Maltese market closed in green on Tuesday, with MSE total index ending the session 0.541% higher to 9,585.860 points. Best performer was Santumas Shareholdings plc with 7.14% surge, to close at 1.5, followed by 4.76% jump of HSBC Bank Malta plc with closing price 1.10. Biggest and only one fall was seen from Tigne Mall plc. It dropped 2.22% to close at 0.88.
European stocks came under pressure on Tuesday, with chip makers heading south after Apple warned it will miss its quarterly revenue target due to coronavirus fallout, while shares of HSBC slid as it announced a profit slump and suspension of buybacks. By the end of trading, the Stoxx 600 was down 0.38% to 430.33, alongside a 0.48% drop for the Cac-40 to 6,086.82, while the German Dax lost 0.75% to 13,681.19.
The Nasdaq Composite index eked out a record finish Tuesday, even though other major stock benchmarks fell after Apple Inc. said its second-quarter earnings would take a hit from the viral outbreak in China. The Dow Jones Industrial Average shed 0.6%, to settle at 29,232.10, while the S&P 500 lost 0.3% to close at 3,370.29.
Franklin Resources to Acquire Legg Mason for USD 50 per share
Franklin Resources Inc. announced that it has entered into a definitive agreement to acquire Legg Mason Inc. for USD 50.00 per share of common stock in an all-cash transaction.
The Company will also assume approximately USD 2 billion of Legg Mason’s outstanding debt.
The acquisition of Legg Mason and its multiple investment affiliates, which collectively manage over USD 806 billion in assets as of January 31, 2020, will establish Franklin Templeton as one of the world’s largest independent, specialized global investment managers with a combined USD 1.5 trillion in assets under management across one of the broadest ranges of high-quality investment teams in the industry.
The combined footprint of the organization will significantly deepen Franklin Templeton’s presence in key geographies and create an expansive investment platform that is well balanced between institutional and retail client assets under management.
In addition, the combined platform creates a strong separately managed account business.
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.