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Tuesday, 13 April 2021

What the markets are doing on 13 April 2021

GLOBAL M&A WATCH- Microsoft bets big on health tech: Microsoft Corporation will acquire AI speech tech company Nuance Communications for USD 19.7 bn, a transaction that will increase the tech giant’s presence in the health sector. The acquisition will be Microsoft’s second largest following its USD 24 bn purchase of Linkedin in 2016. Nuance has a large foothold in the US health sector, with its clinical speech recognition and “ambient clinical intelligence” products in use in 77% of the country’s hospitals.

Sawiris-backed fertilizer company eyes USD 1 bn Abu Dhabi IPO: Nassef Sawiris-backed chemical producer OCI and Abu Dhabi National Oil Company (Adnoc) may take their fertilizer joint venture Fertiglobe public on the Abu Dhabi exchange, Reuters reports, citing sources close to the matter. The listing could go through after the completion of the IPO of Adnoc’s drilling business, which sources say should take place this year. Fertiglobe is 58% owned by OCI and 42% owned by ADNOC, with Nassef Sawiris serving as its CEO.

Meanwhile, Abu Dhabi sovereign wealth fund Mubadala is getting closer to the IPO of Emirates Global Aluminium (EGA), the Middle East’s largest aluminum producer, CEO Khaldoon Al Mubarak said, according to Bloomberg. EGA, which is equally owned by Mubadala and its Dubai counterpart ICD, had previously planned to debut on the stock exchange in 2018 and 2019, but its plans were derailed by Trump era tariffs on Emirati aluminum exports.

Uber saw its gross bookings rise to their highest level in its 12 year history last month off the back of successful vaccine rollouts, according to a Securities and Exchange Commission filing. Average daily bookings were up 9% m-o-m, signaling a comeback for the ride-hailing business that suffered due to lockdowns last year.

Up

EGX30

10,450

+0.6% (YTD: -3.6%)

None

USD (CBE)

Buy 15.63

Sell 15.73

None

USD at CIB

Buy 15.64

Sell 15.74

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

9,907

-0.3% (YTD: +14.0%)

Up

ADX

6,091

+0.4% (YTD: +20.7%)

Down

DFM

2,586

-0.3% (YTD: +3.8%)

None

S&P 500

4,127

-% (YTD: +9.9%)

Down

FTSE 100

6,889

-0.4% (YTD: +6.7%)

Up

Brent crude

USD 63.35

+0.6%

Up

Natural gas (Nymex)

USD 2.56

+1.2%

Down

Gold

USD 1,732.30

-0.7%

Up

BTC

USD 60,423

+0.9% (as of midnight)

The EGX30 rose 0.6% yesterday on turnover of EGP 1.23 bn (10.7% below the 90-day average). Local investors were net buyers. The index is down 3.6% YTD.

In the green: AMOC (+6.7%), Ezz Steel (+3.7%) and Orascom Development (+3.2%).

In the red: ElSewedy Electric (-2.2%), CI Capital (-1.5%) and Cleopatra Hospital (-1.0%).

Asian markets uniformly in the green this morning and futures suggest much of Europe and Wall Street will follow suit, while shares in Toronto look set to open in the red.

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