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Thursday, 25 March 2021

What the markets are doing on 25 March 2021

Robinhood could soon have an IPO in the works: US stock-trading app Robinhood has confidentially submitted paperwork to US regulators for a Nasdaq IPO that could take place in the next few months, the Financial Times reports, citing an unnamed source familiar with the matter. The company’s zero-fee model has seen its popularity among retail investors explode in recent months, and was at the center of the controversy over the GameStop short squeeze in January.

Remember last month’s Great Texan Freeze? Global supply chains could still be feeling the effects months from now, as the state’s petchem facilities struggle to return to full capacity, the Financial Times reports. Sustained production interruptions of key industrial plastic polymers, which have already witnessed heighted demand during the pandemic, is contributing to “a witches brew of market conditions” that are leading to shortages and rising prices for manufacturers around the world, said Jeremy Pafford, head of North America at market information service ICIS.

Cloud computing startup DigitalOcean tumbled 12% on its public market debut yesterday, before paring losses to close at USD 42.5 per share — 10% lower than the USD 47 price it initially sold shares at, CNBC reports. DigitalOcean’s IPO on the New York Stock Exchange raised more than USD 775 mn. The tech company is now valued at USD 4.48 bn.




+2.2% (YTD: -1.3%)



Buy 15.71

Sell 15.81



Buy 15.71

Sell 15.81


Interest rates CBE

8.25% deposit

9.25% lending




-0.3% (YTD: +8.9%)




+0.2% (YTD: +13.9%)




-0.7% (YTD: +0.9%)


S&P 500


-0.6% (YTD: +3.5%)


FTSE 100


+0.2% (YTD: +3.9%)


Brent crude

USD 63.52



Natural gas (Nymex)

USD 2.50




USD 1,733.40




USD 51,928.03


The EGX30 rose 2.2% at today’s close on turnover of EGP 1.12 bn (24% below the 90-day average). Regional investors were net sellers. The index is down 1.3% YTD.

In the green: MM Group (+5.9%), Ibnsina Pharma (+5.8%) and Abu Qir Fertilizers (+5.4%).

In the red: Orascom Development (-1.1%), EKH (-0.5%) and SODIC (-0.2%).

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