🔔 Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.

Today: Two new major projects by Elsewedy, more IPOs incoming soon, and the latest on December's inflation figures

🔔 EGX30 ended +0.75% by market close at 41,856 points, the EGX70 dropped 0.65% to 12,941 points, and the EGX100 decreased 0.55%  to reach 17,218 points.

💸 The number of transactions reached 155,256 spread across 1,921,111,115 stocks leading to a turnover of EGP 5.7 billion.

🏷️ Local investors were the only net sellers.

📈Top gainers across the broader market Prime Holding (+8.43%), Alexandria National Company for Financial Investment (+7.58%), and Al Khair River For Development (+6.02%).

📉 Top losers: Subscription Rights Of Atlas for Investment (-19.27%), Sabaa International Company for Pharmaceutical and Chemical (-6.78%), Atlas For Investment and Food Industries(-6.67%.)

⬆️ Top gainers for EGX30 included Telecom Egypt (+5.3%), ADIB (+3.6%), and EFG Holding (+3.6%).

⬇️ Top losers included: Egypt Aluminum (-5.9%), Beltone Holding (-3.7%), and Rameda (-2.7%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,903 per gram, up 0.04% day-on-day and up 7.13% month-on-month.

💲 The USD reached EGP 47.23 at the National Bank of Egypt.

⚡Elsewedy Electric (SWDY) signed a USD 51 million contract in Angola to supply power transformers, cables, and accessories, and a KWD 18.7 million contract in Kuwait for 400 kV power cables for a major housing project. (Read more in our Deeper Look section.)

👀A shareholder group led by members of the El Garhy family has informed the Egyptian Competition Authority of plans to increase its stake in EFG Holding (HRHO) by 5%. The group currently owns 7.6%, and if the transaction goes through, its stake would rise to 12.7%, matching France’s Natixis as one of the company’s largest shareholders. This comes as EFG’s stock rose over 24% in the last year.

🔔 Egyptian Spinning and Weaving, a subsidiary of Arab Cotton Ginning (ACGC), is preparing to list 25% of its shares on the EGX in the first quarter of 2026, targeting up to EGP 200 million, the company’s CEO Zeinab Hassan told Zawya. The IPO proceeds will help fund a five-year factory modernization plan to upgrade machinery, cut energy use by half, and double production capacity, while the company is also exploring solar power to lower costs and reduce its carbon footprint. The offering will be split with its parent, Amwal Al Arabia for Cotton Ginning, which owns roughly 96% of the business.

🔔Capital Med Healthcare plans to list up to 25% of its shares on the Egyptian Exchange by the end of this month, using a capital increase with no existing shareholder exits, sources told Asharq on Thursday. The proceeds will fund operational expansions at its smart medical city, including adding 150 beds, as the project aims for a future capacity of over 4,000 beds, 700 ICU units, and 70 operating rooms

✅ Al Tawfeek Leasing (ATLC) approved Al Baraka Bank - Egypt (SAUD) to conduct due diligence ahead of a potential Mandatory Tender Offer (MTO), stressing this does not create any obligations or constitute approval of the deal. The FRA previously received the bank’s intent to acquire 51–90% of Al Tawfeek Leasing via a share swap with no cash, with the swap ratio to be set by an independent advisor. Al Baraka currently holds 7.62% of Al Tawfeek Leasing.

Today:

Glaxo SmithKline (BIOC) - dividend record for EGP 1 per share. The distribution date is 14 January.

Sidi Kerir Petrochemicals (SKPC) - dividend record for 0.25 bonus share per share. The distribution is the next day.

Mohandes Insurance (MOIN) - dividend record for 0.30 bonus share per share. The distribution is the next day.

Egyptian Arabian (EASB) - dividend record for 0.111 bonus share per share. The distribution is the next day.

📈 Egypt’s annual urban inflation remained flat at 12.3% in December, unchanged from November. While food and beverage prices were up 1.5% year on year, they fell 0.7% month on month, reflecting easing short-term price pressures. Outside food, prices of durable goods continued to decline, reinforcing the broader slowdown in inflation.

💰Egypt is set to receive a EUR 1 billion tranche of macro-financial support from the European Union in the coming days, following the completion of the fifth and sixth reviews of its USD 8 billion IMF program, Foreign Minister Badr Abdelatty said. The disbursement marks the first installment of the remaining USD 4 billion under the EU’s EUR 5 billion support package announced in 2024.

Elsewedy Electric has disclosed the signing of a USD 51 million (c. EGP 2.4 billion) contract with Angola’s electricity distribution company to supply power transformers, power cables, and related accessories.

And another major deal in the GCC:

The announcement follows the company’s disclosure that its subsidiary Egytech Cables, signed a new contract in Kuwait valued at approximately KWD 18.7 million (c. EGP 2.9 billion), with Kuwait’s Public Authority for Housing Welfare.

The contract covers the design, supply, installation, and turnkey delivery of extra-high-voltage 400 kilovolt power cables for the South Sabah Al Ahmad Housing Project, one of the authority’s largest national housing developments. The project is scheduled to be completed and operational within 24 months from the start date.

A growing pipeline in the Gulf:

In November, the company announced plans to invest USD 400 million to establish nine factories in Saudi Arabia, including facilities in Yanbu, Riyadh, and Dammam, to manufacture cables, copper rods, power transformers, and other electrical products. This followed the inauguration of a USD 40 million facility in Saudi Arabia dedicated to producing low-, medium-, and high-voltage cable accessories, as well as fiber reinforced polymer poles.

In Qatar, Elsewedy Electric also revealed plans to invest USD 67 million in new factories for copper and aluminum rods and distribution transformers, with production expected to begin in 2027.

And in Europe:

Late last month, Elsewedy Electric said it is planning two new battery energy storage projects in Greece, each with an estimated cost of EUR 30–40 million, which it will fully own. The initial project is expected to start operating in the first quarter of 2026, with the second scheduled for the second half of 2027.

This comes after a challenging 9M for the company:

Elsewedy Electric posted a small drop in profits during the first three quarters of 2025 as rising global costs and currency fluctuations weighed on earnings, even as sales reached record levels. The company reported net profit of EGP 12.67 billion for 9M 2025, down from EGP 13.25 billion in the same period last year, while revenues rose to EGP 199.7 billion from EGP 164.82 billion.

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

Your daily market lens, signing off.