What the markets are doing on 6 April 2021
The market value of cryptocurrencies has doubled in just two months to more than USD 2 tn as institutional investors pile into the asset class, Bloomberg reported. BTC’s price doubled to USD 58,858 this year and is alone worth over USD 1 trn, while Ether, Binance Coin, Polkadot, Tether and Cardano stand at about USD 422 bn combined.
Oil prices slumped yesterday after OPEC+ decided last week it would ease production cuts starting May. Brent crude fell 4.2%, reversing temporary gains made last week, demonstrating confidence in an imminent rebound in oil demand, Reuters reports. Following the announcement, Saudi Arabia raised the official selling price for Asia starting May, amid a mixed recovery that could be stalled by renewed lockdown restrictions in India. But Goldman Sachs analysts remain optimistic that the market can absorb even more supply than OPEC+ is promising, and called the recent price slump “transient” in a report, Bloomberg writes.
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|
EGX30 |
10,257 |
-1.5% (YTD: -5.4%) |
|
|
USD (CBE) |
Buy 15.65 |
Sell 15.75 |
|
|
USD at CIB |
Buy 15.66 |
Sell 15.76 |
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|
Interest rates CBE |
8.25% deposit |
9.25% lending |
|
|
Tadawul |
9,964 |
-% (YTD: +14.7%) |
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|
ADX |
6,015 |
+1.0% (YTD: +19.2%) |
|
|
DFM |
2,573 |
+0.9% (YTD: +3.3%) |
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|
S&P 500 |
4,077 |
+1.4% (YTD: +8.6%) |
|
|
FTSE 100 |
6,737 |
+0.4% (YTD: +4.3%) |
|
|
Brent crude |
USD 62.15 |
-4.2% |
|
|
Natural gas (Nymex) |
USD 2.51 |
+0.1% |
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Gold |
USD 1,729 |
+0.1% |
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BTC |
USD 58,946 |
+1.4% (as of midnight) |
The EGX30 fell 1.5% yesterday on turnover of EGP 872 mn. (38.7% below the 90-day average) Foreign investors were net sellers.
In the green: Abu Qir Fertilizers (+4.9%), Eastern Company (+2.1%) and ElSewedy Electric (+2.0%).
In the red: Pioneers (-8.6%), MM Group (-6.4%) and Orascom Financial (-6.4%).