Odin Financial Investments & Odin for Investment & Development Start Trading Today📊
Odin Investments has completed the company split into two, with both company’s shares to start trading today.
More details🧐 Odin for Financial Investments (ODIN), the dividing company will retain 39.2% of the company’s capital. Odin for Investment & Development (ODID), the divided company, will be given the remaining 60.8% of capital.
ODIN had last closed at EGP 2.93/share on the 24th of November, 2021.
Why is this important🤔 Based on the above capital allocations, Odin for Financial Investments (ODIN) will start trading at EGP 1.149/share (closing price X 39.2%), while Odin for Investment & Development (ODID) will start trading at EGP 1.781 (closing price X 60.8%).
Trading on both ODIN & ODID will not be subject to price movement limits today only, the first trading session after the split.
Juhayna Reports Earnings; Resumes Trading🥛
Juhayna (JUFO) reported net profits of EGP 490 million in the first nine months of 2021, a 27.7% year-over-year increase from EGP 384 million.
More details🧐 The EGX had suspended trading on JUFO last Wednesday, December 1st after the company was late to disclose its financial results again. Juhayna released their earnings the very next day, however, & trading on its shares resumed.
Why is this important🤔 JUFO stock tumbled to a 5-year low in May 2021, after company CEO Safwan Thabet & his son were both detained, falling almost 40% from January-May 2021.
Omicron is Spreading Rapidly, But That’s Not The Only Thing Worrying Investors😟
38 countries have confirmed at least one Omicron case as of yesterday, according to the World Health Organization (WHO). To make matters more interesting, Fed Chairman Jerome Powell declared inflation “not transitory”, (not temporary).
The map below shows countries where at least one confirmed Omicron case has been identified.
Omicron🦠 It’s safe to say U.S. markets have been volatile, with the S&P 500 index moving more than 1% nearly every day this week, fluctuating up & down on speculation about what Omicron will mean for the world.
The biggest two cryptocurrencies by market value, Bitcoin & Ethereum, dropped more than 10% early morning yesterday, reaching lows near $43,000 & $3,500, respectively.
Inflation💲 As for inflation, Powell said “it’s probably a good time to retire that word”, following heavy criticism from experts. Policymakers are now preparing to raise interest rates much earlier than they’d anticipated.
First it was Facebook Meta, Now It’s Square Block🔲
Former Twitter CEO Jack Dorsey’s other company, Square, has rebranded to “Block”, effective 10th of December, 2021.
More on Square🧐 Square is an American financial services & digital payments company. Dorsey co-founded Square in 2009, & took it public in 2015. The company is currently worth almost three times as much as Twitter.
Why the name change🤷♀️ The name Square came from the company’s first business venture in 2009: square-shaped card readers.
Since then, Square has added a peer-to-peer digital banking app “Cash App”, received a bank license, & begun offering crypto & stock trading.
Square also merged with buy-now-pay-later provider “Afterpay”, acquired a majority stake in Jay-Z’s music streaming service “Tidal”, & owns almost $500 million in Bitcoin as of February 2021.
See the need for a name change now?
Why is this important🤔 Companies are changing their names to better represent their future ambitions. First, Facebook became Meta as part of its push to build the metaverse, & now Square will become Block, representing its focus on blockchain technologies. This time, however, Block will continue trading under the company’s original “SQ” ticker.
“The change to Block acknowledges the company’s growth,” the company said in a press release.
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