Al Ansari just closed Dubai’s first IPO of 2023: Emirati foreign exchange company Al Ansari Financial Services raised AED 772.5 mn (USD 210 mn) in an IPO that values the company at AED 7.7 bn (USD 2.1 bn), it said in a statement yesterday. The company sold 750 mn shares at the top of the price range, attracting more than AED 12.7 bn worth of bids, it said. Emirati cornerstone investor National Bonds Corporation committed AED 200 mn to the IPO. Excluding this, the sale was 22x oversubscribed. Trading on the shares is set to begin on 6 April.

REFRESHER- Al Ansari hired our friends at EFG Hermes Holding and Emirates NBD to quarterback the IPO last year. The company is one of the largest forex and money transfer firms in the UAE and also offers remittance transfers and corporate services such as payroll solutions, according to its website.

ALSO- Presight AI shares rocketed on their ADX debut, surgingas much as 176%. The G42-owned company closed 142% higher at AED 3.25, having sold shares for AED 1.34 in its IPO earlier this month. Presight AI’s share sale attracted huge investor demand, attracting almost USD 26 bn of orders for its USD 496 mn IPO.

SNB boss steps down after Credit Suisse comments: The chairman of Saudi National Bank (SNB), Ammar Al Khudairy, has resigned in the wake of comments that triggered the near-collapse of Credit Suisse earlier this month. Al Khudairy, whose bank became Credit Suisse’s largest shareholder last year, sparked huge deposit outflows and a share sell-off after saying that he would “absolutely not” be open to investing further in the troubled Swiss lender. (Bloomberg | Financial Times)

SNB ate hefty losses:The Saudi lender has lost USD 1.2 bn on its investment in Credit Suisse after UBS agreed to take over the bank in a USD 3.2 bn rescue — less than half the bank’s USD 8 bn market cap at the previous close. SNB purchased a 9.9% stake in the bank last year for USD 1.5 bn.

AND- Aramco expands in China: Saudi oil giant Aramco has signed agreements to acquire a 10% stake in China-based petrochem firm Rongsheng Petrochemical for RMB 24.6 bn, it said in a statement yesterday.

EGX30

15,950

-0.2% (YTD: +9.3%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

16.25% deposit

17.25% lending

Tadawul

10,464

0.0% (YTD: -0.1%)

ADX

9,423

-0.8% (YTD: -7.7%)

DFM

3,326

-0.7% (YTD: -0.3%)

S&P 500

3,978

+0.2% (YTD: +3.6%)

FTSE 100

7,472

+0.9% (YTD: +0.3%)

Euro Stoxx 50

4,165

+0.8% (YTD: +9.8%)

Brent crude

USD 78.16

+4.2%

Natural gas (Nymex)

USD 2.09

-5.7%

Gold

USD 1,976.00

-1.3%

BTC

USD 27,174

-2.5% (YTD: +64.3%)

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 2.02 bn (3.3% below the 90-day average). Local investors were net buyers. The index is up 9.3% YTD.

In the green: Eastern Company (+7.4%), Juhayna (+6.3%) and Oriental Weavers (+4.0%).

In the red: Credit Agricole Egypt (-6.0%), GB Auto (-4.5%) and Egypt Kuwait Holding -EGP (-3.3%).

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