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Monday, 15 February 2021

What the markets are doing on 15 February 2021

The SPAC bandwagon rolls on: VC firm Khosla Ventures filed plans on Friday to raise a combined USD 1.2 bn for three special purpose acquisition companies (SPACs), according to Bloomberg. The single-day triple filing underpins what has so far been a banner year for blank-check firms in the US: after setting new records in 2020, this year has already seen 143 SPACs attract more than USD 44 bn — and there are at least another 113 firms looking to raise USD 30 bn lining up for IPOs.

The USD’s recent slide is good news for investors in emerging markets looking to make bank in greenbacks when they exit a position — just don’t mistake that as good news for actual EM economies, whose exports just got more expensive. (Bloomberg)

Down

EGX30

11,506

-0.3% (YTD: +6.1%)

Down

USD (CBE)

Buy 15.56

Sell 15.66

Down

USD at CIB

Buy 15.55

Sell 15.65

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

9,036

+1.0% (YTD: +4.0%)

None

ADX

5,666

– (YTD: +12.3%)

Down

DFM

2,623

-0.4% (YTD: +5.3%)

Up

S&P 500

3,935

+0.5% (YTD: +4.8%)

Up

FTSE 100

6,590

+0.9% (YTD: +2.0%)

Up

Brent crude

USD 63.40

+1.6%

Up

Natural gas (Nymex)

USD 3.02

+3.9%

None

Gold

USD 1,823.30

Up

BTC

USD 48,383.04

+1.6%

The EGX30 fell 0.3% yesterday on turnover of EGP 1.53 bn (6.3% above the 90-day average). Local investors were net buyers. The index is up 6.1% YTD.

In the green: MM Group (+7.4%), Fawry (+2.5%) and CI Capital (+1.1%).

In the red: Eastern Company (-2.8%), GB Auto (-2.8%) and Heliopolis Housing (-2.8%).

Asian shares are having a great morning today. Futures suggest European markets should follow suit in a few hours’ time, while US and Canadian markets are closed today for national holidays.

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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