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Thursday, 3 June 2021

Hedge fund assets hit record high

Global hedge fund industry assets grew to a new all-time high of USD 4.1 tn at the end of March as a strong economic recovery, a rise in equity and commodity prices, and an unwinding of covid restrictions fuels optimism, CNBC reports, citing figures from BarclayHedge. Hedge funds have generated more than USD 552.1 bn in income alone during the past year, with AUM surging more than 42% in the same time period.

But the love for EM among hedgies dwindled, as investors pulled USD 3.8 bn out of EM funds in March despite Asia-centric funds seeing USD 5.6 bn inflows.

Saudi Aramco is looking to finance part of its USD 75 bn dividend payout with a sukuk issuance, Bloomberg reports, citing unnamed sources close to the matter. The company has chosen 15 banks for the sale which could come later this month, and aims to raise around USD 5 bn, the sources said. The Saudi oil giant last issued international bonds in November, when it raised USD 8 bn, after its debut USD 12 bn bond transaction in 2019.

Down

EGX30

10,121

-1.2% (YTD: -6.7%)

Down

USD (CBE)

Buy 15.64

Sell 15.74

Down

USD at CIB

Buy 15.64

Sell 15.74

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

10,656

+0.6% (YTD: +22.6%)

Up

ADX

6,626

+0.2% (YTD: +31.3%)

Up

DFM

2,839

+0.1% (YTD: +13.9%)

Up

S&P 500

4,208

+0.1% (YTD: +12.0%)

Up

FTSE 100

7,108

+0.4% (YTD: +10.0%)

Up

Brent crude

USD 71.35

+1.6%

Down

Natural gas (Nymex)

USD 3.07

-0.2%

Up

Gold

USD 1,910.90

+0.1%

Up

BTC

USD 37,574

+3.4% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 1.2% at today’s close on turnover of EGP 1.69 bn (23.1% above the 90-day average). Local investors were net buyers. The index is down 6.7% YTD.

In the green: Ibnsina Pharma (+3.8%), Emaar Misr (+1.4%) and Edita (+0.8%).

In the red: Cleopatra Hospital (-4.1%), Talaat Moustafa Group Holding (-3.0%) and Orascom Financial Holding (-2.9%).

Asian markets are mixed in early trading this morning and futures suggest that European and US markets will open in a sea of 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. © 2021 Enterprise Ventures LLC.