Logitech sales are soaring during the pandemic | Calamatta Cuschieri

Markets summary

The Maltese market closed in the green on Tuesday, with the MSE total index ending the session 0.102% higher to 7,110.007 points. The best performers were Bank of Valletta plc and HSBC Bank Malta plc, both added 0.71% to close at 0.856 and 0.71 respectively, followed by 0.42% rise of BMIT Technologies plc, with a closing price of 0.48. The biggest and only one fall was seen from PG plc with a drop of 1.06% to close at 1.86.

Shares in Europe finished on a decidedly mixed note despite hopes for a new fiscal package in the States and further positive news on the pandemic front. The pan-European Stoxx 600 index was down 0.35% at 365.51, alongside a 0.92% drop for the German Dax to 12,736.95 as euro/dollar moved higher reaching 1.1826.

Wall Street stocks closed higher on Tuesday as House Speaker Nancy Pelosi said her and Treasury Secretary Steven Mnuchin were making progress in their ongoing stimulus talks. At the close, the Dow Jones Industrial Average was up 0.40% at 28,308.79, while the S&P 500 was 0.47% firmer at 3,443.12 and the Nasdaq Composite saw out the session 0.33% stronger at 11,516.49.

Logitech shares surge as COVID-19 boosts home-working

Logitech International shares led Europe's gainers on Tuesday as the computer peripherals maker reported a big jump in second-quarter profit and again hiked its guidance amid a work-from-home boom.

Its stock gained more than 18% in early trading, the highest riser on the STOXX 600 index, to a record for the Swiss-U.S. company.

The maker of keyboards, mice webcams and headsets said it was benefiting from a shift to working from home during the COVID-19 pandemic.

It now expects annual sales to increase between 35% and 40% in constant currencies, up from its previous view for a 10% to 13% increase.

Logitech has been profiting from people working from home, which has driven a rise in video calls, and companies refitting their offices to comply with social distancing restrictions.

 

This article was issued by Nadiia Grech, 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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