Today: Palm Hills is reportedly partnering with the UAE's Modon on a multi-billion Ras El Hekma project as OFHD expands capital, Egypt Aluminium targets higher profits, and Canal Shipping plans a new East African maritime venture.

🔔 EGX30 ended +1.5% by market close at 50,733 points, the EGX70 rose 1.4% to 13,328 points, and the EGX100 rose 1.3% to reach 18,641 points.

💸 The number of transactions reached 188,539 spread across 2,153,094,289 stocks leading to a turnover of EGP 9.383 billion.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Nozha International Hospital (+19.9%), Alexandria National Company for Financial Investment (+12.9%), and Alexandria New Medical Center (+11.8%).

📉 Top losers for the market included Misr Chemical Industries (-3.2%), Digitize for Investment And Technology (-3.0%), and Egyptian Iron & Steel (-2.9%).

⬆️ Top gainers for EGX30 included Orascom Development (+6.5%), Palm Hills Developments (+3.9%), and Heliopolis Housing (+3.4%).

⬇️ Top losers included Arabian Cement (-2.0%), Egypt Aluminum (-1.6%), and Qalaa Holdings (-1.0%).

Other Important Stats: 

🧈 24K Gold reached EGP 8,123 per gram, down 1.0% day-on-day and down 4.4% month-on-month.

💲 The USD reached EGP 51.97 at the National Bank of Egypt.

🏖️ Palm Hills Developments (PHDC) is partnering with Modon on a 2,000-feddan tourism project in Ras El Hekma that is expected to generate over EGP 600 billion (about USD 11 billion) in revenues under a revenue-sharing model, sources familiar with the matter told Asharq. The first phase is set to launch during the current summer season.The project falls within the broader USD 35 billion Ras El Hekma development launched in 2024.

💰 Orascom Development Egypt (OFHD) is moving to raise its issued capital to EGP 3.65 billion through a bonus share distribution of 2.22 shares for every original share, according to a statement to the EGX yesterday. The increase will be funded through retained earnings to strengthen the company’s equity base. The plan remains subject to regulatory approvals and final shareholder approval following the 2025 financial statements.

📝 Egypt Aluminium (EGAL) approved its adjusted budget for FY 2026–2027, targeting net profits of EGP 11.16 billion, up from an expected EGP 10.63 billion this year, the company said in a statement yesterday. The company also forecasts higher sales of EGP 48.22 billion and approved an investment budget of EGP 3.6 billion. The plan reflects continued growth expectations alongside ongoing capital expenditure expansion.

🚢 Canal Shipping Agencies (CSAG) is planning to establish a new joint-stock company to manage and operate commercial ships on routes between Egyptian and East African ports, according to a statement to the EGX yesterday. The venture will be developed in partnership with the Holding Company for Maritime and Land Transport and Trust for Trade and Transport. The proposal will be discussed at the company’s general assembly on May 4, 2026, alongside its FY 2026–2027 draft budget.

Today:

Arabian Cement - distribution date for EGP 5.34 per share. The record date was April 9.

Al Baraka Bank - distribution date for EGP 1.1 per share. The record date was April 9.

Egyptians for Housing and Development - distribution date for EGP 0.10 per share. The record date was April 9.

April 19:

Abu Qir Fertilizers - record date for EGP 1 per share. The distribution date is April 22.

Credit Agricole - record date for EGP 3.32 per share. The distribution date is April 22.

Alexandria Mineral Oils co - record date for EGP 0.20 per share. The distribution date is April 22.

💸 Egypt’s current account deficit narrowed by 13.6% to USD 9.5 billion in the first half of FY2025/26, mainly supported by a 29.6% jump in remittances to USD 22.1 billion, alongside stronger services income from tourism and the Suez Canal, plus solid foreign direct investment inflows, the government said. However, the balance of payments — which captures Egypt’s total international transactions — recorded a wider deficit of USD 2.1 billion, compared with a deficit of USD 502.6 million in the same period of the previous fiscal year. On the financial account, net foreign direct investments rose from USD 6.0 billion to USD 9.3 billion, while portfolio investment swung from a net outflow of USD 3.2 billion to a net inflow of USD 5 billion.

📈 Egypt’s economy is expected to grow around 4.8%–5% in the third quarter of the current fiscal year, with full-year growth likely landing near 4.9%–5% despite global uncertainty, according to Planning Minister Ahmed Rostom. Risks remain tied to geopolitical tensions and rising commodity prices, though officials say the impact on growth should be limited. The government is also targeting a lower budget deficit of 6.1% of GDP and aims to boost private sector investment to 64% over the next three years while prioritizing energy allocation to industry.