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Monday, 5 April 2021

What the markets are doing on 5 April 2021

Morocco’s debt is now rated junk after S&P downgraded the north African country’s long-term FX and local currency rating to BB+ from BBB-, citing expectations of slow “budgetary consolidation over 2021-2024,” according to Bloomberg. S&P says the rating outlook is now stable, after previously giving Morocco a negative outlook.

Middle Eastern logistics firm Tristar Transport has priced its planned IPO in Dubai at AED 2.2-2.7 (USD 0.60-0.74) per share, giving the company a market cap of AED 2.64-3.24 bn after listing, it said in a press release (pdf). Tristar is offering up to 24% of its shares in the IPO, and could raise as much as AED 777 mn from its secondary and primary sales. If it is priced at the upper end of the range, Tristar’s listing would be the biggest on Dubai’s main exchange since 2017, when Emaar Development’s IPO raised USD 1.3 bn, Bloomberg reports. The bidding process started yesterday and will wrap up on 15 April, the statement said.

A record 76 tech companies shelved plans to list on Shanghai's answer to the Nasdaq, Star Market, last month, after China put the brakes on Alibaba-affiliate and financial tech powerhouse Ant Group's USD 37 bn IPO amid increased scrutiny and tighter regulation, the Financial Times reports, citing figures released by the exchange. There have now been over 180 withdrawn offerings on Star compared to 12 in November, when Ant Group’s IPO was canceled. This flurry of cancellations suggests China is backtracking on its plans to simplify listing procedures under a registration-based system, which could throw a wrench in the country's plans to develop its onshore capital markets in light of a US law that could push Chinese companies to delist from Wall Street.




-1.4% (YTD: -3.95%)



Buy 15.65

Sell 15.75



Buy 15.66

Sell 15.76


Interest rates CBE

8.25% deposit

9.25% lending




+0.7% (YTD: +14.7%)




+0.2% (YTD: +18.0%)




-0.3% (YTD: +2.3%)


S&P 500


+1.2% (YTD: +7.0%)


FTSE 100


+0.4% (YTD: +4.3%)


Brent crude

USD 64.56



Natural gas (Nymex)

USD 2.61




USD 1,729.10




USD 58,143

+1.1% (as of midnight)

The EGX30 fell 1.4% yesterday on turnover of EGP 789 mn (45.2% below the 90-day average). Foreign investors were net sellers. The index is down 4.0% YTD.

In the green: Eastern Co. (+1.6%) and Oriental Weavers (+0.3%).

In the red: Abu Qir Fertilizers (-4.4%), MM Group (-3.7%) and Ibnsina Pharma (-3.6%).

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