Back to the complete issue
Thursday, 21 January 2021

What the markets are doing on 21 January 2021

Earnings season continues in the US of A:

  • Morgan Stanley has its best year ever in 2020 after profits grew by 42% more than forecasts had suggested 4Q2020, off the back of high trading volumes in the last quarter, according to an earnings release (pdf).
  • Our newfound germophobia was good news for P&G, which raised its sales forecast for the second time in a year and reported an 8% rise in sales in 4Q off the back of covid-driven demand for cleaning products, Reuters reports.

The Bahraini government closed a USD 2 bn three-tranche bond sale as the pandemic and low oil prices continue to weigh on its fiscal deficit and pushed its debt dues to USD 40 bn, reports Reuters.

A global shipping container shortage has sent prices skyrocketing to more than three times their price just two months ago, the FT reports. The sudden increase has been attributed to a supply chain “bottleneck” as a sharp rebound in western demand for Asian goods has left companies battling for access to containers and shipping lines, said SeaIntelligence consultant Lars Jensen.

Up

EGX30

11,599

+1.0% (YTD: +6.9%)

Down

USD (CBE)

Buy 15.67

Sell 15.77

Down

USD at CIB

Buy 15.68

Sell 15.78

Down

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

8,878

-0.3% (YTD: +2.2%)

Up

ADX

5,676

+0.3% (YTD: +12.5%)

Up

DFM

2,792

+1.4% (YTD: +12.1%)

Up

S&P 500

3,851

+1.4% (YTD: +2.6%)

Up

FTSE 100

6,740

+0.4% (YTD: +4.3%)

Down

Brent crude

USD 55.67

-0.4%

Down

Natural gas (Nymex)

USD 2.54

-0.3%

Up

Gold

USD 1,872

+1.7%

Down

BTC

USD 34,943

-4.4%

The EGX30 rose 1% yesterday on turnover of EGP 1.7 bn (20.8% above the 90-day average). Local investors were net buyers. The index is up 6.9% YTD.

In the green: Pioneers Holding (+8.5%), Egyptian Iron & Steel (+7.5%) and Beltone Financial Holding (+6.9%).

In the red: Ezz Steel (-0.8%), Egypt Kuwait Holding (-0.7%) and CIRA (-0.6%).

It’s a sea of green this morning: Asian shares are up and futures suggest a nice bounce for investors in day two of the Biden administration, with shares in Europe and North America on track to open in the green later today.

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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.