Weekly Market Insight

Latest Economic & Market Update 23rd February 2021

23rd February 2021

Good afternoon, it is February 23rd 2021 and here is your economic and market update from BlackBee. 

Today’s focus:

  • Private Rental Sector (PRS) receives highest allocation of property investment  – Savills Ireland
  • SPAC brings Tesla competitor public

Just shy of 40 percent of Irish property investment in 2020 went to PRS sector, its highest share of investment to date according to Savills Ireland. €3 billion in total was invested in Irish property last year, just ahead of the ten year average of €2.9 billion. Just under €1.2 billion was invested in PRS with Savills indicating the defensive characteristics of the sector as a reason for investment. In addition, Ireland’s high population growth and low vacancy rates relative to European peers has made the sector an appealing capital allocation. 72% of property investment last year was from private equity and institutional firms. (Source: Savills Ireland, Irish Times)

Lucid Motors, an electric vehicle company based in California, is set to float it’s shares via SPAC (special acquisition company) Churchill Capital IV. The car company also has shareholding by the Saudi Arabian sovereign wealth fund. Anticipated in markets in 2021, the share price of the SPAC rose over 500% this year. The value of Lucid Motors at time of listing was just under $12 million. Lucid revealed its Air model last year and claimed that it will top Tesla’s top model in range, quarter-mile speed, battery recharge time and basic efficiency (Source: FT)

Best & Worst Performers of Large Cap US Stocks on Monday
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Global Market Update
(as at close of markets 22/02/2021)