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Sunday, 4 April 2021

What the markets are doing on 4 April 2021

OPEC+ will gradually increase oil production by up to 1.1 mn bbl per day from May-July, the coalition announced after its monthly meeting last Thursday, going against expectations that it would maintain around 7 mn bdp of production cuts introduced a year ago to temper the effect of a covid-19 induced slump in demand on oil prices. The coalition based its decision on “improvements in the market supported by global vaccination programmes and stimulus packages in key economies,” the statement said. Each monthly adjustment of output will not exceed 500k barrels, with 350,000 bpd increase expected in May, followed by another 350,000 bpd in June, and 400,000 bpd in July, according to its production adjustments table (pdf). Oil prices climbed off the back of the announcement, with Brent rising 3.4% and US crude up 3.9% on Thursday.

None

EGX30

10,565

-% (YTD: -2.6%)

Up

USD (CBE)

Buy 15.65

Sell 15.75

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

9,895

-0.1% (YTD: +13.9%)

Up

ADX

5,941

+0.5% (YTD: +17.8%)

Up

DFM

2,557

+0.3% (YTD: +2.6%)

Up

S&P 500

4,019

+1.2% (YTD: +7.0%)

Up

FTSE 100

6,737

+0.4% (YTD: +4.3%)

Up

Brent crude

USD 64.86

+3.4%

Up

Natural gas (Nymex)

USD 2.64

+1.2%

Up

Gold

USD 1,728.40

+0.8%

Down

BTC

USD 57,716

-1.9% (as of midnight)

The EGX30 ended Thursday’s session flat on turnover of EGP 1 bn (30.8% below the 90-day average). Local investors were net buyers. The index is down 2.6% YTD.

In the green: Heliopolis Housing (+7.7%), Cleopatra Hospital (+4.1%) and Orascom Financial (+3.2%).

In the red: Abu Qir Fertilizers (-2.1%), CI Capital (-1.5%) and CIB (-1.0%).

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