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Sunday, 31 January 2021

What the markets are doing on 31 January 2021

Can you give us some? The Saudi stock exchange wants to break a record in 2021 for the most initial public offerings in any given year in its history, Khalid Abdullah Al Hussan, the exchange’s chief executive, told Bloomberg on the sidelines of the Future Investment Initiative conference in Riyadh. Saudi saw 22 IPOs last year, with four companies going public on its main market raising a combined USD 1.5 bn. The kingdom is currently looking at hosting cross-listings from companies based in other GCC countries as a starting point for “a very very healthy pipeline.”

Companies have raised more than USD 400 bn in the first 3 weeks of 2021, USD 170 bn more than the average for this time of year, Refinitiv data shows, according to the Financial Times. Fiscal stimulus by governments and central banks around the world have given debt and equity markets a boost, allowing equity managers to price out covid-19 by using low interest rates to expand or cash out, while rapidly rising valuations have encouraged more companies to go public sooner and raise capital on stock markets.

Up

EGX30

11,579

+0.4% (YTD: +6.8%)

None

USD (CBE)

Buy 15.68

Sell 15.78

Up

USD at CIB

Buy 15.68

Sell 15.78

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

8,807

+0.3% (YTD: +1.4%)

Down

ADX

5,642

-0.4% (YTD: +11.8%)

Down

DFM

2,697

-1.1% (YTD: +8.2%)

Down

S&P 500

3,714

-1.9% (YTD: -1.1%)

Down

FTSE 100

6,408

-1.8% (YTD: -0.8%)

Down

Brent crude

USD 52.20

-0.3%

Down

Natural gas (Nymex)

USD 2.56

-3.8%

Up

Gold

USD 1,850.30

+0.5%

Up

BTC

USD 34,379.61

+0.9%

The EGX30 rose 0.4% on Wednesday on turnover of EGP 1.8 bn (23.5% above the 90-day average). Domestic investors were net sellers. The index is up 6.8% YTD.

In the green: Pioneers Holding (+4.2%), Eastern Company (+3.7%) and CIRA (+1.9%).

In the red: Egyptian Iron & Steel (-5.9%), Madinet Nasr Housing (-1.5%) and Credit Agricole (-1.1%).

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.

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