What the markets are doing on 22 April 2021
Abu Dhabi is considering selling a 10% stake in power distributor TAQA as it attempts to attract international investment for some of its flagship assets, Bloomberg reports. The stake in the company is valued at some USD 4 bn, and investors may be attracted by TAQA’s plans to cut down on fossil fuel exposure and boost renewables. TAQA is the emirate’s largest utility provider and has a monopoly on energy and water distribution.
Norway’s sovereign wealth fund — the holder of the world’s largest stock portfolio — saw its portfolio beat the country’s benchmark index, recording a 6.6% gain and performing 24 bps better than the benchmark set by the Norwegian Finance Ministry, Bloomberg reports. The Government Pension Fund of Norway — which was created in the 1990s to invest in oil and gas abroad — earned USD 45.6 bn in 1Q2021, compared to a loss of almost USD 126 bn in 1Q2020.
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EGX30 |
10,642 |
+0.2% (YTD: -1.9%) |
|
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USD (CBE) |
Buy 15.63 |
Sell 15.73 |
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USD at CIB |
Buy 15.63 |
Sell 15.73 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
10,095 |
-0.2% (YTD: +16.2%) |
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ADX |
6,061 |
-1.5% (YTD: +20.1%) |
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DFM |
2,600 |
-0.9% (YTD: +4.3%) |
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S&P 500 |
4,173 |
+0.9% (YTD: +11.1%) |
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FTSE 100 |
6,895 |
+0.5% (YTD: +6.7%) |
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Brent crude |
USD 64.74 |
-0.9% |
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Natural gas (Nymex) |
USD 2.70 |
+0.2% |
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Gold |
USD 1,796.90 |
+0.2% |
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BTC |
USD 52,787.02 |
-5.5% |
The EGX30 rose 0.2% at today’s close on turnover of EGP 906 mn (31.3% below the 90-day average). Local investors were net sellers. The index is down 1.9% YTD.
In the green: Ezz Steel (+3.2%), AMOC (+2.7%) and Orascom Development (+2.4%).
In the red: GB Auto (-5.0%), Palm Hills Development (-4.0%) and Pioneers (-2.5%).