What the markets are doing on 14 March 2021
Volatility in US tech stocks has been on overdrive, with the Nasdaq moving at least 1% up or down during eight of the 10 trading days so far in March, Bloomberg reports. Investors are uncertain about how tech stocks will fare as higher 10-year treasury yields continue to signal a strengthening economy and a shift away from growth stocks to more cyclical, stable companies. But the 6.3% fall in the tech-heavy index is hardly a disaster, given its 97% pandemic-driven rally since March 2020.
Gold may no longer be the gold standard for hedge assets: Bullion has been dropping as the covid-19 recovery presses on, making it a poor hedge against both inflation and risks in the stock market, BlackRock Portfolio Manager Russ Koesterich writes in a blog post. Gold is still a good option if you’re hedging against a decline in the USD, and will find new momentum if the greenback begins falling in value, he said.
|
|
EGX30 |
11,261 |
-0.2% (YTD: +3.8%) |
|
|
USD (CBE) |
Buy 15.65 |
Sell 15.75 |
|
|
USD at CIB |
Buy 15.63 |
Sell 15.73 |
|
|
Interest rates CBE |
8.25% deposit |
9.25% lending |
|
|
Tadawul |
9,588 |
-0.1% (YTD: +10.3%) |
|
|
ADX |
5,637 |
+0.5% (YTD: +11.7%) |
|
|
DFM |
2,574 |
+1.0% (YTD: +3.3%) |
|
|
S&P 500 |
3,943 |
+0.1% (YTD: +5.0%) |
|
|
FTSE 100 |
6,762 |
+0.4% (YTD: +4.7%) |
|
|
Brent crude |
USD 69.22 |
-0.6% |
|
|
Natural gas (Nymex) |
USD 2.60 |
-2.6% |
|
|
Gold |
USD 1,719.80 |
-0.2% |
|
|
BTC |
USD 60,699.37 |
+7.5% |
The EGX30 fell 0.2% on Thursday on turnover of EGP 1.2 bn (19.1% below the 90-day average). Local investors were net buyers. The index is up 3.8% YTD.
In the green: Orascom Investment (+5.4%), Orascom Financial (+3.1%) and Edita (+2.2%)
In the red: MM Group (-1.3%), Cleopatra (-1.0%) and Abu Qir Fertilizers (-1.0%).