{"id":561624,"date":"2021-04-14T03:43:30","date_gmt":"2021-04-14T03:43:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/what-the-markets-are-doing-on-14-april-2021\/"},"modified":"2021-04-14T03:43:30","modified_gmt":"2021-04-14T03:43:30","slug":"what-the-markets-are-doing-on-14-april-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/what-the-markets-are-doing-on-14-april-2021\/","title":{"rendered":"What the markets are doing on 14 April 2021"},"content":{"rendered":"

<\/a> The biggest SPAC acquisition ever is coming out of Singapore<\/strong> as ride-hailing and food delivery platform Grab is going public on the Nasdaq through a record breaking USD 39.6 bn agreement that will see it merge with a US-based SPAC Altimer Growth, Reuters<\/a> reports. Altimer Capital is leading the offering with USD 750 mn from funds it manages and has so far seen at least USD 4 bn in private investment in public equity (PIPEs) from a number of investors including BlackRock and Fidelity International.<\/p>\n

SPACs had a breakthrough year in 2020<\/strong> that saw the blank cheque companies raise some USD 83 bn. Appetite looks set to continue this year with SPACs already raising USD 99 bn so far, despite fears last month<\/a> that a US bond market selloff would kill investor appetite for the highly speculative asset.<\/p>\n

Need a refresher on your SPACs and PIPEs?<\/strong> You can find our explainers here<\/a> and here<\/a>.<\/p>\n

Coinbase valued at USD 65 bn ahead of direct listing:<\/strong> Nasdaq has given crypto exchange Coinbase a reference price of USD 250 a share, valuing the company at USD 65.3 bn as it prepares to go ahead with a direct listing in the US today, CNBC<\/a> reports. This will be the first listing of a crypto firm in the US and has been called a watershed moment<\/a> for the industry indicative of digital currencies\u2019 increasing acceptance among mainstream investors.<\/p>\n

Chinese regulators have given tech companies a month to clear up <\/strong>anti-competitive practices <\/strong>following the antitrust ruling against e-commerce giant Alibaba<\/a> which saw it slapped with a record USD 2.8 bn fine, the Financial Times<\/a> reports. A record 76 tech companies shelved plans<\/a> to list on Shanghai's answer to the Nasdaq, Star Market, last month, after China pulled the brakes<\/a> on Alibaba-affiliate and financial tech powerhouse Ant Group's USD 37 bn IPO amid increased scrutiny and tighter regulation.<\/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

10,306<\/p>\n<\/td>\n

\n

-1.4% (YTD: -5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.63<\/p>\n<\/td>\n

\n

Sell 15.73<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.64<\/p>\n<\/td>\n

\n

Sell 15.74<\/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

9,838<\/p>\n<\/td>\n

\n

-0.7% (YTD: +13.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,019<\/p>\n<\/td>\n

\n

-1.2% (YTD: +19.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,565<\/p>\n<\/td>\n

\n

-0.8% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,141<\/p>\n<\/td>\n

\n

+0.3% (YTD: +10.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,890<\/p>\n<\/td>\n

\n

-% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 63.99<\/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 2.62<\/p>\n<\/td>\n

\n

+2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,747.60<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 63,148<\/p>\n<\/td>\n

\n

+5.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 1.4% yesterday<\/strong> on turnover of EGP 995 mn (27.3% above the 90-day average). Foreign investors were net sellers. The index is down 5.0% YTD.<\/p>\n

In the green: <\/strong>AMOC (+15.1%), Fawry (+0.8%) and Credit Agricole (+0.3%).<\/p>\n

In the red: <\/strong>ElSewedy Electric (-7.3%), Heliopolis Housing (-4.4%) and Ibnsina Pharma (-4.1%).<\/p>\n

Japan\u2019s Nikkei is the only major Asian market in the red so far today<\/strong>, while futures suggest that European shares will open in the green later this morning, as will stocks in Toronto. Wall Street so far looks set to start the day in the red at the opening bell.<\/p>\n","protected":false},"excerpt":{"rendered":"

The biggest SPAC acquisition ever is coming out of Singapore as ride-hailing and food delivery platform Grab is going public on the Nasdaq through a record breaking USD 39.6 bn agreement that will see it merge with a US-based SPAC Altimer Growth, Reuters reports. Altimer Capital is leading the offering with USD 750 mn from […]<\/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":[3921,3931,3930,2383,116,344,199,72,119,630,78,120,122,328,439,3879],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561624","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-alibaba","tag-altimer-capital","tag-altimer-growth","tag-antitrust","tag-china","tag-cryptocurrency","tag-e-commerce","tag-enterpriseam","tag-financial-markets","tag-grab","tag-ipo-watch","tag-nasdaq","tag-planet-finance","tag-ride-hailing","tag-spacs","tag-star-market","wpautop","entry"],"acf":{"mongo_id":"c85ba90a-d457-457c-85a0-7f8cc82431f2","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561606],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 14 April 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\/04\/14\/what-the-markets-are-doing-on-14-april-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 14 April 2021\" \/>\n<meta property=\"og:description\" content=\"The biggest SPAC acquisition ever is coming out of Singapore as ride-hailing and food delivery platform Grab is going public on the Nasdaq through a record breaking USD 39.6 bn agreement that will see it merge with a US-based SPAC Altimer Growth, Reuters reports. 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The tech-heavy index fell another 1.2% during the trading session as investors continued to exit growth stocks in\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":551271,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/could-this-be-the-end-of-spacs\/","url_meta":{"origin":561624,"position":1},"title":"Could this be the end of SPACs?","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"Could this be the end of SPACs? After a pandemic-driven frenzy in companies going public through special purpose acquisition companies (SPACs), interest in the once-buzzy financial instrument is sharply declining. More stringent regulations around new SPAC transactions, poor performances in recent SPAC debuts, and a challenging macroeconomic environment have left\u2026","rel":"","context":"In "WHAT\u2019S NEXT"","block_context":{"text":"WHAT\u2019S NEXT","link":"https:\/\/enterpriseam.com\/egypt\/category\/whats-next-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/398.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543619,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/abu-dhabi-ports-shares-surge-on-adx-following-ipo-dubais-shuaa-wants-to-spac\/","url_meta":{"origin":561624,"position":2},"title":"Abu Dhabi ports shares surge on ADX following IPO + Dubai\u2019s SHUAA wants to SPAC","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"Shares in Abu Dhabi Ports jumped as much as 17% on its ADX debut yesterday, marking the latest success for Gulf listings, Bloomberg reports. The company, which is majority-owned by Abu Dhabi sovereign wealth fund ADQ, raised USD 1.1 bn from its IPO ahead of its debut on the Abu\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":555350,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/adx-follows-our-lead-on-spacs\/","url_meta":{"origin":561624,"position":3},"title":"ADX follows our lead on SPACs","author":"enterpriseam admin","date":"10 November 2021","format":false,"excerpt":"ADX follows our lead on SPACs: The Abu Dhabi Securities Exchange and the Department of Economic Development have issued a proposal to the country\u2019s securities regulator that, if approved, would allow blank-check firms to list on its bourse. The Financial Regulatory Authority greenlit a similar proposal to allow the establishment\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":544659,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/swvl-expects-us-regulators-to-greenlight-its-nasdaq-ipo-today\/","url_meta":{"origin":561624,"position":4},"title":"Swvl expects US regulators to greenlight its Nasdaq IPO today","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"Mass transportation startup Swvl expects to receive final approvals on its IPO from the US\u2019 Securities and Exchange Commission (SEC) today, CFO Youssef Salem told Enterprise. The Egypt-born ride-hailing app is set to go public on the Nasdaq through its merger with US SPAC Queen\u2019s Gambit Growth Capital by the\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557301,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/egx-could-open-the-door-for-spacs\/","url_meta":{"origin":561624,"position":5},"title":"EGX could open the door for SPACs","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"Egypt could be welcoming SPACs soon, after EGX boss Mohamed Farid suggested amendments to listing rules that would allow Egyptian companies to go to market while being acquired by or merging with another company. The amendments have been submitted to the Financial Regulatory Authority (FRA) for consideration, according to an\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561624","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=561624"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561624\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561606"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561624"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561624"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}