Adnoc Gas is set to raise some USD 2 bn in its upcoming IPO, valuing the company at USD 50 bn and making it one of the world’s largest listed gas companies, Bloomberg reports, citing sources close to the transaction. The natural gas arm of the UAE’s national energy company will sell some 4% (3 bn shares) to investors, according to an announcement (pdf). The IPO’s offer period kicks off next Thursday, 23 February, with shares set to hit the ADX on 13 March. It will mark the first major listing in the Gulf in 2023, after last year’s red-hot market saw the region raise almost USD 23 bn, according to Bloomberg.

Another bad week for the S&P 500: Investors continued to ditch US stocks in fear that the Federal Reserve will continue to raise rates, pushing the benchmark S&P 500 index to record its second consecutive week of losses, the Financial Times wrote. The index slipped 0.3% on Friday, for a net loss of 0.3% for the week, as a rally that began in the new year continued to lose steam.

A return to bigger rate hikes from the Fed? A number of officials at the US Fed last week threw their weight behind maintaining a hawkish stance to raise rates by 50 bps when it next meets on 21-22 March, on the back of strong jobs data and persistently high inflation. The US central bank in January hiked rates by 25 bps — a comparatively smaller increase — to a target range of 4.5-4.75%.

ALSO WORTH NOTING: PIF becomes Nintendo’s largest outside shareholder: The Saudi wealth fund increased its stake in Japanese gaming company Nintendo to 8.3%, becoming the company’s biggest outside shareholder after Nintendo’s own holding, according to Bloomberg.

	EGX30	17,489	-0.2% (YTD: +19.8%)
	USD (CBE)	Buy 30.51	Sell 30.60
	USD at CIB	Buy 30.52	Sell 30.62
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,548	-0.2% (YTD: +0.7%)
	ADX	9,977	+0.2% (YTD: -2.3%)
	DFM	3,458	-0.3% (YTD: +3.7%)
	S&P 500	4,079	-0.3% (YTD: +6.2%)
	FTSE 100	8,004	-0.1% (YTD: +7.4%)
	Euro Stoxx 50	4,275	-0.5% (YTD: +12.7%)
	Brent crude	USD 83.00	-2.5%
	Natural gas (Nymex)	USD 2.28	-4.8%
	Gold	USD 1,850.20	-0.1%
	BTC	USD 24,620	+0.6% (YTD: +49.0%)

THE CLOSING BELL-

The EGX30 fell 0.2% at Thursday’s close on turnover of EGP 2.5 bn (29.8% above the 90-day average). Foreign investors were net sellers. The index is up 19.8% YTD.

In the green: Alexandria Mineral Oils Company (+7.3%), Elsewedy Electric (+5.9%) and Qalaa Holdings (+3.8%).

In the red: Rameda Pharma (-2.7%), Juhayna (-1.8%) and Telecom Egypt (-1.7%).