Empower climbs 2.3% on trading debut + Wow, is FTX a mess…
Empower rises on Dubai debut: Shares of Dubai’s district cooling provider, Empower, rose 2.3% on their debut on the Dubai stock exchange yesterday. The company recently raised AED 2.7 bn (USD 724 mn) in an IPO that saw huge demand from investors.
As many as 1 mn people want their money back from FTX: Regulators across the world are now investigating the collapse of crypto exchange FTX, which said in court filings yesterday that it could have as many as 1 mn creditors, the Financial Times reports. “Dozens of federal, state and international regulatory agencies” are in contact with the company in a search for answers to what caused its collapse. This is still a huge story in the international business press: Reuters | WSJ | Bloomberg | CNBC.
Crypto lender BlockFi could be the next domino to fall, according to the Wall Street Journal, which reported yesterday that it is preparing to file for bankruptcy. The company has admitted having “significant exposure” to FTX and last week halted withdrawals to contain a liquidity crisis.
ALSO WORTH NOTING-
- Buffett goes big on TSMC: Warren Buffett’s Berkshire Hathaway acquired a USD 4.1 bn stake in major Taiwanese chipmaker giant TSMC, marking the company’s biggest new investment in 3Q 2022. (Financial Times)
- M&A Watch: Cosmetics giant Estée Lauder is on course for its biggest-ever acquisition after it agreed to buy Tom Ford for around USD 2.8 bn. (Wall Street Journal)
- US-based multinational retailer Walmart announced a USD 20 bn share buyback program and upgraded its earnings forecast amid resilient demand for groceries despite price hikes. (Reuters)
- Japan’s economy sees surprise contraction in 3Q 2022: GDP fell by 1.2% on the back of soaring import bills as the JPY fell to its lowest in decades. (Financial Times)
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EGX30 |
12,137 |
0.00% (YTD: +1.6%) |
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USD (CBE) |
Buy 24.41 |
Sell 24.50 |
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USD at CIB |
Buy 24.43 |
Sell 24.48 |
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Interest rates CBE |
13.25% deposit |
14.25% lending |
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Tadawul |
11,097 |
-0.9% (YTD: -1.6%) |
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ADX |
10,503 |
-0.9% (YTD: +24.0%) |
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DFM |
3,374 |
-0.6% (YTD: +5.6%) |
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S&P 500 |
3,992 |
+0.9% (YTD: -16.3%) |
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FTSE 100 |
7,369 |
-0.2% (YTD: -0.2%) |
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Euro Stoxx 50 |
3,915.1 |
+0.7% (YTD: -8.9%) |
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Brent crude |
USD 93.74 |
+0.6% |
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Natural gas (Nymex) |
USD 6.16 |
+3.8% |
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Gold |
USD 1,781.50 |
+0.3% |
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BTC |
USD 16,888 |
+3.2% (YTD: -63.7%) |
THE CLOSING BELL-
The EGX30 was flat at yesterday’s close on turnover of EGP 593.89 mn (48.2% below the 90-day average). Local investors were net buyers. The index is up 1.6% YTD.
In the green: Rameda (+3.2%), Ibnsina Pharma (+2.5%) and Orascom Construction (+2.2%).
In the red: Fawry (-2.6%), Ezz Steel (-1.8%) and EFG Hermes (-1.6%).