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Sunday, 5 September 2021

The UAE + Israel just inked their biggest commercial agreement since normalizing relations

UAE sovereign fund Mubadala has bought a 22% stake in Israeli natural gas field Tamar for USD 1 bn in what Bloomberg says is the biggest commercial agreement yet since the two countries normalized diplomatic relations last year.

US stocks are booming: The average share price on the S&P 500 is up 24% this year to USD 209, off the back of gains by heavyweights such as Google parent company Alphabet, Bloomberg reports. The fact that fewer companies are splitting their stocks — with only three splits this year compared to an average of nine over the decade preceding 2019 — is also contributing to soaring valuations.

Up

EGX30

11,301

+0.2% (YTD: +4.2%)

None

USD (CBE)

Buy 15.65

Sell 15.75

None

USD at CIB

Buy 15.65

Sell 15.75

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

11,319

+0.1% (YTD: +30.3%)

Up

ADX

7,652

+0.1% (YTD: +51.7%)

Down

DFM

2,912

-0.1% (YTD: +16.9%)

None

S&P 500

4,535

-% (YTD: +20.8%)

Down

FTSE 100

7,138

-0.4% (YTD: +10.5%)

Down

Brent crude

USD 72.61

-0.6%

Up

Natural gas (Nymex)

USD 4.71

+1.5%

Up

Gold

USD 1,833.70

+1.2%

Up

BTC

USD 50,216

+0.1% (as of midnight)

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 1.86 bn (20% above the 90-day average). Local investors were net sellers. The index is up 4.2% YTD.

In the green: Pioneers Holding (+5.1%), GB Auto (+3.4%) and MM Group (+2.2%).

In the red: Fawry (-2.3%), Speed Medical (-1.0%), and Orascom Development Egypt (-1.0%).

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.

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