BTC ends month-long rally with record-high price: The world’s largest cryptocurrency surged to a record high yesterday, driven by strong demand for new spot exchange-traded funds and the expectation that global interest rates will fall later this year, Reuters reports. BTC hit USD 69.2k — its highest level since its last peak of USD 69k in November 2021.

But nothing lasts forever, especially on the notoriously volatile BTC market: After surpassing its previous record yesterday at around midday CLT, the price of BTC tumbled by 9% as of midnight last night. Throughout the whole 24-hour period, the cryptocurrency fell 6.2%.

It’s been a good few months for BTC: The cryptocurrency has already jumped 47.8% since the beginning of the year and is up a whopping 181% since the same time last year.

MEANWHILE- Asian markets are in the red this morning, with CNBC noting that markets are “tracking Wall Street’s slide” in early trading as “Apple suppliers drop on declining iPhone sales in China.” Futures were mixed overnight, suggesting a soft open for Wall Street and Europe later today.

EGX30

30,669

+0.4% (YTD: +23.2%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

21.25% deposit

22.25% lending

Tadawul

12,470

+0.3% (YTD: +4.2%)

ADX

9,236

-0.5% (YTD: -3.6%)

DFM

4,246

-1.9% (YTD: +4.6%)

S&P 500

5,079

-1.0% (YTD: +6.5%)

FTSE 100

7,646

+0.1% (YTD: -1.1%)

Euro Stoxx 50

4,893

-0.4% (YTD: +8.2%)

Brent crude

USD 82.04

-0.9%

Natural gas (Nymex)

USD 1.95

-0.3%

Gold

USD 2,141.90

+0.7%

BTC

USD 63,210.57

-6.2% (YTD: +47.8%)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 8.4 bn (90.1% above the 90-day average). Regional investors were net sellers. The index is up 23.2% YTD.

In the green: Elsewedy Electric (+20.0%), Delta Sugar (+3.8%), and EFG Holding (+3.5%).

In the red: Talaat Moustafa Group (-4.8%), Egypt Kuwait Holding (-4.7%), and Alexandria Container and Cargo Handling (-4.4%).

CORPORATE ACTION-

#1- OFH taps Prime Capital to advise on B Investments acquisition: OrascomFinancial Holding (OFH) has appointed Prime Capital as its financial advisor on B Investments’ bid to acquire up to 90% of the company via a share swap, it said in a bourse disclosure (pdf). Prime Capital will conduct a fair value study of the offer — evaluating both parties’ shares — and present it to OFH’s shareholders before 10 April — 5 days before B Investments' mandatory tender offer expires.

#2- Eastern Company’s board approves capital increase: State-owned tobaccomanufacturer Eastern Company’s ordinarygeneral assembly has approved increasing the company’s issued capital to EGP 3 bn from EGP 2.2 bn and its authorized capital to EGP 15 bn from EGP 3 bn, the company said in an EGX disclosure (pdf).

Also approved: The assembly also approved a USD 400 mn credit facility from local banks,which will go towards opening up letters of credit to the company’s suppliers and a USD 200 mn credit agreement with foreign banks to unlock letters of guarantee.

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