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Wednesday, 16 November 2022

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)

None

EGX30

12,137

0.00% (YTD: +1.6%)

Up

USD (CBE)

Buy 24.41

Sell 24.50

Up

USD at CIB

Buy 24.43

Sell 24.48

None

Interest rates CBE

13.25% deposit

14.25% lending

Down

Tadawul

11,097

-0.9% (YTD: -1.6%)

Down

ADX

10,503

-0.9% (YTD: +24.0%)

Down

DFM

3,374

-0.6% (YTD: +5.6%)

Up

S&P 500

3,992

+0.9% (YTD: -16.3%)

Down

FTSE 100

7,369

-0.2% (YTD: -0.2%)

Up

Euro Stoxx 50

3,915.1

+0.7% (YTD: -8.9%)

Up

Brent crude

USD 93.74

+0.6%

Up

Natural gas (Nymex)

USD 6.16

+3.8%

Up

Gold

USD 1,781.50

+0.3%

Up

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%).

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.

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