Abraj Energy Services shares jumped 17% on their debut on the Oman stock exchange yesterday. The state-owned oil-drilling unit raised USD 244 mn by offering a 49% stake in Muscat, making it the country’s largest since 2010 and the second-largest in the region this year. Our friends at EFG Hermes (pdf), along with Ahli Bank of Oman and National Bank of Oman, managed the transaction. Anchor investors included Oman’s Royal Court of Affairs, the PIF-owned Saudi Omani Investment Company and Schlumberger Oman & Co.

ALSO WORTH NOTING-

• Fresh financial woe for Lebanese depositors as commercial lenders go on strike: Lebanon’s banks closed yesterday for an “indefinite period” in response to “arbitrary” judicial decisions that had drained their already dwindling foreign currency reserves. The currency has lost almost 100% of its value against the USD since the country’s economic crisis began in 2019. (Financial Times)
• Things aren’t getting any easier for Credit Suisse: Embattled Swiss lender Credit Suisse said it found “material weaknesses” in its reporting and control procedures for the past two years, the latest setback as it tries to recover from huge losses and a string of high-profile scandals. (Bloomberg | Financial Times | Reuters | Wall Street Journal)
• More tech cutbacks: Facebook parent Meta is letting go of an additional 10k of its workforce just months after it cut some 11k jobs. Meanwhile, Apple is freezing bonuses and hiring in a bid to cut costs. (Associated Press | Bloomberg)

	EGX30	15,362	-0.5% (YTD: +5.2%)
	USD (CBE)	Buy 30.84	Sell 30.96
	USD at CIB	Buy 30.85	Sell 30.95
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,207	-1.0% (YTD: -2.6%)
	ADX	9,587	-1.8% (YTD: -6.1%)
	DFM	3,304	-1.5% (YTD: -1.0%)
	S&P 500	3,919	+1.7% (YTD: +2.1%)
	FTSE 100	7,637	+1.2% (YTD: +2.5%)
	Euro Stoxx 50	4,179	+2.0% (YTD: +10.2%)
	Brent crude	USD 77.66	-3.9%
	Natural gas (Nymex)	USD 2.57	-1.3%
	Gold	USD 1,910.90	-0.3%
	BTC	USD 24,642	+1.9% (YTD: +47.6%)

THE CLOSING BELL-

The EGX30 fell 0.5% at yesterday’s close on turnover of EGP 1.2 bn (41.7% below the 90-day average). Foreign investors were net sellers. The index is up 5.2% YTD.

In the green: Heliopolis Housing and Development (+3.6%), Qalaa Holdings (+3.3%) and Credit Agricole Egypt (+2.8%).

In the red: Cleopatra Hospitals Group (-2.8%), Telecom Egypt (-2.5%) and Orascom Construction (-2.2%).