Back to the complete issue
Thursday, 31 March 2022

US share rally ends after hopes for Ukraine peace talks fade

Has the bear-market rally run out of steam? US shares ended a five-day run of gains yesterday as hopes for an imminent peace agreement between Russia and Ukraine faded, Bloomberg says. After paring much of their YTD losses over the past week, the Nasdaq 100 and the S&P 500 both slid as analysts warned of continued market risk. “While we respect that the amount of liquidity that’s out there and the desire to ‘buy the dip’ after we saw a correction in the S&P 500 and a bear market in the Nasdaq, the reality is that risk has really fundamentally gone up, whether you’re talking about geopolitical risk,” or fundamentals, “ Lisa Shalett, CIO of Morgan Stanley Wealth Management, told Bloomberg TV. “We continue to caution folks about the vulnerability of earnings here.”

ALSO FROM PLANET FINANCE-

  • Dubai’s main utilities firm DEWA has nearly tripled the size of its IPO to as much as USD 5.7 bn, setting it up for the biggest listing in the Middle East and Europe in over two years. (Bloomberg)
  • BP looks to Asia to help its Russian exit: The UK energy giant has reached out to state-backed energy firms in China, the Middle East, and India in efforts to offload its Russian assets. (Bloomberg)
  • Hackers made off with some USD 600 mn of cryptocurrency from a blockchain network connected to a popular crypto gaming platform, in what could be one of the biggest crypto heists ever. (Bloomberg )

H/t to reader M. Moftah, who wrote to us yesterday to suggest that we start including European shares in our daily market table. Thank you for the suggestion, and you can consider it done — see below.

** WE LOVE HEARING FROM READERS: Got feedback for us? Want to send us some fan / hate mail? Get in touch at editorial@enterprisemea.com.

Down

EGX30

11,239

-1.4% (YTD: -5.9%)

Up

USD (CBE)

Buy 18.23

Sell 18.33

Up

USD at CIB

Buy 18.23

Sell 18.33

None

Interest rates CBE

9.25% deposit

10.25% lending

Down

Tadawul

13,038

-0.5% (YTD: +15.6%)

Down

ADX

9,846

-0.6% (YTD: +16.0%)

Up

DFM

3,527

+0.4% (YTD: +10.4%)

Down

S&P 500

4,602

-0.6% (YTD: -3.4%)

Up

FTSE 100

7,579

+0.6% (YTD: +2.6%)

Down

Euro Stoxx 50

3,959

-1.1% (YTD: -7.9%)

Up

Brent crude

USD 113.45

+2.9%

Down

Natural gas (Nymex)

USD 5.60

-0.2%

Down

Gold

USD 1,937.90

-0.1%

Down

BTC

USD 46,990

-0.6% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 1.4% at yesterday’s close on turnover of EGP 751 mn (22.7% below the 90-day average). Foreign investors were net sellers. The index is down 5.9% YTD.

In the green: Qalaa Holdings (+1.4%), Orascom Construction (+1.3%) and Oriental Weavers (+1.3%).

In the red: GB Auto (-3.8%), Rameda (-3.1%) and MM Group (-2.6%).

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; 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.