{"id":560877,"date":"2021-03-16T04:24:45","date_gmt":"2021-03-16T04:24:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/what-the-markets-are-doing-on-16-march-2021\/"},"modified":"2021-03-16T04:24:45","modified_gmt":"2021-03-16T04:24:45","slug":"what-the-markets-are-doing-on-16-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/what-the-markets-are-doing-on-16-march-2021\/","title":{"rendered":"What the markets are doing on 16 March 2021"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>GLOBAL IPO WATCH- Food delivery player Deliveroo hopes to raise around GBP 1 <\/strong><strong>bn when it debuts on the London Stock Exchange<\/strong>, the company <a href=\"https:\/\/ent.news\/2021\/3\/DeliverooIPO.pdf\">said in<\/a><a href=\"https:\/\/ent.news\/2021\/3\/DeliverooIPO.pdf\">a statement<\/a><a href=\"https:\/\/ent.news\/2021\/3\/DeliverooIPO.pdf\">(pdf)<\/a> yesterday. Existing shareholders will sell their holdings, in addition to the GBP 1 bn in new shares, it said without elaborating.<\/p>\n<p><strong>The UK is chasing tech IPOs:<\/strong> The news comes a few weeks after the British government <a href=\"https:\/\/pitchbook.com\/news\/articles\/uk-renews-support-for-startups-revises-visa-and-listing-rules\">announced plans<\/a> to relax listing rules in a bid to entice more tech companies and SPACs to go public on the out-of-favor LSE. A review of listing regulations <a href=\"https:\/\/pitchbook.com\/news\/articles\/uk-revisits-ipo-rules-to-entice-tech-founders\">has recommended<\/a> the government lower the freefloat threshold and hand founders more voting rights by allowing dual-class shares.<\/p>\n<p><strong>Beijing is taking a rather different approach towards its tech companies:<\/strong> Chinese tech giant Tencent has lost USD 62 bn in market value during a share sell-off sparked by fears that the government will try to curb its market power, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-15\/tencent-loses-62-billion-wiping-out-value-of-fintech-business?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> says. The company\u2019s share price fell more than 4% in trading yesterday and lost 4.4% on Friday, a slump that one brokerage said had erased the value of its fintech business.<\/p>\n<p><strong>Antitrust crackdown:<\/strong> The sell-off was sparked after the country\u2019s antitrust regulator <a href=\"https:\/\/www.marketwatch.com\/story\/chinas-antitrust-regulator-fines-tencent-baidu-and-10-other-tech-companies-11615552725\">handed out fines to 12 companies<\/a>, including Tencent, for allegedly making illegal acquisitions. The government in recent months has taken an increasingly hardline stance towards the country\u2019s most powerful tech firms. Premier Li Keqiang said earlier this month that regulators would work to curb their monopoly power and tighten fintech rules.<\/p>\n<p><strong>Speaking of high-value tech: E-payments provider Stripe just became the most <\/strong><strong>valuable startup in the history of Silicon Valley. <\/strong>It reached a record USD 95 bn valuation after a USD 600 mn investment round, overtaking SpaceX, Instacart, Facebook and Uber before they went public, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-14\/stripe-raises-600-million-valuing-company-at-95-billion?sref=mmeFTDW1\">Bloomberg<\/a> and <a href=\"https:\/\/www.ft.com\/content\/b9949a88-6c09-4de5-92e7-73994bb2b62f\">the FT<\/a>.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,222<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>9,646<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +11.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>5,708<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +13.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,619<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +5.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,969<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,750<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 68.16<\/p>\n<\/td>\n<td>\n<p>-1.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 2.49<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,729.20<\/p>\n<\/td>\n<td>\n<ul>\n<li> <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 54,217.32<\/p>\n<\/td>\n<td>\n<p>-9.7%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>The EGX30 fell 0.6% yesterday<\/strong> on turnover of EGP 1.1 bn (25.6% below the 90-day average). Regional investors were net buyers. The index is up 3.5% YTD.<\/p>\n<p><strong>In the green: <\/strong>GB Auto (+3.0%), Eastern Co. (+1.2%) and EKH (+1.0%).<\/p>\n<p><strong>In the red: <\/strong>Orascom Financial (-4.2%), Credit Agricole (-3.7%) and Heliopolis Housing (-3.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GLOBAL IPO WATCH- Food delivery player Deliveroo hopes to raise around GBP 1 bn when it debuts on the London Stock Exchange, the company said ina statement(pdf) yesterday. Existing shareholders will sell their holdings, in addition to the GBP 1 bn in new shares, it said without elaborating. The UK is chasing tech IPOs: The [&hellip;]<\/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":[3824,72,647,119,900,78,431,122,689,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560877","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-deliveroo","tag-enterpriseam","tag-facebook","tag-financial-markets","tag-food-and-beverage","tag-ipo-watch","tag-london-stock-exchange","tag-planet-finance","tag-spacex","tag-uber","wpautop","entry"],"acf":{"mongo_id":"24224336-544f-4729-830f-3bdfee60566e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560857],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What the markets are doing on 16 March 2021 - 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\/03\/16\/what-the-markets-are-doing-on-16-march-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the markets are doing on 16 March 2021\" \/>\n<meta property=\"og:description\" content=\"GLOBAL IPO WATCH- Food delivery player Deliveroo hopes to raise around GBP 1 bn when it debuts on the London Stock Exchange, the company said ina statement(pdf) yesterday. 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Existing shareholders will sell their holdings, in addition to the GBP 1 bn in new shares, it said without elaborating. 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