Social media platform Reddit has raised USD 748 mn after setting its final IPO price at the top of its initial price range at USD 34 per share, the company said in a statement overnight. Reddit sold 22 mn shares in the offering, which has been in the making for nearly three years. The company is setting aside around 8% of the shares on offer for users and moderators who had accounts before the start of the year, along with employees’ friends and family and some board members, according to Bloomberg. “Those shares won’t be subject to a lockup, meaning the owners can sell them on the opening day of trading,” the business information service reports.

The company’s shares are set to begin trading on the New York Stock Exchange today under the ticker RDDT.

THE MARKET THIS MORNING-

Traders this morning welcomed the US Federal Reserve’s guidance: All of the major Asian benchmarks we follow are up in early trading — and three of them are soaring, up nearly 2%: The Nikkei, Kospi, and Hang Seng.

Sound smart: The Nikkei has just hit an all-time high. Traders were already in a good mood, having welcomed the Bank of Japan’s move earlier this week to raise interest rates for the first time since 2007. Prior to the move, Japan was the world’s last remaining negative-rates regime.

Futures are also up, with everything from S&P, Nasdaq, and Dow futures to wagers on European equities and oils on the rise.

ADX

9,269

+0.1% (YTD: -3.2%)

DFM

4,291

+0.4% (YTD: +5.7%)

Nasdaq Dubai UAE20

3,747

+0.5% (YTD: -2.5%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.1% o/n

5.4% 1 yr

TASI

12,739

-0.5% (YTD: +6.5%)

EGX30

28,589

-0.3% (YTD: +14.8%)

S&P 500

5,225

+0.9% (YTD: +9.5%)

FTSE 100

7,737

0.0% (YTD: +0.1%)

Euro Stoxx 50

5,000

-0.2% (YTD: +10.6%)

Brent crude

USD 85.95

-1.6%

Natural gas (Nymex)

USD 1.70

+0.2%

Gold

USD 2,208

+1.0%

BTC

USD 67,752

+7.5% (YTD: +45.4%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 404.2 mn. The index is up 5.7% YTD.

In the green: Al Firdous Holdings (+4.2%), Al Salam Bank (+3.9%) and Union Properties (+3.9%).

In the red: Emirates Reem Investments Company (-2.1%), National Central Cooling (Tabreed) (-2.0%) and Ekttitab Holding Company (-1.8%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.1 bn. Meanwhile Nasdaq Dubai closed up 0.5%.

CORPORATE ACTIONS-

Al Ansari Financial Services approved a dividend payout of AED 300 mn for 2H 2023, bringing the total amount of dividends for the year to AED 600 mn, according to a DFM disclosure (pdf).

District cooling firm Tabreed approved a record high dividend payout of 15.5 fils per share, according to a DFM disclosure (pdf).

Abu Dhabi Aviation's board recommended distributing AED 111.1 mn in dividends for 2023, according to an ADX disclosure (pdf). The proposal will be reviewed at the company’s upcoming general assembly meeting scheduled on 16 April.

National Marine Dredging Company approved a dividend distribution of AED 618 mn, according to an ADX disclosure (pdf).

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