Pre-Trading Thoughts

Oil prices plunged more than 10% as reports of a new coronavirus variant sparked fears of more lockdowns and another blow to fuel demand; Brent futures are trading at USD72.72/bbl ESRS has finalized acquiring an c.18% stake in Egyptian Steel, for a value of EGP1.5 billion, to be fully paid in cash without including a share swap; Equity value per ton is EGP6,940/ton (assuming 1.2mn tons sales volume per annum for Egyptian Steel), which translates into a valuation for ESRS of EGP32.6 billion (o...