🔔 EGX30 ended -0.32% by market close at 37,576 points, while the EGX70 rose 0.21% to 11,997 points, and the EGX100 also inched up 0.14% to reach 15,720 points.

💸 The number of transactions reached 147,376 spread across 2,028,909,254 stocks, leading to a turnover of EGP 5.5 billion.

🏷️ International investors were the sole net sellers.

📈 Top gainers for the market as a whole included Pioneers Properties for Urban Development (+20.00%), Amer Group Holding (+10.00%), and Nozha International Hospital (+9.97%).

📉 Top losers for the market included North Cairo Mills (-8.09%), Abu Qir Fertilizers (-7.02%), and Middle Egypt Flour Mills (-6.12%).

⬆️ Top gainers for EGX30 included Egypt Aluminum (+6.5%), Oriental Weavers (+3.5%), and Misr Cement (+2.3%).

⬇️ Top losers included Abu Qir Fertilizers (-7.02%), EFG Holding (-2.7%), and Qalaa Holdings (-2.5%).

🧈 24K Gold reached EGP 6,344 per gram, down -0.88% day-on-day but still up 10.97% month-on-month.

💵 The USD reached EGP 47.5 at the National Bank of Egypt by end of day yesterday.

☝️ Raya Holding for Financial Investments (RAYA) raised its acquisition offer for Raya Contact Center (RACC) to EGP 9 per share, up from EGP 7.5, after receiving approval from the Financial Regulatory Authority. The offer period was also extended by ten business days, now running from 28 September to 9 November.

(Read more in our deeper look section)

🏘️ Amer Group (AMER) announced that the New Urban Communities Authority has allocated a 388-feddan land plot in New Alamein City to its subsidiary, Amer for Tourism Development, for the establishment of an integrated urban project. It is worth nothing that the company reported a net profit of EGP 31.85 million in 1H 2025, up from EGP 13.88 million in the same period last year. Revenues also increased to EGP 575.42 million from EGP 523.33 million.

🚢 Maridive & Oil Services (MOIL) announced plans to establish a new limited liability subsidiary in the UAE. The company said in a disclosure to the Egyptian Exchange on Wednesday that details of the new entity are yet to be finalized and will be announced once the general assembly approves the move. Remember, Maridive reported a 112% y-o-y jump in its consolidated net profit for 1H2025, hitting USD 10.88 million versus USD 5.14 million in the same period last year, according to an EGX disclosure. Revenues also climbed to USD 124.67 million in 1H2025, up from USD 107.23 million a year earlier.

💊 Memphis Pharmaceuticals and Chemical Industries (MPCI) reported a 9% year-on-year rise in net profit for the first quarter of the current fiscal year. The company posted EGP 152.96 million in earnings between July and September 2025, up from EGP 140.85 million in the same period last year, while revenues increased to EGP 497.89 million from EGP 399.6 million.

🍞 Middle and West Delta Flour Mills (WCDF) reported a 21% year-on-year increase in net profit for the first quarter of the current fiscal year. The company recorded EGP 109.62 million in earnings between July and September 2025, up from EGP 90.8 million a year earlier, while revenues rose to EGP 648.84 million from EGP 583.86 million during the same period.

Abu Qir Fertilizers (ABUK) - dividend distribution date for EGP 2 per share. The record date was yesterday.

Middle and West Delta Flour Mills (WCDF) - dividend record date for EGP 36 per share. The distribution date is set for October 29, 2025.

Memphis Pharmaceuticals (MPCI) - dividend record date for EGP 13.187 per share. The distribution date is set for October 29, 2025.

📈 The IMF has raised its forecast for Egypt’s real GDP growth in FY 2025–2026 to 4.5%, matching the government’s own projection and outpacing both the World Bank’s 4.3% and the EBRD’s 4.4% estimates. The fund attributed the upgrade to stronger remittance inflows and rising tourism revenues, which are improving Egypt’s external position despite continued pressure from high borrowing costs.

✅️ A government source told EnterpriseAM that the Finance Ministry has approved a new measure allowing manufacturers to delay tax payments on machinery and production lines until installation and inspection are finalized. The move, endorsed by both the tax and customs authorities, aims to ease cashflow pressures across all factories and production units, with a ministerial decree expected soon to make it official.

🤝 The Suez Canal Authority signed a strategic partnership with Anchorage Investments to build a petrochemical complex worth over USD 2 billion in its first phase, reaching USD 4.5 billion upon completion. The project, located in Ain Sokhna, will mainly produce polypropylene and hydrogen, aligning with the authority’s plan to maximize returns from its assets and diversify revenue sources.

The Financial Regulatory Authority has approved an amendment to Raya Holding’s (RAYA) acquisition offer for its subsidiary, Raya Contact Center (RACC), increasing the offer price to EGP 9 per share from EGP 7.5. The authority also extended the offer period by ten additional business days, bringing the total duration to thirty days, from 28 September to 9 November.

Offer details:

The revised offer would increase Raya Holding’s ownership in RACC from 60.8% to 90% through the acquisition of 43.95 million shares, implying a total company valuation of roughly EGP 1.54 billion.

Valuation and background:

An independent financial advisor, Zakhary Financial Consultancy, valued RACC’s share between EGP 8 and EGP 9.6, based on a discounted cash flow and earnings multiple analysis. Earlier this week, RACC’s board had rejected the initial offer at EGP 7.5 per share, arguing it undervalued the company.

Market context and performance:

RACC’s shares are currently trading above EGP 9.40 and recently reached a high of EGP 12, suggesting market support for a higher valuation. The company reported a net profit of EGP 145.1 million in 1H 2025, down from EGP 245.4 million in the same period last year.

Next steps:

With the revised offer now pending board review, Raya Holding’s attempt to raise its stake to 90% remains in play. The company may still need to further adjust its bid if the board insists on a valuation closer to the upper end of the fair value range.

Stay curious, stay invested — we’ll see you tomorrow.

Your daily market lens, signing off.