Borouge shares pop in trading debut: Abu Dhabi-based petrochemicals firm Borouge’s shares jumped as much as 24% in its trading debut on Friday after raising USD 2 bn to become the ADX’s biggest-ever IPO. Shares hit an intraday high of AED 3.04 from its AED 2.45 IPO price before falling back slightly to close at AED 3.00. Borouge ⁠— a joint venture between the Abu Dhabi National Oil Company (Adnoc) and Austrian chemicals firm Borealis ⁠— listed 3 bn shares on the exchange, handing the company a USD 20 bn valuation. Our friends at EFG Hermes were joint bookrunners (pdf) on the transaction.

A record first half for Gulf IPOs: Gulf IPOs are on course for a record first half as surging oil prices and foreign inflows protect the energy-rich region from the turbulence that has threatened listing in other parts of the world.

It looks like the global chip shortage won’t be easing anytime soon: Moscow has curtailed until the end of the year exports to “unfriendly countries” of key noble gases used to make semiconductors — of which Russia accounts for 30%of global supply,Reuters reports.

EGX30

10,008

-0.8% (YTD: -16.3%)

USD (CBE)

Buy 18.60

Sell 18.68

USD at CIB

Buy 18.62

Sell 18.68

Interest rates CBE

11.25% deposit

12.25% lending

Tadawul

12,605

-1.3% (YTD: +11.7%)

ADX

9,837

-0.2% (YTD: +15.9%)

DFM

3,387

-0.3% (YTD: +6.0%)

S&P 500

4,109

-1.6% (YTD: -13.8%)

FTSE 100

7,533

-1.0% (YTD: +2.0%)

Euro Stoxx 50

3,784

-0.3% (YTD: -12.0%)

Brent crude

USD 119.72

+1.8%

Natural gas (Nymex)

USD 8.52

+0.5%

Gold

USD 1,850.20

-1.1%

BTC

USD 29,752

+0.6% (YTD: -35.3%)

THE CLOSING BELL-

The EGX30 fell 0.8% at Thursday’s close on turnover of EGP 447 mn (47% below the 90-day average). Local investors were net buyers. The index is down 16.3% YTD.

In the green: Ibnsina Pharma (+7.1%), Madinet Nasr Housing (+6.3%) and Palm Hills Development (+3.6%).

In the red: CIB (-2.4%), EFG Hermes (-2.0%) and Oriental Weavers (-1.7%).

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