The market has pared some of its losses last Thursday with EGX 30 up marginally (+0.27%). Still, investors are looking for company-specific catalysts to drive the prices of their shares higher. Today, we should see Fawry’s [FWRY] share adjust lower as it starts trading without its rights issue which will trade separately on Tuesday. According to our calculation, FWRY’s stock price should adjust 46% lower to EGP20.79, while its rights issue will have an opening price of EGP20.29. Meanwhile, CI Capital Holding [CICH] is seeing an executive management team reshuffle after Banque Misr’s acquisition of a 90% stake in the company. Elsewhere, we still see value in two names with exposure in the non-banking financial services (NBFS) space, namely B Investments [BINV] and MM Group [MTIE]. Their mortgage finance arm, Tamweel, has just ranked second in new mortgage loans in the first two month of this year.
Discussion about this post
No posts