Back to the complete issue
Wednesday, 14 April 2021

What the markets are doing on 14 April 2021

The biggest SPAC acquisition ever is coming out of Singapore as ride-hailing and food delivery platform Grab is going public on the Nasdaq through a record breaking USD 39.6 bn agreement that will see it merge with a US-based SPAC Altimer Growth, Reuters reports. Altimer Capital is leading the offering with USD 750 mn from funds it manages and has so far seen at least USD 4 bn in private investment in public equity (PIPEs) from a number of investors including BlackRock and Fidelity International.

SPACs had a breakthrough year in 2020 that saw the blank cheque companies raise some USD 83 bn. Appetite looks set to continue this year with SPACs already raising USD 99 bn so far, despite fears last month that a US bond market selloff would kill investor appetite for the highly speculative asset.

Need a refresher on your SPACs and PIPEs? You can find our explainers here and here.

Coinbase valued at USD 65 bn ahead of direct listing: Nasdaq has given crypto exchange Coinbase a reference price of USD 250 a share, valuing the company at USD 65.3 bn as it prepares to go ahead with a direct listing in the US today, CNBC reports. This will be the first listing of a crypto firm in the US and has been called a watershed moment for the industry indicative of digital currencies’ increasing acceptance among mainstream investors.

Chinese regulators have given tech companies a month to clear up anti-competitive practices following the antitrust ruling against e-commerce giant Alibaba which saw it slapped with a record USD 2.8 bn fine, the Financial Times reports. A record 76 tech companies shelved plans to list on Shanghai's answer to the Nasdaq, Star Market, last month, after China pulled the brakes on Alibaba-affiliate and financial tech powerhouse Ant Group's USD 37 bn IPO amid increased scrutiny and tighter regulation.

Down

EGX30

10,306

-1.4% (YTD: -5.0%)

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

9,838

-0.7% (YTD: +13.2%)

Down

ADX

6,019

-1.2% (YTD: +19.3%)

Down

DFM

2,565

-0.8% (YTD: +3.0%)

Up

S&P 500

4,141

+0.3% (YTD: +10.3%)

None

FTSE 100

6,890

-% (YTD: +6.7%)

Up

Brent crude

USD 63.99

+1.1%

Up

Natural gas (Nymex)

USD 2.62

+2.3%

Up

Gold

USD 1,747.60

+0.9%

Up

BTC

USD 63,148

+5.3% (as of midnight)

The EGX30 fell 1.4% yesterday on turnover of EGP 995 mn (27.3% above the 90-day average). Foreign investors were net sellers. The index is down 5.0% YTD.

In the green: AMOC (+15.1%), Fawry (+0.8%) and Credit Agricole (+0.3%).

In the red: ElSewedy Electric (-7.3%), Heliopolis Housing (-4.4%) and Ibnsina Pharma (-4.1%).

Japan’s Nikkei is the only major Asian market in the red so far today, while futures suggest that European shares will open in the green later this morning, as will stocks in Toronto. Wall Street so far looks set to start the day in the red at the opening bell.

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 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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.