OQ Gas Network shares pop on trading debut:Omani state-owned gas pipeline operator OQ Gas Networks (OQGN) saw its shares rise 7% on its first day of trading in Muscat yesterday. Shares opened at OMR 0.16, up almost 14% from the offer price, before paring gains to OMR 0.15 by the end of trading, according to data from the MSX.

OQCN just held Oman’s largest ever IPO: The company raised some USD 749 mn by offering a 49% stake on the Muscat Exchange, marking the country’s largest-ever listing. The offering attracted roughly USD 10 bn in demand from investors, including Belgium's Fluxys, Saudi Arabia's Public Investment Fund and Qatar's sovereign wealth fund.

ICYMI- The Gulf IPO market has hotted up in recent weeks: Over the past two months we saw regional oil and gas giant ADES Holding and Saudi car rental firm Lumi make their Tadawul debuts. Spinneys Dubai, Saudi water treatment firm Miahona, and Saudi’s largest medical procurement firm Nupco have also all expressed interest in making their market debuts soon.

ALSO WORTH NOTING:

  • The crypto resurrection? BTC jumped as much as 11% yesterday to reach USD 35k — its highest price since May 2022 — as investors anticipate the approval of the first-ever BTC exchange-traded fund. (Bloomberg)
  • Eurozone PMI nears 3-year low: The region’s private sector activity is expected to contract to 46.5 in October from 47.2 in September, which would mark the fifth consecutive month of falling business activity and the steepest decline since November 2020. (S&P Global, pdf)

EGX30

22,377

-0.9% (YTD: +53.3%)

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

10,380

+0.8% (YTD: -0.9%)

ADX

9,273

0.0% (YTD: -9.2%)

DFM

3,742

+0.3% (YTD: +12.2%)

S&P 500

4,248

+0.7% (YTD: +10.6%)

FTSE 100

7,390

+0.2% (YTD: -0.8%)

Euro Stoxx 50

4,065

+0.6% (YTD: +7.2%)

Brent crude

USD 88.08

+2.0%

Natural gas (Nymex)

USD 2.97

+1.5%

Gold

USD 1,986.10

-0.1%

BTC

USD 33,549

+6.2% (YTD: +105.1%)

THE CLOSING BELL-

The EGX30 fell 0.9% at yesterday’s close on turnover of EGP 4.7 bn (108.9% above the 90-day average). Local investors were net sellers. The index is up 53.3% YTD.

In the green: TMG Holding (+13.6%), Alexandria Mineral Oils Company (+5.8%) and ADIB (+4.5%).

In the red: Eastern Company (-11.0%), Mopco (-4.6%) and Alexandria Containers and Goods (-3.7%).

Stock markets are rebounding in early Asian trade on the back of yesterday’s calls for a “humanitarian pause” to the conflict in Gaza. Most markets in the Western hemisphere are poised to join them later today, though equity futures currently have the S&P 500 and the Nasdaq opening lower.

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