Back to the complete issue
Sunday, 17 January 2021

What the markets are doing on 17 January 2021

GLOBAL M&A WATCH- Fiat Chrysler and Peugeot complete mega-merger: Fiat Chrysler and Peugeot’s PSA Group are now Stellantis, a USD 51 bn+ company with a huge brand portfolio that ranges from from Jeep, Ram, Peugeot, and Opel to Maserati and Alfa Romeo in the luxury segment, according to the Wall Street Journal. The multi-bn USD merger has created the world’s third-largest auto company, which executives think will eventually save them USD 6 bn a year.

Couche-Tard’s Carrefour bid blocked: Canadian convenience store brand Couche-Tard has scrapped a EUR 16.2 bn offer to acquire global grocer Carrefour after the French government raised objections, Reuters reported, citing two sources with knowledge of the talks. The French government opposed the sale on food security concerns.

Saudi Arabia’s sovereign wealth fund will spend at least USD 40 bn annually in the country over the next five years to finance mega-projects such as the futuristic, zero-carbon city Neom, reports the Financial Times.

Up

EGX30

11,453

+0.6% (YTD: +5.6%)

None

USD (CBE)

Buy 15.62

Sell 15.72

None

USD at CIB

Buy 15.62

Sell 15.72

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

8,898

-0.2% (YTD: +2.4%)

Down

ADX

5,266

-0.5% (YTD: +4.4%)

Down

DFM

2,702

-0.7% (YTD: +8.4%)

Down

S&P 500

3,768

-0.7% (YTD: +0.3%)

Down

FTSE 100

6,735

-1.0% (YTD: +4.3%)

Down

Brent crude

USD 55.10

-2.3%

Up

Natural gas (Nymex)

USD 2.74

+2.7%

Down

Gold

USD 1,829

-1.2%

Up

BTC

USD 36,572

+3.1%

The EGX30 rose 0.6% on Thursday on turnover of EGP 1.6 bn (16.6% above the 90-day average). Local investors were net sellers. The index is up 5.6% YTD.

In the green: Eastern Company (+3.9%), Dice (+3.3%) and Edita (+3.1%).

In the red: Egyptian Iron & Steel (-9.8%), Qalaa Holdings (-1.5%) and Sodic (-1.3%).

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.