Sign in
ECB hints at June rate cut: The European Central Bank (ECB) maintained borrowing costs at historically high levels when it met on Thursday but hinted at a shift, with a first interest rate cut potentially coming in June following the publication of 1Q 2024’s wage data, Reuters reports. “We will know a little more in April, but we will know a lot more in June,” ECB President Christine Lagarde said at a press conference.
Meanwhile, across the Atlantic, Federal Reserve Chair Jerome Powell said the bank is “not far” from the confidence it needs in a sustained decline of inflation to its target 2% before considering rate cuts, Reuters reported. Powell’s remarks helped spur investor confidence in a potential June rate cut, leading to a rally in the S&P 500 that led to a record closing high on Thursday. The Nasdaq also hit an intraday record high and narrowly missed a closing high, settling up 1.5%. Both indices erased most of their gains on Friday — the S&P 500 was down 0.7%, while the Nasdaq fell 1.2%.
|
TASI |
12,578 |
+0.13% (YTD: +5.1%) |
|
|
MSCI Tadawul 30 |
1,603 |
+0.1% (YTD: +5.1%) |
|
|
USD : SAR (SAMA) |
3.75 Sell |
3.75 Buy |
|
|
Interest rates |
6.5% repo |
5.5% reverse repo |
|
|
EGX30 |
31,301 |
+5.2% (YTD: +25.7%) |
|
|
ADX |
9,235 |
+0.1% (YTD: -3.6%) |
|
|
DFM |
4,253 |
+0.4% (YTD: +4.8%) |
|
|
S&P 500 |
5,124 |
-0.7% (YTD: +7.4%) |
|
|
FTSE 100 |
7,660 |
-0.4% (YTD: -1%) |
|
|
Euro Stoxx 50 |
4,961 |
-0.3% (YTD: +9.7%) |
|
|
Brent crude |
USD 82 |
-1.1% |
|
|
Natural gas (Nymex) |
USD 1.8 |
-0.7% |
|
|
Gold |
USD 2,179 |
+0.9% |
|
|
BTC |
USD 68,509 |
+0.2% (YTD: +236%) |
THE CLOSING BELL-
The TASI rose 0.1% yesterday on turnover of SAR 9.7 bn. The index is up 5.1% YTD.
In the green: Electrical Industries Company (+8.7%), East Pipes (+8.2%) and Alkhaleej Training (+6%).
In the red: Saco (-5.1%), Amiantit (-4.7%) and Ayyan (-4.4%).
Asian markets are up/down in early trading this morning and futures suggest xx
CORPORATE ACTIONS-
#1– eXtra’s BoD has agreed to distribute SAR 160 mn in dividends at SAR 2 per share for 2H 2023, it said in a disclosure to Tadawul. Payments will be made to eligible shareholders on Thursday, 21 March.
#2- Jarir Marketing’s BoD has approved a dividend payout of SAR 276 mn at SAR 0.23 per share for 4Q 2023, it said in a disclosure to Tadawul. Shareholders can cash out the dividends on Wednesday, 20 March.
#3- Power and Water Utility Company for Jubail and Yanbu (Marafiq)’s BoD has approved a dividend payout of SAR 275 mn at SAR 1.1 per share for 2H 2023, it said in a disclosure to Tadawul. Payments will be made to eligible shareholders on Wednesday, 27 March.
#4- Gas Arabian Services’ BoD has recommended a dividend payout of SAR 47.3 mn at SAR 0.3 apiece for FY 2023, it said in a disclosure to Tadawul. The distribution date will be announced at a later date.
#5- Chubb Arabia Cooperative Ins.’s BoD has advised against paying dividends for FY 2023 to maintain a solvency margin, it said in a disclosure to Tadawul.
#6- Amlak International Finance’s BoD has recommended a capital increase to SAR 1 bn through a statutory reserve and a portion of retained earnings of one share for every eight shares, it said in a disclosure to Tadawul.
