More Aramco shares up for grabs? Saudi Aramco will reportedly move forward with stalled plans to list more shares on the Tadawul — in what is set to be one of the biggest share sales in recent years, sources told Bloomberg. The oil giant is looking to raise at least SAR 40 bn (USD 10 bn) in proceeds from the offering.

Aramco made its Tadawul debut in 2019, raising over USD 29 bn in what remains to be the biggest IPO in history. The company floated a 1.5% stake for a top of the range price of SAR 32 a piece in a transaction that valued the company at USD 1.87 tn.

The Enterprise take: Aramco would have to float 1.3 bn shares if it were to raise the minimum target of SAR 40 bn at yesterday’s closing share price. The share price fell 2.2% to SAR 30.6 per share on yesterday’s close.

ALSO WORTH NOTING-

#1- World’s largest sovereign fund had a bumper year: Norway’s USD 1.6 tn sovereign wealth fund — the world’s largest — reported record gains of NOK 2.2 tn (USD 213 bn) over 2023, driven by strong returns on investments. This is a stark contrast to the record losses the fund saw in 2022. (Statement | CNBC)

#2- Binance customers wary: Beleaguered crypto exchange Binance will allow select traders to hold their assets with independent banks outside of the platform as customers seek safehaven custodians with regulatory oversight. (Financial Times)

#3- China embarks on banking shake-up: Hundreds of Chinese rural banks will soon merge into regional lenders as part of a consolidation push, as the country’s deepening property crisis has placed pressures on its USD 6.7 tn banking sector. (Bloomberg)

EGX30

28,282

-6.8% (YTD: +13.6%)

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

11,797

-1.6% (YTD: -1.4%)

ADX

9,508

-0.1% (YTD: -0.7%)

DFM

4,169

0.0% (YTD: +2.7%)

S&P 500

4,846

-1.6% (YTD: +1.6%)

FTSE 100

7,631

-0.5% (YTD: -1.3%)

Euro Stoxx 50

4,648

-0.3% (YTD: +2.8%)

Brent crude

USD 81.71

-1.4%

Natural gas (Nymex)

USD 2.13

+1.6%

Gold

USD 2,057

-0.5%

BTC

USD 42,578

-1.8% (YTD: +0.8%)

THE CLOSING BELL-

The EGX30 fell 6.8% at yesterday’s close on turnover of EGP 8.4 bn (148.2% above the 90-day average). Foreign investors were net buyers. The index is up 13.6% YTD.

In the red: Oriental Weavers (-15.9%), Talaat Moustafa Group (-15.3%), and Credit Agricole (-14.3%).

Asian markets are mixed in early trading this morning after the US Federal Reserve yesterday poured cold water on expectations that it could start cutting interest rates as early as March. The ASX 200, Nikkei, and Shanghai were all in the red, while the Kospi and Hang Seng are (just barely) clinging to the green. Futures point to a soft opening in Europe, with most major benchmarks in the red, while Wall Street could shrug off concerns — futures for the Dow, Nasdaq, and S&P 500 are all in the green at dispatch time this morning.

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