{"id":561054,"date":"2021-03-23T03:59:25","date_gmt":"2021-03-23T03:59:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/what-the-markets-are-doing-on-23-march-2021\/"},"modified":"2021-03-23T03:59:25","modified_gmt":"2021-03-23T03:59:25","slug":"what-the-markets-are-doing-on-23-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/what-the-markets-are-doing-on-23-march-2021\/","title":{"rendered":"What the markets are doing on 23 March 2021"},"content":{"rendered":"

<\/a> GLOBAL IPO WATCH- UK-based food delivery startup Deliveroo has kicked off its <\/strong>GBP 1.8 bn IPO in London<\/strong>, according to Bloomberg<\/a>. The UK-based company is now taking investor orders at GBP 3.9-4.6 apiece, which values the company at GBP 7.6-8.8 bn, and makes for the largest IPO in the UK since September. Shares will make their debut on the LSE on 31 March.<\/p>\n

A dash of hope for the City? <\/strong>The offering by Deliveroo \u2014 whose major shareholders include Amazon and VC firms DST Global and Index Ventures \u2014 comes as UK authorities are mulling proposals to reform listing rules to attract more high growth tech companies as London grapples with a potential loss of status as a major financial center post-Brexit.<\/p>\n

Oil suffered its deepest weekly loss since October last <\/strong>week<\/strong>, with Brent futures losing 6.8% and US crude falling 6.4%, amid fears of a third wave of covid-19 in Europe, according to Bloomberg<\/a>.<\/p>\n

Just a blip? <\/strong>The sell-off, which saw the number of futures contracts held by traders drop 7%, was only \u201ctransient,\u201d Goldman Sachs analysts wrote in a note<\/a>, suggesting that the market rally will continue as the global vaccine rollout increases mobility.<\/p>\n

Record flows into US equities last week<\/strong> signal a psychological shift in favor of<\/strong> riskier assets<\/strong>, Axios<\/a> writes. Investments into US equities reached a \u201cstaggering record\u201d of USD 68.3 bn last week \u2014 including USD 56.8 bn into equity funds \u2014 as money moved away from traditionally safe bonds and money market funds, which saw USD 9.9 bn in outflows over the same period.<\/p>\n

This marks what Axios calls a \u201csea change\u201d in investor psychology<\/strong>, which has traditionally seen money exit equity funds and enter fixed income and money market funds. \u201cInvestors have clearly embraced the concept of \u2018There Is No Alternative\u2019 as fund flows have nearly evaporated for government bonds \u2026 That flies in the face of recent history \u2014 2019 saw USD 199.7 bn of equity fund outflows and 2020 saw USD 394.6 bn of outflows,\u201d Axios says.<\/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

10,537<\/p>\n<\/td>\n

\n

-2.5% (YTD: -2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.68<\/p>\n<\/td>\n

\n

Sell 15.78<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.68<\/p>\n<\/td>\n

\n

Sell 15.78<\/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

9,547<\/p>\n<\/td>\n

\n

+0.5% (YTD: +9.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,733<\/p>\n<\/td>\n

\n

+0.2% (YTD: +13.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,552<\/p>\n<\/td>\n

\n

-1.2% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,941<\/p>\n<\/td>\n

\n

+0.7% (YTD: +4.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,726<\/p>\n<\/td>\n

\n

+0.3% (YTD: +4.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 63.89<\/p>\n<\/td>\n

\n

-1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.57<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,734.70<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 55,020.06<\/p>\n<\/td>\n

\n

-2.8%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 2.5% yesterday<\/strong> on turnover of EGP 936 mn (36.4% below the 90-day average). Foreign investors were net sellers. The index is now down 2.8% YTD.<\/strong><\/p>\n

In the green:<\/strong> Edita (+1.5%), Ibnsina Pharma (+1.0%)<\/p>\n

In the red:<\/strong> AMOC (-7.3%), Qalaa Holdings (-5.9%) and Orascom Financial (-5.6%).<\/p>\n

Japan\u2019s Nikkei is the only Asian market in the green as we hit \u201csend\u201d on this morning\u2019s edition<\/strong>, with shares in Shanghai, Hong Kong and Seoul all in the red. Futures suggest US markets will open down this morning, as will shares in Toronto and much of Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"

GLOBAL IPO WATCH- UK-based food delivery startup Deliveroo has kicked off its GBP 1.8 bn IPO in London, according to Bloomberg. The UK-based company is now taking investor orders at GBP 3.9-4.6 apiece, which values the company at GBP 7.6-8.8 bn, and makes for the largest IPO in the UK since September. Shares will make […]<\/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":[3846,3845,2393,3824,72,119,260,498,91,527,122,439,3844,113,1220],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561054","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bowx-acquisition","tag-brent-futures","tag-brexit","tag-deliveroo","tag-enterpriseam","tag-financial-markets","tag-goldman-sachs","tag-joe-biden","tag-oil-and-gas","tag-pandemic","tag-planet-finance","tag-spacs","tag-stimulus-package","tag-vaccines","tag-wework","wpautop","entry"],"acf":{"mongo_id":"4c855ba8-47c6-4511-af0d-03abe09878ac","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561034],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 23 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\/23\/what-the-markets-are-doing-on-23-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 23 March 2021\" \/>\n<meta property=\"og:description\" content=\"GLOBAL IPO WATCH- UK-based food delivery startup Deliveroo has kicked off its GBP 1.8 bn IPO in London, according to Bloomberg. 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Existing shareholders will sell their holdings, in addition to the GBP 1 bn in new shares, it said without elaborating.The UK is\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":555844,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/2021-might-have-set-a-new-ipo-record-but-that-doesnt-mean-their-shares-are-performing\/","url_meta":{"origin":561054,"position":1},"title":"2021 might have set a new IPO record \u2014 but that doesn\u2019t mean their shares are performing","author":"enterpriseam admin","date":"29 November 2021","format":false,"excerpt":"Half of this year\u2019s large IPOs aren\u2019t doing so great: Despite smashingglobal records this year, half of the 2021\u2019s major IPOs are now trading in the red even after US stocks hit new record highs, the Financial Times writes. Dealogic data shows that of the 43 companies to have raised\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":546907,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/","url_meta":{"origin":561054,"position":2},"title":"Israel and the UAE sign landmark trade agreement","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"Israel + UAE ink trade agreement: Following months of negotiations, Israel and the UAE have inked a bilateral trade agreement that they hope will boost the value of trade between them by more than USD 10 bn and add USD 1.9 bn to the UAE\u2019s GDP over the next five\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":657069,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/15\/emerging-ipo-markets-leapfrog-londons-as-it-hits-a-21st-century-low\/","url_meta":{"origin":561054,"position":3},"title":"Emerging IPO markets leapfrog London\u2019s as it hits a 21st century low","author":"enterpriseam admin","date":"15 December 2024","format":false,"excerpt":"The UAE, Oman, and Malaysia have secured higher rankings in Bloomberg\u2019s global IPO venue list","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\/2024\/12\/1305.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567420,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/22\/matalan-gsk-agree-to-invest-gbp-30-mn-in-egypt-at-uk-africa-investment-summit\/","url_meta":{"origin":561054,"position":4},"title":"Matalan, GSK agree to invest GBP 30 mn in Egypt at UK-Africa Investment Summit.","author":"enterpriseam admin","date":"22 January 2020","format":false,"excerpt":"INVESTMENT WATCH- Matalan, GSK agree to invest GBP 30 mn in Egypt at UK-Africa Investment Summit: UK fashion retailer Matalan will invest GBP 25 mn over the next five years building 20 outlets in Egypt, the British embassy in Cairo and a spokesperson for the UK government announced on social\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/667.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545610,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/usd-1-bn-ipo-in-the-works-for-aramco-subsidiary-the-uk-wants-in-on-nfts\/","url_meta":{"origin":561054,"position":5},"title":"USD 1 bn IPO in the works for Aramco subsidiary + the UK wants in on NFTs","author":"enterpriseam admin","date":"5 April 2022","format":false,"excerpt":"Yet another Gulf IPO? Saudi Aramco subsidiary Luberef is looking to make its Tadawul debut in an IPO that could raise over USD 1 bn, Bloombergreports citing people familiar with the matter. 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