Saudi Aramco is considering an IPO of its trading unit in a transaction that could be worth more than USD 30 bn, putting it on track to become one of the world’s biggest listings this year, Bloomberg reports, citing people in the know. Investment banks Goldman Sachs, JPMorgan, Morgan Stanley are reportedly working with the oil giant on the potential listing, which could see the company list a 30% stake. Aramco became the world’s most valuable company last week, and a few days later reported record quarterly earnings following a surge in oil prices in March.

Fertiglobe profits surge on soaring fertilizer prices: Fertiglobe’s net income more than quadrupled y-o-y in 1Q 2022 as the war in Ukraine and rising global inflation propelled fertilizer prices to new heights. Nassef Sawiris-backed ammonia producer reported (pdf) USD 361 mn in earnings in the January-March period, up from USD 84 mn in the same period last year.

Fertilizer prices have surged almost 30% this year to hit new records on rising input costs and supply disruptions caused by the sanctions on Russia and curbs on Chinese exports. This comes after prices soared 80% in 2021.

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 614 mn (29.4% below the 90-day average). Foreign investors were net sellers. The index is down 12.6% YTD.

In the green: TMG Holding (+2.7%), Credit Agricole Egypt (+2.7%) and Abu Qir Fertilizers (+1.8%).

In the red: Ibnsina Pharma (-3.1%), Fawry (-1.7%) and GB Auto (-1.6%).

Asian markets saw a mixed open this morning, with Chinese shares in the red and exchanges elsewhere in the region rising in early trading. European shares are on course to open in the green later this morning, while US stocks could fall.