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Sunday, 2 October 2022

Surprising no one, US stocks close 3Q in the red + A sparkling debut for Salik

US stocks closed in the red for the day, the week, the month and the quarter by the end of Friday’s trading session, closing another terrible three months for financial markets that have been roiled by rising interest rates and the fallout from the war in Ukraine, CNBC reports. The S&P 500 had its worst month since March 2020 in September (-9.3%), while the Nasdaq is now at its lowest level since July 2020 after losing another 1.5% on Friday and 10.5% during the month. Meanwhile, the Dow Jones closed below 29k for the first time since November 2020 after falling 1.7% on Friday, leaving it 8.8% in the red for September.

Salik shares pop in first day of trading: Dubai’s toll gate operator Salik’s share price rose as much as 20% in its trading debut last week, Bloomberg reports, after pulling in over USD 50 bn of orders during subscription. Initially priced at AED 2.00 per share, Salik shares rose to a high of AED 2.40 at the market open last Thursday before closing at AED 2.22. The offering was Dubai’s third IPO of the year.

Advisors: Our friends at EFG Hermes (pdf) and HSBC were joint bookrunners alongside Citigroup, while Emirates NBD, Goldman Sachs and Merrill Lynch were global coordinators.

Porsche shares closed flat on their first day of trading on Thursday, completing their blockbuster EUR 75 bn listing in Frankfurt. Shares rose as much as 2.9% but fell back to close at the listing price of EUR 82.50 amid a 1.7% decline in the benchmark DAX index. The listing was Germany’s second-largest IPO; shares closed on Friday essentially unchanged at EUR 82.52, according to market data. (Reuters | Bloomberg | FT | CNBC)




+1.3% (YTD: -17.8%)



Buy 19.51

Sell 19.59



Buy 19.53

Sell 19.59


Interest rates CBE

11.25% deposit

12.25% lending




+2.1% (YTD: +1.1%)




-0.7% (YTD: +14.9%)




+0.7% (YTD: +4.5%)


S&P 500


-1.5% (YTD: -24.8%)


FTSE 100


+0.2% (YTD: -6.7%)


Euro Stoxx 50


+1.2% (YTD: -22.8%)


Brent crude

USD 85.14



Natural gas (Nymex)

USD 6.77




USD 1,672.00




USD 19,310.25

-0.8% (YTD: -58.2%)


The EGX30 rose 1.3% at Thursday’s close on turnover of EGP 1.19 bn (20.5% above the 90-day average). Local investors were net buyers. The index is down 17.8% YTD.

In the green: Qalaa Holdings (+6.1%), Eastern Company (+2.8%) and Telecom Egypt (+2.4%).

In the red: Juhayna (-1.4%), EFG Hermes (-1.1%) and Credit Agricole (-0.5%).

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; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.