Back to the complete issue
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.

Up

EGX30

10,702

+2.2% (YTD: -1.3%)

None

USD (CBE)

Buy 15.71

Sell 15.81

None

USD at CIB

Buy 15.71

Sell 15.81

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

9,464

-0.3% (YTD: +8.9%)

Up

ADX

5,745

+0.2% (YTD: +13.9%)

Down

DFM

2,515

-0.7% (YTD: +0.9%)

Down

S&P 500

3,889

-0.6% (YTD: +3.5%)

Up

FTSE 100

6,713

+0.2% (YTD: +3.9%)

Down

Brent crude

USD 63.52

-1.4%

Down

Natural gas (Nymex)

USD 2.50

-0.8%

Down

Gold

USD 1,733.40

-0.1%

Down

BTC

USD 51,928.03

-4.9%

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%).

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; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.