What the markets are doing on 17 January 2021
GLOBAL M&A WATCH- Fiat Chrysler and Peugeot complete mega-merger: Fiat Chrysler and Peugeot’s PSA Group are now Stellantis, a USD 51 bn+ company with a huge brand portfolio that ranges from from Jeep, Ram, Peugeot, and Opel to Maserati and Alfa Romeo in the luxury segment, according to the Wall Street Journal. The multi-bn USD merger has created the world’s third-largest auto company, which executives think will eventually save them USD 6 bn a year.
Couche-Tard’s Carrefour bid blocked: Canadian convenience store brand Couche-Tard has scrapped a EUR 16.2 bn offer to acquire global grocer Carrefour after the French government raised objections, Reuters reported, citing two sources with knowledge of the talks. The French government opposed the sale on food security concerns.
Saudi Arabia’s sovereign wealth fund will spend at least USD 40 bn annually in the country over the next five years to finance mega-projects such as the futuristic, zero-carbon city Neom, reports the Financial Times.
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EGX30 |
11,453 |
+0.6% (YTD: +5.6%) |
|
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USD (CBE) |
Buy 15.62 |
Sell 15.72 |
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USD at CIB |
Buy 15.62 |
Sell 15.72 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
8,898 |
-0.2% (YTD: +2.4%) |
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ADX |
5,266 |
-0.5% (YTD: +4.4%) |
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DFM |
2,702 |
-0.7% (YTD: +8.4%) |
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S&P 500 |
3,768 |
-0.7% (YTD: +0.3%) |
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FTSE 100 |
6,735 |
-1.0% (YTD: +4.3%) |
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Brent crude |
USD 55.10 |
-2.3% |
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Natural gas (Nymex) |
USD 2.74 |
+2.7% |
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Gold |
USD 1,829 |
-1.2% |
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BTC |
USD 36,572 |
+3.1% |
The EGX30 rose 0.6% on Thursday on turnover of EGP 1.6 bn (16.6% above the 90-day average). Local investors were net sellers. The index is up 5.6% YTD.
In the green: Eastern Company (+3.9%), Dice (+3.3%) and Edita (+3.1%).
In the red: Egyptian Iron & Steel (-9.8%), Qalaa Holdings (-1.5%) and Sodic (-1.3%).