Abu Dhabi IPO WATCH: Adnoc’s natural gas arm will now offer close to a 5% stake in its IPO in Abu Dhabi after it covered its orderbook within hours last week. The Emirati energy company originally planned to sell 4% of its shares but is now on course to raise as much as USD 2.5 bn following huge investor demand, Bloomberg says.

ADVISORS- Our friends at EFG Hermes and HSBC are joint lead managers alongside Abu Dhabi Commercial Bank and First Abu Dhabi Bank.

US M&A WATCH: Drugmaker Pfizer wants to acquire biotech firm Seagen in a transaction that would be worth over USD 30 bn, the Wall Street Journal reported yesterday. Talks are still at an early stage, according to people in the know.

EGX30

17,098

-0.7% (YTD: +17.1%)

USD (CBE)

Buy 30.58

Sell 30.68

USD at CIB

Buy 30.58

Sell 30.68

Interest rates CBE

16.25% deposit

17.25% lending

Tadawul

9,995

-0.6% (YTD: -4.6%)

ADX

9,833

-0.3% (YTD: -3.7%)

DFM

3,418

0.0% (YTD: +2.5%)

S&P 500

3,982

+0.3% (YTD: +3.7%)

FTSE 100

7,935

+0.7% (YTD: +6.5%)

Euro Stoxx 50

4,248

+1.7% (YTD: +12.0%)

Brent crude

USD 82.34

-1.0%

Natural gas (Nymex)

USD 2.72

+6.7%

Gold

USD 1,824.40

+0.4%

BTC

USD 23,384

-0.8% (YTD: +41.5%)

THE CLOSING BELL-

The EGX30 fell 0.7% at yesterday’s close on turnover of EGP 1.90 bn (4.4% below the 90-day average). Local investors were net buyers. The index is up 17.1% YTD.

In the green: GB Auto (+3.6%), Rameda Pharma (+2.9%) and Credit Agricole Egypt (+2.1%).

In the red: Oriental Weavers (-2.9%), Abu Dhabi Islamic Bank (-2.7%) and CIB (-2.0%).

Asian markets are firmly in the green this morning after global stocks rebounded yesterday from last week’s losses. The Kospi and the Hang Seng were both up almost 1.0% while the Nikkei was 0.3% in the green ahead of dispatch time this morning. The rally is expected to continue in Europe and on Wall Street later today, according to the futures markets.

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