The Maltese market closed in the green on Friday, with the MSE total index ending the session 0.087% higher to 8,043.488 points. The best performer was Simonds Farsons Cisk plc with a 5.96% surge, to close at 8.00, followed by 1.89% jump of Malta International Airport plc and a 1.09% rise of HSBC Bank Malta plc with a closing price of 5.40 and 0.93 respectively. The biggest fall was seen from FIMBank plc with a drop of 9.52% to close at 0.38. Lombard Bank Malta was down 0.97% to 2.04, while Bank of Valletta slid 0.41% to close at 0.98.
Selling in European stocks extended into a second session at the end of the month, after Downing Street postponed easing lockdown restrictions for two weeks and following the release of data showing a record contraction in euro area economic growth during the second quarter. The benchmark Stoxx 600 fell 0.89% to 356.33, alongside a 0.54% drop on the Dax to 12,313.36 while the FTSE Mibtel erased its early bounce to end 0.71% lower to 19,091.93.
All of the major US indexes spent some of Friday’s session in the red, but all three also managed to hold onto gains into the close and end the week higher. The Dow rose 0.44%, while the S&P advanced 0.77%. The Nasdaq Composite was the relative outperformer, posting a gain of 1.49% as strength in the technology sector pushed the index higher.
Apple announced its 5th stock split in history
Apple will split its stock for the fifth time in its history, the iPhone maker announced after reporting strong earnings that beat analysts’ estimates.
Apple said it would enact a 4-for-1 split on August 24, meaning that each share owned by an investor today will turn into four shares. At the same time, Apple’s stock price will be quartered, from about USD 400 now to about USD 100 when the split happens.
Apple’s dividend will also be quartered to reflect that share change once the split goes through.
The stock split will have zero impact on Apple’s fundamentals or market value but will help the stock "appeal to a broader base of investors," Apple said. A lower stock price can make buying shares easier to stomach for investors.
Apple enacted 2-for-1 stock splits in 1987, 2000, and 2005, as well as a 7-for-1 stock split in 2014. One share owned before Apple’s first split in 1987 would turn into 224 shares next month once the split happens.
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.