Planet Finance: Stocks are down + oil is up as Ukraine crisis spurs volatility
Stocks plunge, oil prices rally over Ukraine invasion concerns: Stocks ended last week in the red, while oil prices soared on the back of fears of escalation in the Ukraine-Russia conflict. Brent crude futures settled at USD 94.44 a barrel on Friday as the threat of war in Ukraine pressured already tight global crude supplies, according to Reuters. Meanwhile, the S&P500 fell 1.9% and the tech-heavy Nasdaq dropped 2.8%, as geopolitical tensions exacerbated concerns that the US Federal Reserve could hike rates aggressively next month in light of decades-high inflation in the US.
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EGX30 |
11,579 |
-0.2% (YTD: -3.1%) |
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USD (CBE) |
Buy 15.66 |
Sell 15.76 |
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USD at CIB |
Buy 15.66 |
Sell 15.76 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
12,269 |
+0.5% (YTD: +8.8%) |
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ADX |
8,998 |
+0.8% (YTD: +6.0%) |
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DFM |
3,257 |
+0.2% (YTD: +1.9%) |
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S&P 500 |
4,419 |
-1.9% (YTD: -7.3%) |
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FTSE 100 |
7,661 |
-0.2% (YTD: +3.7%) |
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Brent crude |
USD 94.44 |
+3.3% |
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Natural gas (Nymex) |
USD 3.94 |
-0.5% |
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Gold |
USD 1,842 |
+0.3% |
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BTC |
USD 41,965 |
-1.3% (as of midnight) |
THE CLOSING BELL-
The EGX30 fell 0.2% at Thursday’s close on turnover of EGP 292.4 mn (72.3% below the 90-day average). Foreign investors were net sellers. The index is down 3.1% YTD.
In the green: EFG Hermes (+2.9%), ADIB (+2.9%) and Abu Qir Fertilizers (+2.15%).
In the red: ElSewedy Electric (-5.6%), Medinet Nasr Housing (-5.2%) and Rameda (-4.9%).