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Wednesday, 21 April 2021

What the markets are doing on 21 April 2021

Saudi Arabia’s Red Sea Development Company is reportedly less than a month away from securing USD 3.7 bn in green funding from a syndicate of domestic banks, Bloomberg reports. The funding would be earmarked for the company’s ambitious Red Sea project, a cornerstone of MbS’ program to diversify the Saudi economy. The tourism zone would be roughly the size of Belgium and will aim to attract some 500k international visitors a year (and an equal number of locals) when finished in 2030.

Video game chat app Discord has turned down Microsoft’s USD 10 bn acquisition bid and called off talks, the Wall Street Journal reports. Discord was in talks with at least three potential buyers but now says it prefers to stay “independent at this time,” and appears to be looking at an IPO instead, people familiar with the matter said.

Up

EGX30

10,620

+1.7% (YTD: -2.1%)

None

USD (CBE)

Buy 15.63

Sell 15.73

None

USD at CIB

Buy 15.63

Sell 15.73

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

10,117

+0.2% (YTD: +16.4%)

Up

ADX

6,155

+0.9% (YTD: +22.0%)

Down

DFM

2,624

-0.3% (YTD: +5.3%)

Down

S&P 500

4,135

-0.7% (YTD: +10.1%)

Down

FTSE 100

6,860

-2.0% (YTD: +6.2%)

Down

Brent crude

USD 66.23

-0.5%

Down

Natural gas (Nymex)

USD 2.72

-0.2%

Up

Gold

USD 1,781.70

+0.2%

Up

BTC

USD 56,048.84

+2.1%

The EGX30 rose 1.7% yesterday on turnover of EGP 1.1 bn (16.8% below the 90-day average). Local investors were net sellers. The index is down 2.1% YTD.

In the green: CI Capital (+5.0%), AMOC (+4.2%) and Sidi Kerir Petrochemicals (+4.1%).

In the red: Fawry (-2.0%), Edita (-1.5%) and Credit Agricole (-0.1%).

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.

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