Microsoft is the world’s most valuable public company
Microsoft is tech’s top dog once again, reclaiming its spot as the world’s most valuable publicly-traded company after Apple took a slide on the release of its third-quarter earnings. Microsoft shares were up 2.2% on Friday, making the company worth USD 2.49 tn, while Apple dropped 1.9% to leave its market cap at USD 2.46 tn. The iPhone maker has been dented by chip shortages and factory disruptions amid the recent supply-chain squeeze.
KSA’s Olayan group is looking to revive IPO plans for some of its companies, CEO Nabeel Al Amudi told Bloomberg. These include a holding company of about 25 units and some operating firms, he added. Listing plans had been put on hold in 2017 as Saudi Arabia’s economic growth slowed, but Olayan Financing Company says it is now “ready to roll” after a series of successful listings inspired confidence in the market, Al-Amudi said.
Olayan has a substantial footprint in Egypt, from being the second-largest minority in Sodic and owning Somabay to the MENA franchise of Burger King.
GlobalFoundries IPO raises USD 2.6 bn: US chipmaker GlobalFoundries and shareholder Mubadala Investment Company raised USD 2.6 bn in the chipmaker’s Nasdaq IPO on Thursday, according to Bloomberg. The shares were valued at the upper end of the price range, trading for USD 47 per after being marketed at USD 42-47 per share.
Saudi Aramco is in talks with banks to secure a USD 10 bn loan to refinance existing debt, banking sources told CNBC Arabia.
The dogecoin has met its match in another dog-themed cryptocurrency that now has a bigger market cap than some of the world’s biggest companies. The Shiba Inu coin — think of it as a joke about a joke — has soared nearly 800% in the past month, hitting an all-time high yesterday with a market cap of USD 38.5 bn, according to Fortune.
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EGX30 |
11506.63 |
+1.25% (YTD: +6.1%) |
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USD (CBE) |
Buy 15.66 |
Sell 15.76 |
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USD at CIB |
Buy 15.66 |
Sell 15.76 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
11,758.82 |
-0.4% (YTD: +35.3%) |
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ADX |
7,872.55 |
+2% (YTD: +56%) |
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DFM |
2,861.13 |
-1% (YTD: +14.8%) |
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S&P 500 |
4,605.38 |
+0.2% (YTD: +22.6%) |
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FTSE 100 |
7,237.57 |
-0.2% (YTD: +12%) |
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Brent crude |
USD 83.72 |
+0.1% |
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Natural gas (Nymex) |
USD 5.43 |
-6% |
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Gold |
USD 1,783.9 |
-1% |
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BTC |
USD 61,593 |
-1.4% (as of midnight) |
THE CLOSING BELL-
The EGX30 rose 1.3% at Thursday’s close on turnover of EGP 1.32 bn (13.5% below the 90-day average). Foreign investors were net sellers. The index is up 6.1% YTD.
In the green: Pioneers Properties (+14.7%), Madinet Nasr Housing (+8.3%) and Rameda (+6.1%).
In the red: Fawry (-1.7%), Palm Hills Development (-1.6%) and MM Group (-1.6%).