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Thursday, 22 April 2021

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.

Up

EGX30

10,642

+0.2% (YTD: -1.9%)

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

Down

Tadawul

10,095

-0.2% (YTD: +16.2%)

Down

ADX

6,061

-1.5% (YTD: +20.1%)

Down

DFM

2,600

-0.9% (YTD: +4.3%)

Up

S&P 500

4,173

+0.9% (YTD: +11.1%)

Up

FTSE 100

6,895

+0.5% (YTD: +6.7%)

Down

Brent crude

USD 64.74

-0.9%

Up

Natural gas (Nymex)

USD 2.70

+0.2%

Up

Gold

USD 1,796.90

+0.2%

Down

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%).

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