Today’s Top News & Analysis
Slightly lower PMI, but still high
Subsidized bread wheat price is 20% higher
DSCW buys 16.677% in United Dyers Co.
MACRO
Slightly lower PMI, but still high
Egypt’s purchasing Manager’s Index (PMI) for the non-oil private sector saw its reading in July 2024 slightly decreasing to 49.7 vs. 49.9 in June. However, July's reading is considered the second-highest reading in 3 years. This comes in return for a decline in activity levels at the beginning of Q3 2024. The reading is still in the contraction area, however, it is close to reaching the growth zone at 50. (S&P Global)
Subsidized bread wheat price is 20% higher
Sources said the Ministry of Supply & Internal Trade has raised the wheat supplied to subsidized bread by 20% to EGP13,750/ton starting August. Additionally, the flour mills raised the price of the flour starting August by 36% to EGP16,000/ton vs. EGP11,800. (Asharq Business)
CORPORATE
DSCW buys 16.677% in United Dyers Co.
Dice Sport & Casual Wear's [DSCW] announced the acquisition of a minority stake of 16.677% in its sister company, United Dyers Co., raising its stake to 99.278% vs. 82.6% before the transaction. We note that DSCW's BoD initially approved the acquisition of 17.4% of United Dyers Co. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
5-Aug-24
EGTS: BoD meeting / Discussing financial results.
CIRA: Conference Call / Discussing Q3 2023/2024 financial results.
Egypt PMI / July 2024 reading.
MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
8-Aug-24
MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.
11-Aug-24
MCQE: EGM / Amending Article No. 3 of the company's bylaws.
12-Aug-24
MSCI / MSCI's August 2024 Quarterly Index Review Announcement.
14-Aug-24
ICLE: EGM / Amending Article No. 3 of the company's bylaws.
ETEL: Earnings Announcement / Announcing Q2 2024 financial results.
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.
17-Aug-24
MFPC: OGM / Considering distributing cash dividends.
18-Aug-24
OFH: OGM / A board reshuffle.
20-Aug-24
ACGC: EGM / Amending some Articles of the company's bylaws.
21-Aug-24
ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.
29-Aug-24
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)
CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.
CCAP: EGM / Discussing the continuation of the company.