Markets end mixed | Calamatta Cuschieri

Global markets trade mixed as investors turn to profit-taking

US markets ended mixed on Tuesday as the Dow and S&P recorded losses and the Nasdaq booked a fresh record close. The Dow Jones Industrial Average lost 300.14 points, or 1.1 percent, to 27,272.30, with the S&P 500 index sinking 25.21 points, or 0.8 percent, to 3,207.18. The Nasdaq Composite meanwhile gained 29.01 points, or 0.3 percent, to a new record at 9,953.75, after briefly touching an all-time high of 10,002.50 during the session.

European markets meanwhile sank as investors took profits from the rally that drove stock markets in the last few days. The pan-European Stoxx 600 index fell 1.2 percent with the financials and oil sectors leading the losses. The German Dax, UK FTSE 100 and French CAC 40 were all down more than 1.5 percent.

Maltese markets also nudged lower, with the MSE Equity Total Return Index closing down 0.132 percent at 8,340.736 points. Plaza Centres Plc led the losses with shares down 3.06 percent at €0.95, followed by Midi Plc, down 2.56 percent at €0.38. Tigne’ Mall Plc posted the largest gain with shares up 3.66 percent at €0.85.

Vroom jumps on IPO

Shares of Vroom Inc gained 118% on their debut-trading day and the rally continued in the extended session, with Vroom shares up more than 3%. The online used-car selling company has never been profitable since its start in 2012, its dividends are nowhere in sight, and its losses have piled up however its top executive is betting that more people will give online used car-buying a try amid the coronavirus pandemic.

The pandemic is a tough time for people in the U.S. and elsewhere, but more U.S. residents are considering Vroom, looking for contactless car shopping and delivery, Vroom Chief Executive Paul Hennessy said. “We actually have momentum coming our way,” as people are more likely to consider online car shopping at the moment, besides other advantages that Vroom offers, Hennessy said.

 

This article was issued by Peter Petrov, 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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