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Sunday, 27 June 2021

Investors pour into ESG bond funds in 2021

Demand for ESG bond funds is soaring: Some USD 54 bn was invested in ESG bond funds in the first five months of 2021, the Financial Times reports, citing figures from data provider Morningstar. This compares to the almost USD 68 bn invested in such funds across the whole of 2020. AUM rose 14% to USD 374 bn between January and May, and have tripled over the past three years. There “is a clear trend in favour of ESG growth, particularly in Europe,” said Jose Garcia-Zarate, associate director at Morningstar.

Aramco Chairman Yasir Al-Rumayyan is joining the board of Indian energy conglomerate Reliance Industries as an independent director, as Reliance prepares to sell 20% of its oil-to-chemicals business to the Saudi giant, Reliance Chairman Mukesh Ambani said, according to Bloomberg.

Other global financial news worth knowing:

  • BuzzFeed to go public via a SPAC merger: Popular media platform BuzzFeed is honing in on an IPO through a merger with special-purpose acquisition company 890 5th Avenue Partners, the Wall Street Journal reports, citing people in the know. BuzzFeed CEO Jonah Peretti is this week due to announce an agreement with the SPAC, which owes its namesake to the headquarters of Avengers superheroes.
  • Carrefour is planning on selling subsidiaries in Poland and Taiwan in the wake of a failed merger with Canada’s Alimentation Couche-Tard, French business magazine Challenges reports.

Up

EGX30

10,279

+0.1% (YTD: -5.2%)

Down

USD (CBE)

Buy 15.62

Sell 15.72

Down

USD at CIB

Buy 15.62

Sell 15.72

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

10,919

+0.2% (YTD: +25.7%)

Down

ADX

6,576

-1.0% (YTD: +30.3%)

Down

DFM

2,857

-0.4% (YTD: +14.7%)

Up

S&P 500

4,280

+0.3% (YTD: +14.0%)

Up

FTSE 100

7,136

+0.4% (YTD: +10.5%)

Up

Brent crude

USD 76.18

+0.8%

Up

Natural gas (Nymex)

USD 3.50

+2.3%

Up

Gold

USD 1,777.80

+0.4%

Down

BTC

USD 31,364

-1.1% (as of midnight)

THE CLOSING BELL-

The EGX30 rose less than 0.1% on Thursday’s close on turnover of EGP 1.27 bn (0.9% above the 90-day average). Foreign investors were net sellers. The index is down 5.2% YTD.

In the green: Oriental Weavers (+9.2%), Ibnsina Pharma (+1.9%) and Fawry (+1.3%).

In the red: Orascom Investment Holding (-2.2%), Ezz Steel (-1.9%) and TMG Holding (-1.7%).

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.