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Wednesday, 17 February 2021

What the markets are doing on 17 February 2021

Musk probably isn’t going to be tweeting about copper any time soon: Some of the world’s largest miners are getting ready to pay out bumper dividends as the sector enjoys what the Financial Times is calling a “blistering run” in commodities prices. The price of iron ore has surged almost 85% over the past 12 months while copper has gained 80% since the lows last March, driven by appetite from China, and expectations for a swell in demand from elsewhere as governments look to drive the economic recovery with large infrastructure projects. In response, BHP said yesterday it would hand investors USD 5.1 bn in dividends while Glencore will pay out USD 1.6 bn — another sign that we may be entering what some are calling the start of a new commodities “supercycle.”

Up

EGX30

11,534

+0.1% (YTD: +6.4%)

Down

USD (CBE)

Buy 15.56

Sell 15.66

Up

USD at CIB

Buy 15.56

Sell 15.66

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

9,102

+0.2% (YTD: +4.8%)

Up

ADX

5,664

+0.3% (YTD: +12.3%)

Down

DFM

2,611

-1.2% (YTD: +4.8%)

Down

S&P 500

3,933

-0.1% (YTD: +4.7%)

Down

FTSE 100

6,749

-0.1% (YTD: +4.5%)

Down

Brent crude

USD 62.78

-0.9%

Down

Natural gas (Nymex)

USD 3.10

-1.0%

Down

Gold

USD 1,790.00

-0.5%

Up

BTC

USD 48,642.45

+0.95%

The EGX30 rose 0.1% yesterday on turnover of EGP 1.4 bn (2.7% below the 90-day average). Local investors were net sellers. The index is up 6.35% YTD.

In the green: Ibn Sina (+3.5%), MM Group (+3.0%) and Ezz Steel (+2.9%).

In the red: Fawry (-3.8%), Credit Agricole Egypt (-2.3%) and Eastern Company (-0.9%).

Shares are down in Japan and Korea, but up in Shanghai and Hong Kong this morning. Futures suggest a mixed opening in Europe later today, while Wall Street looks set to start the trading day in the red.

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. © 2021 Enterprise Ventures LLC.