Maltese market closed in green on Thursday, with MSE total index ending the session 0.210% higher to 9,481.892 points. Best performer was BMIT Technologies plc with 1.96% jump to close at 0.52, followed by 0.85% surge of Mapfre Middlesea plc with closing price 2.36. Malta International Airport plc and GO plc also among the gainers, both increased 0.72% and 0.49% to close at 6.95 and 4.14 respectively. Biggest and only one fall was seen from Grand Harbour Marina plc. It dropped 0.91% to close at 0.545.
European stocks finished mostly in the red after Chinese authorities revised their methodology for reporting coronavirus infections in order to include "suspected cases", leading to a sharp upward revision in the number of infections, but had managed to recoup nearly all of their earlier losses. By the end of trading, the pan-European Stoxx 600 had retraced nearly all its losses to finish down just 0.02% at 431.08, while the Dax was 0.03% lower to 13,745.43 and the FTSE Mibtel was above water, edging up 0.02% to 24,892.15.
U.S. stocks retreated from records on Thursday, albeit after paring losses, following a change in China’s methodology of the coronavirus. The S&P 500 fell 0.2% to end around 3,374. The Dow Jones Industrial Average shed 0.4%, to end near 29,423. The Nasdaq Composite edged 0.1% down to around 9,712.
Nissan shares tumble to ten-and-a-half year low after earnings rout.
Shares of Nissan Motor Co sank to their lowest in more than a decade today, after deep cuts to the troubled Japanese automaker’s earnings forecast and dividend raised questions about its future profitability.
Japan’s No.2 automaker is reeling from a scandal surrounding former chairman Carlos Ghosn that has also had a knock-on effect on its French partner Renault SA, shares of which hit their lowest in more than seven years after it earlier posted its first annual loss in a decade.
Nissan on Thursday posted its first quarterly net loss in almost ten years and warned that full-year operating profit would be its weakest in 11 years. It also slashed its full-year dividend outlook to the lowest since 2011.
The automaker’s dividend cut will be particularly painful for top shareholder Renault, which in turn said it would cut its dividend for 2019.
The financial performance of the two automakers is deeply intertwined, as a chunk of Renault’s net profit comprises contributions from Nissan.
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.