Planet Finance: Aramco plots record USD 50 bn offering + Turkish inflation nears 50% in January
Aramco plots largest share sale ever: Saudi Aramco is in discussions to sell as much as a USD 50 bn stake to investors in a new share listing, the Wall Street Journal reports, citing unnamed sources. The sale, equivalent to a 2.5% stake at current prices, would be by far the largest-ever share sale in history, easily beating the company’s record USD 29.4 bn IPO on the Saudi stock exchange in 2019. Executives have held talks with advisors about a listing an additional stake on the Tadawul and are exploring the possibility of listing in London, Singapore or other exchanges, the sources said, with a tentative completion date set for late this year or early next year.
Turkey’s inflation soars to new heights: Surging energy prices combined with a weakened TRY saw Turkish inflation hit a near 20-year high in January, rising to 48.7%, Bloomberg reports. Turkey’s inflation-adjusted policy rate is now -35%, a record low across emerging markets.
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EGX30 |
11,638 |
-0.5% (YTD: -2.6%) |
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USD (CBE) |
Buy 15.66 |
Sell 15.75 |
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USD at CIB |
Buy 15.66 |
Sell 15.75 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
12,142 |
-0.4% (YTD: +7.6%) |
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ADX |
8,733 |
+0.1% (YTD: +2.9%) |
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DFM |
3,171 |
+0.6% (YTD: -0.8%) |
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S&P 500 |
4,501 |
+0.5% (YTD: -5.6%) |
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FTSE 100 |
7,516 |
-0.2% (YTD: +1.8%) |
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Brent crude |
USD 93.27 |
+2.4% |
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Natural gas (Nymex) |
USD 4.57 |
-6.5% |
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Gold |
USD 1,808 |
+0.2% |
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BTC |
USD 41,699 |
+2.7% (as of midnight) |
THE CLOSING BELL-
The EGX30 fell 0.5% on Thursday on turnover of EGP 656 mn (39.5% below the 90-day average). Regional investors were net sellers. The index is down 2.6% YTD.
In the green: GB Auto (+2.0%), Qalaa Holdings (+1.7%) and Credit Agricole (+1.1%).
In the red: Madinet Nasr Housing (-4.1%), Sidi Kerir Petrochem (-2.1%) and e-Finance (-2.1%).