Two Gulf sovereign wealth funds. Two acquisitions. Abu Dhabi-based International Holding Co’s (IHC) subsidiary Pure Health has fully acquired the UK’s largest private healthcare provider Circle Health Group for AED 4.4 bn, while the Public Investment Fund will acquire Standard Chartered’s aviation finance arm for USD 3.6 bn. (Abu Dhabi Media Office | Bloomberg)

Also worth knowing this morning:

  • Evergrande shares crash after trading resumes: Chinese property developer Evergrande’s shares plunged 87% yesterday after trading resumed for the first time in almost 18 months, as the heavily indebted company delayed restructuring talks with creditors. (Financial Times)
  • Eurozone money supply decreased for the first time since 2010 in the 12 months to July, potentially warning of economic downturns to come. The drop was attributed mainly to a fall in the growth rate of lending to the private sector. (Financial Times)

EGX30

18,585

+0.4% (YTD: +27.3%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,464

-0.1% (YTD: +9.4%)

ADX

9,749

-0.2% (YTD: -4.5%)

DFM

4,100

0.0% (YTD: +22.9%)

S&P 500

4,433

+0.6% (YTD: +15.5%)

FTSE 100

7,339

+0.1% (YTD: -1.5%)

Euro Stoxx 50

4,294

+1.4% (YTD: +13.2%)

Brent crude

USD 84.39

-0.1%

Natural gas (Nymex)

USD 2.58

+1.4%

Gold

USD 1,947.80

+0.4%

BTC

USD 25,983

-0.4% (YTD: +57.2%)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 2.6 bn (26.6% above the 90-day average). Foreign investors were net buyers. The index is up 27.3% YTD.

In the green: Palm Hills Development (+4.30%), Beltone Financial Holding (+3.7%), and ADIB (+2.1%).

In the red: GB Corp (-2.8%), Heliopolis Housing (-2.1%), and Cira Education (-1.9%).

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