๐ช Saudi Arabia Stock Index Up 19%. $375M+ VC Funding.
Impact Capital Markets #60 looks at HolonIQ's Saudi Arabia stock index, major impact deals, M&A, and upcoming economic releases.
Xin chร o ๐
๐ Today's Global Economic Update: US GDP Growth Data revealed an expansion of 3.4% in Q4 2023, slightly higher than the previously reported 3.2%. The growth was driven by strong consumer spending and non-residential business investments.
๐ก Deal of the Day: Lightshift Energy, a utility-scale energy storage development company, raised a $100M Series B to accelerate sales.
What's New?
- ๐ช Saudi Arabia. Saudi Arabia stock index up 19%
- ๐ฐ Funding. Utility, cybersecurity, telehealth & more
- ๐ผ M&A. Optometry education & childcare
- ๐ Economics. Inflation, US personal income & spending, employment data + more
๐ช Saudi Arabia Stock Index Up 19%
Despite a slowdown in Saudi Arabia's GDP in 2023 due to observed oil supply cuts, HolonIQ's Saudi Arabia index has increased by 19%. Major stocks within the index also increased. ACWA Power Co ($66B MCap) displayed an increase of 143%, while Saudi National Bank ($65B MCap) and Al Rajhi Bank ($89B MCap) saw a 21% and 16% rise, respectively.
Investor confidence in Saudi Arabia has been strengthened by the introduction of business-friendly policies and regulatory reforms that align with global standards. The expansion of the stock exchange to encompass a broader array of sectors, coupled with initiatives aimed at enhancing foreign ownership limits, has attracted substantial interest from international investors. Saudi Arabia's 'Vision 30' program, which aims to promote economic diversification of the local economy beyond the oil sector, will further enhance Saudi Arabia's business-friendly environment, providing a positive outlook for stocks in our index.
๐ฐ Funding
๐ก Lightshift Energy, a Virginia-based company specializing in battery storage technology, raised a $100M Series B from Greenbacker Group to accelerate sales.
๐ Coro, a NYC-based cybersecurity platform, raised a $100M Series D from One Peak to accelerate global expansion.
๐ฉบ Pelago, a New York-based telehealth company, raised a $58M Series C from
Atomico to advance its clinical research efforts.
๐ Aeovian Pharmaceuticals, a California-based biopharmaceutical company, raised a $50M Series A from Hevolution to support clinical trials of its products.
๐ฅ Surge, a French company specializing in immune system analysis, raised a $8M Seed from Eurazeo to enable the opening of SurgeLab, its laboratory dedicated to researching immune biomarkers.
๐ผ M&A
๐ Axcel Learning, an NYC-based professional education company, acquired KMK Optometry, a Nebraska-based optometry education center.
๐ง Wonderschool, a California-based provider of a childcare platform, acquired EarlyDay, a Florida-based early childhood career marketplace.
๐ Economic Calendar
Inflation, US Personal Income & Spending, Employment Data + More
Friday, March 29th 2024
๐ซ๐ท France Inflation Data (Preliminary), March
๐ฎ๐น Italy Inflation Data (Preliminary), March
๐บ๐ธ US Personal Income & Spending Data, February
Monday, April 1st 2024
๐ฏ๐ต Japan Tankan Large Manufacturers Index, Q1
๐จ๐ณ China Caixin Manufacturing PMI, March
๐บ๐ธ US ISM Manufacturing PMI, March
Tuesday, April 2nd 2024
๐ฆ๐บ Australia RBA Meeting Minutes
๐ฉ๐ช Germany Inflation Data (Preliminary), March
๐บ๐ธ US JOLTs Job Openings, February
Wednesday, April 3rd 2024
๐ช๐ฆ Euro Area Inflation Data, March
๐บ๐ธ US ISM Services PMI, March
Friday, April 5th 2024
๐ฆ๐บ Australia Balance of Trade Data, February
๐จ๐ฆ Canada Balance of Trade Data, February
๐จ๐ฆ Canada Employment Data, March
๐บ๐ธ US Employment Data, March
๐จ๐ฆ Canada Ivey PMI, March
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