Back to the complete issue
Wednesday, 9 December 2020

What the markets are doing on 9 December 2020

The EGX30 rose 0.2% yesterday on turnover of EGP 1.6 bn (27.4% above the 90-day average). Foreign investors were net sellers. The index is down 21.1% YTD.

In the green: Dice (+15.0%), Egyptian Iron & Steel (+4.5%) and Export Development Bank (+2.4%).

In the red: Oriental Weavers (-1.9%), Juhayna (-1.6%) and TMG Holding (-1.6%).

Asian markets are up this morning and futures suggest that Europe and Wall Street will both follow suit later today.

Up

EGX30

11,019

+0.2% (YTD: -21.1%)

Up

USD (CBE)

Buy 15.63

Sell 15.73

Up

USD at CIB

Buy 15.63

Sell 15.73

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

8,612

-0.3% (YTD: +2.7%)

Up

ADX

5,062

+0.4% (YTD: -0.3%)

Up

DFM

2,532

+2.0% (YTD: -8.4%)

Up

S&P 500

3,702

+0.3% (YTD: +14.6%)

Up

FTSE 100

6,559

+0.1% (YTD: -13.0%)

Up

Brent crude

USD 48.84

+0.1%

Up

Natural gas (Nymex)

USD 2.45

+2.0%

Down

Gold

USD 1,837.80

-0.1%

Down

BTC

USD 18,325.11

-4.6%

Private sector activity in the UAE worsened for the second straight month in November due to sluggish demand, according to the IHS Markit PMI (pdf). The country saw the first contraction in activity since May as covid weighed on output, exports and jobs.

There’s plenty of news out of Europe this morning, where the eurozone economy expanded at a record 12.5% clip between July and September, there are rising calls for the European Central Bank to cancel debts,” and EU-based tech startups are on track to raise a record USD 41 bn.

Chinese healthcare company JD Health’s share price jumped 75% in their trading debut after the company raised USD 3.5 bn in Hong Kong’s biggest IPO of the year.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.