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Wednesday, 9 February 2022

Abu Dhabi ports shares surge on ADX following IPO + Dubai’s SHUAA wants to SPAC

Shares in Abu Dhabi Ports jumped as much as 17% on its ADX debut yesterday, marking the latest success for Gulf listings, Bloomberg reports. The company, which is majority-owned by Abu Dhabi sovereign wealth fund ADQ, raised USD 1.1 bn from its IPO ahead of its debut on the Abu Dhabi Securities Exchange. Shares in the port operator rose to AED 3.75 yesterday from the offer price of AED 3.20, before closing at AED 3.61 per share.

Dubai’s Shuaa Capital is jumping on the SPAC train: Dubai-listed investment bank Shuaa Capital has filed a registration statement with the US Securities and Exchange Commission to launch a USD 100-200 mn special purpose acquisition company (SPAC) to be listed on the Nasdaq, the company announced in a statement that was picked up by several publications including Reuters.

In other global business news:

  • Earnings: Oil giant BP has reported its highest annual earnings in eight years, announcing yesterday income of USD 12.8 bn in 2021, up from a USD 5.7 bn loss the year prior. (Earnings release)
  • Turkey to return to the bond market: Turkey is in talks with banks to hold its first international bond sale since the TRY plunged last year. (Bloomberg)

Down

EGX30

11,528

-0.2% (YTD: -3.5%)

None

USD (CBE)

Buy 15.66

Sell 15.76

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

12,226

-0.2% (YTD: +8.4%)

Up

ADX

8,780

+0.5% (YTD: +3.4%)

Up

DFM

3,214

+0.8% (YTD: +0.6%)

Up

S&P 500

4,522

+0.8% (YTD: -5.1%)

Down

FTSE 100

7,567

-0.1% (YTD: +2.5%)

Down

Brent crude

USD 90.78

-2.0%

Down

Natural gas (Nymex)

USD 4.23

-0.3%

Down

Gold

USD 1,827

-0.1%

Up

BTC

USD 44,258

+0.4% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 369 mn (65% below the 90-day average). Foreign investors were net sellers. The index is down 3.5% YTD.

In the green: Rameda (+2.5%), EFG Hermes (+2.2%) and GB Auto (+2.2%).

In the red: Fawry (-2.2%), Medinet Nasr Housing (-2.1%) and AMOC (-1.6%).

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