UAE sovereign fund Mubadala has bought a 22% stake in Israeli natural gas field Tamar for USD 1 bn in what Bloomberg says is the biggest commercial agreement yet since the two countries normalized diplomatic relations last year.

US stocks are booming: The average share price on the S&P 500 is up 24% this year to USD 209, off the back of gains by heavyweights such as Google parent company Alphabet, Bloomberg reports. The fact that fewer companies are splitting their stocks — with only three splits this year compared to an average of nine over the decade preceding 2019 — is also contributing to soaring valuations.

EGX30

11,301

+0.2% (YTD: +4.2%)

USD (CBE)

Buy 15.65

Sell 15.75

USD at CIB

Buy 15.65

Sell 15.75

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

11,319

+0.1% (YTD: +30.3%)

ADX

7,652

+0.1% (YTD: +51.7%)

DFM

2,912

-0.1% (YTD: +16.9%)

S&P 500

4,535

-% (YTD: +20.8%)

FTSE 100

7,138

-0.4% (YTD: +10.5%)

Brent crude

USD 72.61

-0.6%

Natural gas (Nymex)

USD 4.71

+1.5%

Gold

USD 1,833.70

+1.2%

BTC

USD 50,216

+0.1% (as of midnight)

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 1.86 bn (20% above the 90-day average). Local investors were net sellers. The index is up 4.2% YTD.

In the green: Pioneers Holding (+5.1%), GB Auto (+3.4%) and MM Group (+2.2%).

In the red: Fawry (-2.3%), Speed Medical (-1.0%), and Orascom Development Egypt (-1.0%).

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