Markets struggle as coronavirus fills headlines | Calamatta Cuschieri

Market summary

Maltese market closed in the red on Thursday, with MSE total index ending the session -0.505% less to 9,448.671 points. The best performer was PG plc. with a 3.06% surge, to close at 2.02, followed by 0.94% jump of BMIT Technologies plc and 0.75% rise of Malta Properties Company plc with a closing price of 0.535 and 0.67 respectively. The biggest fall was seen from RS2 Software plc. with a drop of 3.91% to close at 2.46, followed by Mapfre Middlesea plc. with a drop of 3.39% to close at 2.28.

European shares slumped on Friday, on course for their biggest weekly decline since the financial crisis in 2008, on investor fears that the rapid spread of the coronavirus outside China could trigger a global recession. The pan-European Stoxx 600 fell 4.5% to 371.98, alongside a 5% drop for the German Dax, while the FTSE 100 index was off by more than 4%.

U.S. stock futures slid sharply on Friday, a day after major benchmarks pushed into correction territory, Dow Jones Industrial Average futures slid nearly 500 points, or 1.8%, while S&P 500 futures dropped 1.7% to 2,907 and Nasdaq-100 futures fell nearly 2% to 8,229.

London Stock Exchange on track to close Refinitiv deal

In August 2019 LSEG announced the acquisition of Refinitiv in an all-share transaction for an enterprise value of approximately $27 billion. The proposed acquisition, which was approved by LSEG’s shareholders in November 2019, significantly accelerates LSEG’s existing strategy to be a leading global financial markets infrastructure provider. Thanks to the deal, LSEG is set to markedly expand its data and analytics offering to create a global multi-asset class capital markets business.

The London Stock Exchange Group said on Friday it would complete its $27 billion takeover of analytics company Refinitiv on time this year as it reported a rise in annual income driven by a jump in clearing activity.

Constructive “pre-notification” discussions with European Union competition regulators regarding the purchase of Refinitiv are underway, with Schwimmer saying he expects to submit a formal application in March for approval.

Talks on a broader UK-EU free trade deal start next week amid recriminations from both sides.

Schwimmer also said the exchange expects its listings link to the Shanghai exchange “to take a while to build” up activity but it was in discussions with a number of companies.

 

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. 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.

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