{"id":556422,"date":"2021-10-25T04:24:14","date_gmt":"2021-10-25T04:24:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/25\/from-fertiglobe-to-yet-another-regional-vc-fund-its-a-relatively-quiet-start-to-the-week-for-global-markets\/"},"modified":"2021-10-25T04:24:14","modified_gmt":"2021-10-25T04:24:14","slug":"from-fertiglobe-to-yet-another-regional-vc-fund-its-a-relatively-quiet-start-to-the-week-for-global-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/25\/from-fertiglobe-to-yet-another-regional-vc-fund-its-a-relatively-quiet-start-to-the-week-for-global-markets\/","title":{"rendered":"From Fertiglobe to yet another regional VC fund, it\u2019s a relatively quiet start to the week for global markets"},"content":{"rendered":"

<\/a> Trading of Fertiglobe\u2019s shares is due to begin tomorrow on the ADX<\/strong>, after the fertilizer producer raised some USD 795 mn in an IPO last week<\/a> with an offering of a 13.8% stake at AED 2.55 apiece, according to its prospectus<\/a>. The listing was 22x oversubscribed and made the company third largest by market cap on the ADX, valuing its shares at USD 5.8 bn.<\/p>\n

VC firm STV hopes to raise at least USD 1 bn for its second Middle <\/strong>East-based tech fund<\/strong>, Bloomberg<\/a> reports, citing anonymous sources close to the company. Talks are ongoing between the the outfit founded by ex-Google exec Abdulrahman Tarabzouni \u2014 who has also backed Vezeeta<\/a> and Careem \u2014 and potential investors, including regional sovereign funds and international pension funds and endowments, the sources said.<\/p>\n

A modest 0.5 percentage point rise in bond yields could see bondholders lose as<\/strong> much as USD 2.6 tn<\/strong>, Bloomberg<\/a> reports, warning that the threat would impact funds across all asset classes. A half-point increase in yields would see the Bloomberg US Treasury index to lose over USD 350 bn, while the Bloomberg Global Aggregate Index would lose around USD 2.6 tn. The concern comes after yields on 10-year US treasuries rose on speculation the US Federal Reserve would raise the cost of borrowing next year.<\/p>\n

Nigeria\u2019s central bank has introduced its digital currency, <\/strong>eNaira<\/a><\/strong>, making the African country the latest to launch a digital counterpart to its fiat currency in a bid to shore up its payments system.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11185.88<\/p>\n<\/td>\n

\n

+0.5% (YTD: +3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,848.05<\/p>\n<\/td>\n

\n

-0.8% (YTD: +36.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,949.44<\/p>\n<\/td>\n

\n

+0.9% (YTD: +57.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,880.61<\/p>\n<\/td>\n

\n

+0.8% (YTD: +15.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,544.90<\/p>\n<\/td>\n

\n

-0.1% (YTD: +21%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,204.55<\/p>\n<\/td>\n

\n

+0.2% (YTD: +11.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 85.53<\/p>\n<\/td>\n

\n

+1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 5.28<\/p>\n<\/td>\n

\n

+3.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,792.65<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 61,987.82<\/p>\n<\/td>\n

\n

+1.4% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.5% yesterday <\/strong>on turnover of EGP 1.40 bn (8.1% below the 90-day average). Local investors were net buyers. The index is up 3.1% YTD.<\/p>\n

In the green: <\/strong>Abou Kir Fertilizers (+10.5%), Orascom Development Egypt (+10.0%) and Egypt Kuwait Holding-EGP (+4.0%).<\/p>\n

In the red: <\/strong>Fawry (-6.3%), Pioneers Properties (-2.8%) and Gadwa Industrial Development (-2.6%).<\/p>\n

Outside of Japan (where the Nikkei is down), Asian benchmarks are just barely clinging to the green <\/strong>at the start of the trading week. Futures at dispatch time suggest European shares will also open (weakly) in the green later this morning, while Wall Street looks set to face selling pressure at the opening bell.<\/p>\n","protected":false},"excerpt":{"rendered":"

Trading of Fertiglobe\u2019s shares is due to begin tomorrow on the ADX, after the fertilizer producer raised some USD 795 mn in an IPO last week with an offering of a 13.8% stake at AED 2.55 apiece, according to its prospectus. The listing was 22x oversubscribed and made the company third largest by market cap […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[581,116,317,72,216,1585,119,125,1914,122,83,123,3361,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556422","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-adx","tag-china","tag-commodities","tag-enterpriseam","tag-evergrande","tag-fertiglobe","tag-financial-markets","tag-investment-watch","tag-nigeria","tag-planet-finance","tag-real-estate","tag-startups","tag-stv","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"a84fb8ac-bbd5-42af-8621-ec5bcd190d24","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556401],"teaser":"","voice_url":""},"yoast_head":"\nFrom Fertiglobe to yet another regional VC fund, it\u2019s a relatively quiet start to the week for global markets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/25\/from-fertiglobe-to-yet-another-regional-vc-fund-its-a-relatively-quiet-start-to-the-week-for-global-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From Fertiglobe to yet another regional VC fund, it\u2019s a relatively quiet start to the week for global markets\" \/>\n<meta property=\"og:description\" content=\"Trading of Fertiglobe\u2019s shares is due to begin tomorrow on the ADX, after the fertilizer producer raised some USD 795 mn in an IPO last week with an offering of a 13.8% stake at AED 2.55 apiece, according to its prospectus. 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The joint venture between the state-owned Abu Dhabi National Oil Co. (Adnoc) and Nassef Sawiris\u2019 OCI raised some USD 795 mn in last week\u2019s IPO, pricing shares at AED 2.55 apiece. The listing was\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556200,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/subscription-period-for-sawiris-backed-fertiglobe-ipo-kicks-off\/","url_meta":{"origin":556422,"position":1},"title":"Subscription period for Sawiris-backed Fertiglobe IPO kicks off","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"Subscription period for Sawiris-backed Fertiglobe IPO kicks off: Nitrogen fertilizer company Fertiglobe \u2014 a joint venture between Abu Dhabi National Oil Co. and Nassef Sawiris\u2019 OCI \u2014 kicked off the subscription period for its forthcoming IPO yesterday, according to CNBC Arabia. The company is offering a 13.8% stake (1.1 mn\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556309,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/19\/fertiglobe-could-become-abu-dhabis-third-largest-listing-yet\/","url_meta":{"origin":556422,"position":2},"title":"Fertiglobe could become Abu Dhabi\u2019s third largest listing yet","author":"enterpriseam admin","date":"19 October 2021","format":false,"excerpt":"Fertiglobe could raise as much as USD 830 mn through its IPO on the ADX, after the company said it will price its shares at the top end of its indicative range of AED 2.45-2.65 apiece, according to terms seen by Bloomberg. This pricing would make Fertiglobe\u2019s IPO Abu Dhabi\u2019s\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556026,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/sawiris-backed-fertiglobe-to-list-on-adx-next-month\/","url_meta":{"origin":556422,"position":3},"title":"Sawiris-backed Fertiglobe to list on ADX next month","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"Sawiris-backed Fertiglobe to go public in Abu Dhabi this month: Nassef Sawiris-backed chemical producer OCI and Abu Dhabi National Oil Company (Adnoc) yesterday announced their intention to offer a 13.8% stake in their joint venture Fertiglobe on the ADX later this month. The listing could value the company at around\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612041,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/oci-to-sell-entire-50-stake-in-fertiglobe-to-adnoc-for-usd-3-62-bn\/","url_meta":{"origin":556422,"position":4},"title":"OCI to sell entire 50% stake in Fertiglobe to Adnoc for USD 3.62 bn","author":"enterpriseam admin","date":"17 December 2023","format":false,"excerpt":"The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share","rel":"","context":"In \"ADNOC\"","block_context":{"text":"ADNOC","link":"https:\/\/enterpriseam.com\/egypt\/tag\/adnoc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1046.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581616,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/fertiglobe-emaar-report-bumper-earnings-in-2022\/","url_meta":{"origin":556422,"position":5},"title":"Fertiglobe, Emaar report bumper earnings in 2022","author":"enterpriseam admin","date":"16 February 2023","format":false,"excerpt":"A good year for Fertiglobe: The MENA fertilizers firm \u2014 a joint venture between Adnoc and the Sawiris-owned OCI \u2014 saw its full year adjusted net income rise 75% y-o-y to USD 1.3 bn in 2022, the company said in a statement (pdf), on the back of higher selling prices\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556422"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556422\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556401"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556422"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556422"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}