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Monday, 26 April 2021

What the markets are doing on 26 April 2021

Higher crude prices won't give Big Oil its swagger back: Although the recent recovery of Brent crude prices is helping the world’s top oil and gas producers compensate for their 2020 losses, Big Oil is unlikely to reap benefits. After taking on debt last year to keep up with the financial strain of maintaining dividend payouts in 2020, oil majors such as ExxonMobil and Total are now directing surplus revenues to pay down their pandemic-induced debts, Bloomberg reports. Major oil companies now “have limited appeal as long-term investments because they can’t demonstrate that they can deliver cashflow on a sustainable basis and return it on a sustainable basis,” JPMorgan Chase & Co.’s head of EMEA oil and gas Christyan Malek tells the business information service.

MARKET WATCH- Western economies are poised for a consumer-led rebound from covid as vaccinations gradually restore normalcy, says the Wall Street Journal. Vaccinated people could return with force to shops and hotels, releasing savings they had amassed during the pandemic — which Moody’s Analytics estimates exceeds USD 5.4 tn worldwide.

None

EGX30

10,604

-% (YTD: -2.2%)

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

10,142

+0.1% (YTD: +16.7%)

Up

ADX

6,117

+0.3% (YTD: +21.2%)

Up

DFM

2,627

+0.1% (YTD: +5.4%)

Up

S&P 500

4,180

+1.1% (YTD: +11.3%)

None

FTSE 100

6,938

-% (YTD: +7.4%)

Up

Brent crude

USD 66.20

+0.1%

Down

Natural gas (Nymex)

USD 2.73

-0.2%

Up

Gold

USD 1,780.00

+0.1%

Up

BTC

USD 50,761

+1.1% (as of midnight)

The EGX30 ended today’s session flat on turnover of EGP 892 mn (31.5% below the 90-day average). Regional investors were net buyers. The index is down 2.2% YTD.

In the green: Orascom Development (+4.1%), Qalaa Holdings (+3.0%) and SODIC (+2.6%).

In the red: AMOC (-1.3%), MM Group (-1.1%) and Fawry (-0.9%).

Asian markets are in the green in early trading this morning. European shares look set to fall when markets open in the coming hours, while futures show US stocks opening in the green later today.

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; 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.