Saudi Aramco has dethroned Apple as the world’s most valuable company, as surging oil prices push its shares to near-record highs while the world’s most valuable tech company suffers at the hands of the ongoing US stock market rout, Bloomberg reported. The oil giant traded at its highest level on record yesterday with a market cap of USD 2.43 tn, surpassing that of Apple for the first time since 2020. Apple ended the day with a market cap of USD 2.37tn after its shares fell 5.2% amid a heavy sell-off in US tech stocks, while Aramco’s shares closed nearly 1% down by the end of trading.

Also worth noting this morning:

• The risk of social unrest in Africa is rising as countries in the world struggle with soaring food prices: Two reports out yesterday — courtesy of Oxford Economics Africa and risk consultancy Verisk Maplecroft — flagged a risk of rising social unrest in the coming months as record food prices cause economic hardship.
• Philip Morris will acquire rival Swedish Match for USD 16 bn, as part of Marlboro-maker’s push into smoke-free tobacco alternatives. Swedish Match is a market leader in Scandinavian tobacco product snus and oral nicotine pouches. (Financial Times)
• Supply snags are hitting the diamond market hard, leading to costlier bling as the industry struggles to source stones after the US imposed an import ban on diamonds from Russia’s Alrosa, which produces a third of the world’s gems. (Bloomberg)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 855 mn (2% below the 90-day average). Foreign investors were net sellers. The index is down 9.2% YTD.

In the green: MM Group (+7.0%), Abu Qir Fertilizers (+6.3%) and Mopco (+4.8%).

In the red: TMG Holding (-2.5%), Eastern Company (-1.8%) and Madinet Nasr Housing (-1.7%).