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Tuesday, 15 December 2020

What the markets are doing on 15 December 2020

The EGX30 rose 0.4% yesterday on turnover of EGP 1.6 bn. Foreign investors were net sellers. The index is down 20.9% YTD.

In the green: Ibnsina Pharma (+6.0%), Ezz Steel (+5.9%) and Eastern Company (+0.9%).

In the red: Dice (-6.8%), Cleopatra Hospital (-2.9%) and Oriental Weavers (-2.4%).

Asian markets are all in the red this morning and we’re looking at a mixed open in both Europe and North America later today, futures suggest.

The pan-European Stoxx 600 gained 0.6% yesterday after trimming early gains on news of an extension of talks between the UK and the European Union to hammer out a post-Brexit, according to Reuters.

Up

EGX30

11,048

+0.4% (YTD: -20.9%)

Up

USD (CBE)

Buy 15.67

Sell 15.77

Up

USD at CIB

Buy 15.68

Sell 15.78

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

8,660

+0.2% (YTD: +3.2%)

Up

ADX

5,154

+0.3% (YTD: +1.5%)

Up

DFM

2,555

+0.3% (YTD: -7.6%)

Down

S&P 500

3,648

-0.4% (YTD: +12.9%)

Down

FTSE 100

6,532

-0.2% (YTD: -13.4%)

Down

Brent crude

USD 50.09

-0.4%

Down

Natural gas (Nymex)

USD 2.67

-0.3%

Down

Gold

USD 1,831.50

-%

Up

BTC

USD 19,395.12

+1.7%

Optimism about covid-19 vaccines could spark a recovery in the UAE’s key tourism sector in 2021 after business activity in Dubai shrank for a second consecutive month this November, Bloomberg reports. Abu Dhabi plans to reopen for tourists starting January and will allow visitors from a list of countries deemed safe; the list will be reviewed every two weeks. Meanwhile, Dubai expects travellers to and from the UK to increase by a third in December after the UAE was placed on the UK’s travel corridor list last month.

The man who denounced the 2020 SPAC craze as “reprehensible” has made a cool USD 200 mn from a blank-check company — apparently completely by accident. Big-time investor and environmental philanthropist Jeremy Grantham’s investment in QuantumScape paid off when the battery-maker was taken public by a SPAC earlier this month. “This is unlike anything else in my career. This was by accident the single biggest investment I have ever made,” he told the Financial Times, describing blank-check firms as “reprehensible” instruments and “very speculative by definition.” Check out our explainer on SPACS here.

Also worth knowing this morning:

  • Swiss biotech firm Relief Therapeutics’ share price has rocketed 38,000% so far this year, thanks to its work on a medication that treats respiratory failures in severe cases of covid-19, reports CNBC.
  • Reddit has acquired video-sharing app and TikTok rival Dubsmash, according to The Wall Street Journal. Dubsmash was last valued at USD 47.5 mn in 2016 and has since raised roughly USD 20 mn more. The value of the transaction was not disclosed.

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