Investors continue to tread with caution over Coronavirus fears | Calamatta Cuschieri

Markets remain under pressure over coronavirus & Nokia considers a merger whilst Walmart considers selling part of its Asda stake

US markets moved lower on Wednesday as investors continued to monitor reports on the spread of the new coronavirus throughout Europe and the Americas. The Dow Jones Industrial Average lost.77 points, or 0.5 percent, to 26,957.50 with the S&P 500 sinking 11.82 points, or 0.4 percent, 3,116.39. The Nasdaq Composite meanwhile gained 15.16 points, or 0.2 percent, to close the session up at 8,980.77, snapping its losing streak.

European markets also closed mostly lower however saw a mild turn-around and recovered from the session’s lows. The pan-European Stoxx 600 index sank 0.3 percent to 403.04, however off from it’s session low of 392.89. The German DAX 30 index went from an 0.8% drop to a near 0.1% rise, while the French CAC 40 index managed a modest rise. The UK’s FTSE 100 index fell 0.2%.

Maltese markets also moved slightly lower with the MSE Equity Total Return Index edging down 0.038 percent at 9,448.671 points. Shares in GlobalCapital Plc led the gains and closed down 25.52 percent at €0.216, followed by Trident Estates Plc which lost 6.55 percent at €1.57. Grand Harbour Marina Plc meanwhile led the gains with shares up 19.05 percent at €0.55.

Nokia considers Merger and Walmart looks to sell Asda stake

Shares in Nokia Oyj rose 1.1 percent and outperformed its sector as reports emerged that the Finnish telecom-equipment was considering a merger and possible sales of its assets. Reports said Nokia was considering strategic options and was working with advisers as its competition with Huawei and Ericsson is heating up for orders for new 5G networks.

Nokia’s Technologies unit, which manages the company’s wide patent portfolio, reported 2019 operating profit rising 3% from a year ago to 1.24 billion euros, while sales slipped 1% to 1.49 billion euros.

In other corporate news, US retailer, Walmart, is in talks with possible buyers of a stake in its British supermarket, Asda, with failed to merge with Sainsbury’s last year.  “We are currently considering whether there is an opportunity for a third party to invest in Asda, alongside Walmart, in order to support and accelerate the delivery of Asda’s strategy and position Asda for long term success,” Walmart and Asda said in a joint statement.

This article was issued by Peter Petrov, Trader at Calamatta Cuschieri. For more information visit, The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.