Pre-Trading Thoughts

Commodity update: ·         Brent is at USD86/bbl, +3% WoW·         Polypropylene prices at USD1,350/MT, +5% WoW ·         Copper prices increased to USD10,281/tonne (+10% WoW)·         Aluminum prices rose 7% WoW to record USD3,172/tonne·         Steel/Iron Ore spreads are at the USD429 mark, rising by 8% WoW·         Retail cement prices in Egypt at EGP1,000 -1,100 per tonne·         Thermal coal prices stable WoW at USD196/tonne, YTD Avg. at USD126/tonne·         Polyethylene (HDPE) prices at USD1,300/ton·         Diesel-HSFO spreads were up 9% WoW and are at USD275/ton·         Caustic Soda prices continue its rally, reaching USD522/ton, +4.8% WoWESRS achieved USD1,013 million in export revenue in 9M21, of which USD416 million was realized in 3Q21; Expect robust 3Q21 results with a bottom line at c.USD1.2 billionSome steel manufacturers increased their rebar prices by EGP800 per tonne to reach EGP15,300. Ezz Steel didn't announce an increase in its prices yetAct Financial consortium is leaning toward rejecting Aldar Properties’ MTO on OCDIHELI is proposing the distribution of EGP0.10/share cash dividends (DY of 2.1%)Flights between Sharm El Sheikh and Luxor will start running on 27 October 2021Ebtikar (MTIE and BINV) is waiting for the completion of Vodafone’s acquisition of a 20% stake in each of Bee and Masary before the planned EGX listingHRHO is managing 5 IPOs in Egypt and 3 in MENA regionAspire Capital (ex-PIOH) has set up a microfinance arm with paid in capital of EGP30mn (EGP0.03/Aspire share)FAIT 9M21 standalone bottom line recorded EGP2.91 billion (+29.5% YoY) British Insurer Willis Towers Watson is looking to acquire two unnamed insurance brokerages operating in Egypt Government mulls hedging against rising commodity pricesEgypt's Sovereign Fund plans to double its assets to EGP26 billion by 2022 end