Against expectations, UK inflation accelerated for a fourth consecutive month in January to reach 5.5%, marking a fresh 30-year high, according to the Office of National Statistics. Economists and the Bank of England (BoE) had expected inflation to hold steady at 5.4%. The uptick in prices may push the BoE to raise interest rates by half a percentage point when it meets next month in a bid to tame inflation, Bloomberg says. Rate hikes typically come in quarter-point increments — and the BoE has never made a half-point hike in its independent history.

Saudi sovereign wealth fund-owned digital security firm Elm saw its share price rise 30% in its trading debut on the Tadawul yesterday,
Bloomberg
reports. The kingdom’s sovereign wealth fund has
raked in USD 5 bn
through fresh listings in just three months, with Elm’s IPO following bn-USD
sales of stakes in Saudi Telecom and the Tadawul itself.

EGX30

11,568

+0.0% (YTD: -3.2%)

USD (CBE)

Buy 15.66

Sell 15.76

USD at CIB

Buy 15.66

Sell 15.76

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

12,495

+1.2% (YTD: +10.8%)

ADX

9,202

+0.7% (YTD: +8.4%)

DFM

3,326

+1.4% (YTD: +4.1%)

S&P 500

4,475

+0.1% (YTD: -6.1%)

FTSE 100

7,604

-0.1% (YTD: +3.0%)

Brent crude

USD 94.81

+1.6%

Natural gas (Nymex)

USD 4.64

-1.5%

Gold

USD 1,872

+0.0%

BTC

USD 44,028

-0.4% (as of midnight)

THE CLOSING BELL-

The EGX30 rose less than 0.1% at yesterday’s close on
turnover of EGP 705 mn (32% below the 90-day average). Foreign investors were
net sellers. The index is down 3.2% YTD.

In the green: Credit Agricole Egypt (+4.0%), Oriental Weavers
(+1.7%) and Heliopolis Housing (+1.5%).

In the red: Rameda (-3.6%), Ibnsina Pharma (-1.9%) and
Elsewedy Electric (-1.9%).

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