Adnoc Gas’ USD 2 bn IPO covered within hours: The natural gas arm of the UAE’s Adnoc covered the orderbook for its IPO within hours of opening on Thursday, Bloomberg reports citing a message seen by investors. Some USD 850 mn was committed by cornerstone investors including Abu Dhabi state-linked organizations, Alpha Dhabi Holding and International Holding Company. Adnoc Gas will announce a final price on 3 March after the close of bookbuilding. Trading is expected to start on 13 March.

REFRESHER- Adnoc Gas is selling a 4% stake in the company, offering 3.1 bn shares at AED 2.25-2.43 each. The IPO values the company as high as USD 50.8 bn, making it the biggest global listing so far this year and one of the world’s largest listed gas companies.

US inflation data sends stocks tumbling: The Federal Reserve’s preferred measure of inflation unexpectedly rose in January, raising market expectations that the central bank could continue raising interest rates for longer. Shares on Wall Street ended lower on Friday after the PCE price index rose to 5.4% y-o-y in January from 5.3% in December, signaling that inflationary pressures remain entrenched in the US economy. The tech-heavy Nasdaq fell 1.7% while the S&P 500 and the Dow both lost more than 1%, capping the worst week of the year for US stocks. (AP | Reuters | Bloomberg)

	EGX30	17,004	+1.4% (YTD: +16.5%)
	USD (CBE)	Buy 30.57	Sell 30.66
	USD at CIB	Buy 30.58	Sell 30.68
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,153	-1.1% (YTD: -3.1%)
	ADX	9,859	+0.2% (YTD: -3.5%)
	DFM	3,419	+0.2% (YTD: +2.5%)
	S&P 500	3,970	-1.1% (YTD: +3.4%)
	FTSE 100	7,879	-0.4% (YTD: +5.7%)
	Euro Stoxx 50	4,179	-1.9% (YTD: +10.2%)
	Brent crude	USD 83.16	+1.2%
	Natural gas (Nymex)	USD 2.55	+4.8%
	Gold	USD 1,817.10	-0.5%
	BTC	USD 22,899	-0.9% (YTD: +38.5%)

THE CLOSING BELL-

The EGX30 rose 1.4% at Thursday’s close on turnover of EGP 1.43 bn (27.8% below the 90-day average). Regional investors were net buyers. The index is up 16.5% YTD.

In the green: Egypt Kuwait Holding – EGP (+5.0%), Ezz Steel (+4.2%) and Sidi Kerir Petrochemicals (+4.0%).

In the red: EFG Hermes (-1.3%), ADIB – Egypt (-1.1%) and Fawry (-1.1%).