Morning Call 21-12-2014 S&P500 2,071 0.47 % | NASDAQ100 4,765 0.35% | DJI 17,805 0.15% | NIKKEI225 17,621 2.39% | EGX30 8,399 3.39% | EGX70 542 2.01 % | Oil 57.80 6.33% In The News • U.S. stocks wrap wild, Fed-fueled week higher; ruble, oil stabilize; The U.S. stock market ended a turbulent week punctuated with collapse of the ruble, gyrations in the oil prices and the Federal Reserve’s policy meeting, with the biggest weekly gain since October • Oil surges from 5-year low as opec comments add volatility; Ali Al-Naimi, Saudi Arabias oil minister, said yesterday that a slump in prices was temporary, he also said it would be difficult for opec to curb its oil production amid a glut, prices rose immediately after his remarks • Fitch raises Egypt’s long-term credit rating to ‘B’; Fitch Ratings has raised Egypt’s long-term foreign-currency debt rating to ‘B’, five steps below investment grade, from B-. The agency also maintained its Stable Outlook for the Egyptian economy. Egypt is rated one level below that by Standard & Poor’s, and two levels lower by Moody’s Investors Service • Kellogg raises bid for Egypt’s Bisco Misr, tops Abraaj ; U.S. Kellogg said it raised the price of its bid for Egypt’s snack maker Bisco Misr for the second time. The company said, in a statement to the stock market on Thursday, it raised the bid price to EGP 86.36 per share, with an increase of 2.008% from the last price offered by its rival UAE’s Abraaj at EGP 84.66 per share • Amer to issue securitization bonds in January ; Cairo-Mubasher: Egypt’s Amer Group Holding will issue securitization bonds for its real estate portfolio in early January, said Riyad Refaat, head of financial sector. three of its subsidiaries have signed an assignment for the issuance of securitization bonds contracts worth EGP 201 million ($28 million). Amer Group, said his company has signed an agreement with Saudi Arabia’s Al Othaim to establish an entertainment city in Porto Cairo Mall, New Cairo worth $8m Market Overview Global and GCC markets rebounded with the biggest weekly gain since October, expecting our local market to follow and proceed its Thursday rebound today to the 8500 level correlated to the world indexes and the Oil rebound.
Posted on: Sun, 21 Dec 2014 10:35:15 +0000
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