Aramco plots largest share sale ever: Saudi Aramco is in discussions to sell as much as a USD 50 bn stake to investors in a new share listing, the Wall Street Journal reports, citing unnamed sources. The sale, equivalent to a 2.5% stake at current prices, would be by far the largest-ever share sale in history, easily beating the company’s record USD 29.4 bn IPO on the Saudi stock exchange in 2019. Executives have held talks with advisors about a listing an additional stake on the Tadawul and are exploring the possibility of listing in London, Singapore or other exchanges, the sources said, with a tentative completion date set for late this year or early next year.

Turkey’s inflation soars to new heights: Surging energy prices combined with a weakened TRY saw Turkish inflation hit a near 20-year high in January, rising to 48.7%, Bloomberg reports. Turkey’s inflation-adjusted policy rate is now -35%, a record low across emerging markets.

EGX30

11,638

-0.5% (YTD: -2.6%)

USD (CBE)

Buy 15.66

Sell 15.75

USD at CIB

Buy 15.66

Sell 15.75

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

12,142

-0.4% (YTD: +7.6%)

ADX

8,733

+0.1% (YTD: +2.9%)

DFM

3,171

+0.6% (YTD: -0.8%)

S&P 500

4,501

+0.5% (YTD: -5.6%)

FTSE 100

7,516

-0.2% (YTD: +1.8%)

Brent crude

USD 93.27

+2.4%

Natural gas (Nymex)

USD 4.57

-6.5%

Gold

USD 1,808

+0.2%

BTC

USD 41,699

+2.7% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 0.5% on Thursday on turnover of EGP 656 mn (39.5% below the 90-day average). Regional investors were net sellers. The index is down 2.6% YTD.

In the green: GB Auto (+2.0%), Qalaa Holdings (+1.7%) and Credit Agricole (+1.1%).

In the red: Madinet Nasr Housing (-4.1%), Sidi Kerir Petrochem (-2.1%) and e-Finance (-2.1%).

Tags: