Nvidia’s valuation hits USD 2 tn: Nvidia continued its rally on Friday, with its valuation briefly hitting USD 2 tn for the first time ever. The US chipmaker made the biggest single-day market cap gain in history by adding USD 277 bn to its valuation on Thursday after its quarterly revenues rose 265% y-o-y on the back of a splurge in AI spending. The company’s shares have risen over 59% since the beginning of the year, “contributing to more than a quarter” of the S&P 500’s rise this year, Reuters reported.

SPEAKING OF- The S&P 500 and Dow Jones reached fresh highs on Fridayas the AIcraze kept the rally going. “Nvidia is one of the key companies, if not the key company, for driving the Nasdaq and S&P 500 higher,” chief market strategist at Ameriprise Anthony Saglimbene told Reuters.

EGX30

29,310

+0.1% (YTD: +17.7%)

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

12,634

+0.2% (YTD: +5.6%)

ADX

9,280

-0.4% (YTD: -3.1%)

DFM

4,226

-0.1% (YTD: +4.1%)

S&P 500

5,089

0.0% (YTD: +6.7%)

FTSE 100

7,706

+0.3% (YTD: -0.4%)

Euro Stoxx 50

4,873

+0.4% (YTD: +7.8%)

Brent crude

USD 81.62

-2.5%

Natural gas (Nymex)

USD 1.60

-7.5%

Gold

USD 2,049.40

+0.9%

BTC

USD 51,568.16

+1.1% (YTD: +21.9%)

THE CLOSING BELL-

The EGX30 rose 0.1% at Thursday’s close on turnover of EGP 5.6 bn (39.4% above the 90-day average). Regional investors were net sellers. The index is up 17.7% YTD.

In the green: Palm Hills Development (+5.7%), Eastern Company (+3.8%) and Abu Qir Fertilizers (+2.3%).

In the red: Heliopolis Housing (-3.0%), Delta Sugar (-2.8%) and Orascom Development Egypt (-2.8%).

CORPORATE ACTIONS-

ACCH to dole out USD-denominated dividends: Alexandria Container andCargo Handling (ACCH) is paying out dividends of USD 0.015 and EGP 1.94 on its fiscal year 2022-2023 earnings, according to two separate EGX disclosures (here and here, pdf). Both dividends will be distributed as of 7 March.

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