases.

The benchmark EGX30 hiked 0.47 percent, or 65.18 points, to close at 13,976.52 points.

The equally weighted index EGX50 rose 0.48 percent, or 10.76 points, to reach 2,243.88 points,

Meanwhile, the small and mid-cap index EGX70 stabilized at levels of 685.9 points, and the broader index EGX100 inched down 0.14 percent, or 2.38 points, to close at 1,724.82 points.

Market capitalization gained LE 2.5 billion, recording LE 785.61 billion, compared to LE 783.10 billion in Monday’s session.

The trading volume reached 218.56 million shares, traded through 29,755 transactions, with a turnover of LE 1.14 billion.

Foreign investors were net sellers at LE 147.75 million, while Egyptian and Arab investors were net buyers at LE 142.18 million and LE 5.56 million, respectively.

Egyptian, Arab and foreign individuals were net buyers at LE 39.83 million, LE 15.38 million and LE 817,719, respectively.

Arab and foreign organizations sold at LE 9.8 million and LE 148.56 million, respectively, while Egyptian organizations sold LE 102.35 million.

Sues Canal Company for Technology Settling, El Arabia Engineering Industries, and Dice Sport & Casual Wear were top gainers of the session by 9.96 percent, 9.75 percent and 8.58 percent, respectively.

Meanwhile, Obour Land for Food Industries, Wadi Kom Ombo Land Reclamation, and Orascom Construction PLC were top losers of the session by 5.16 percent, 4.71 percent, and 4.51 percent, respectively.

– EGYPT TODAY

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Arab, foreign selling grab EGX to red zone Monday

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EGX-Reuters

CAIRO – 14 January 2019: The Egyptian Exchange (EGX) ended Monday’s session in red, and market capitalization lost LE 8.44 billion, amid Arab and foreign selling.

The benchmark EGX30 dropped 1.41 percent, or 190.08 points, to close at 13,335.75 points.

The equally weighted index EGX50 declined 1.20 percent, or 26.64 points, to reach 2,194.36 points.

The small and mid-cap index EGX70 lessened 0.39 percent, or 2.71 points, reaching 685.53 points, and the broader index EGX100 inched down 0.49 percent, or 8.4 points, to close at 1,720.93 points.

Market capitalization lost LE 8.44 billion, recording LE 761.5 billion, compared to LE 769.95 billion in Sunday’s session.

The trading volume reached 150.95 million shares, traded through 22,027 transactions, with a turnover of LE 641.49 million.

Egyptian investors were net buyers at LE 80.22 million, while Arab and foreign investors were net sellers at LE 52.05 million and LE 28.16 million, respectively.

Egyptian individuals were net buyers at LE 56.5 billion, while Arab and foreign individuals were net sellers at LE 13.5 million, and LE 61,453, respectively.

Arab and foreign organizations sold at LE 38.57 and LE 28.1 million, respectively, while Egyptian organizations bought LE 23.72 million.

North Africa Co. for Real Estate Investment, Gulf Canadian Real Estate Investment Co., and Raya Contact Center were top gainers of the session by 9.97 percent, 6.61 percent and 6.17 percent, respectively.

Meanwhile, Dice Sport & Casual Wear, Global Telecom Holding, and Nasr Company for Civil Works were top losers of the session by 6.95 percent, 5.13 percent, and 4.01 percent, respectively.

EGX ended Sunday’s session in green, as EGX30 rose 1.18 percent, EGX50 increased 0.61 percent, and EGX70 inched up 0.14 percent, while EGX100 went up 0.30 percent.

– EGYPT TODAY

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