The Malta Stock Exchange Equity price index inched up, following previous days positive performance. In General all equities performed well, except for a couple. Four shares, namely Bank of Valletta, Malta International Airport, Midi Plc and PG Plc, ended unchanged whilst the positive performance from RS2 partially outweigh the lack of steam in Maltapost shares.
Markets in Europe were mixed at the closing bell on Wednesday, as political factors in the United Kingdom and the European Union look for a way to get the Brexit deal passed in the Parliament in London and avoid a no-deal Brexit. Yesterday, the House of Commons voted in favor of an amendment which states Britain will not leave the EU without a deal. However, Brexit Secretary Stephen Barclay stressed that a hard Brexit is still not off the table. Meanwhile, politicians in the EU were united in the stance that the Brexit deal cannot be renegotiated and that there’s no alternative to the Irish backstop. Despite this, a report said Prime Minister Theresa May will travel to Brussels to seek renegotiation of the Irish backstop arrangement.
Germany’s DAX closed 0.33% in the red. Wirecard was the worst performer by far, plunging 13.29%, after media reported that its executive was suspected of using forged and backdated contracts in a series of transactions. The FTSE 100 jumped 1.58%, led by British American Tobacco’s rise of 5%. The CAC 40 added 0.95%. Luxury conglomerate LVMH spiked 6.87%, followed by IT corporation Atos’ increase of 6.64%.
General Electric Company announced that it plans to create a simplified unit called Renewable Energy by merging its renewable and grid assets. The company noted the consolidation of the two units is planned as a result of growing global demand for renewable energy generation and will allow the company to "intensify its focus on the growing renewable energy market."
The move would integrate the company’s grid solutions and hybrid renewables into the Renewable Energy Business, which already consists of onshore wind, offshore wind, LM Wind Power, and hydro branches.
"This strategic realignment positions GE to lead in the fast-growing renewable energy market. This move will help our Renewable Energy teams to better support their customers in leading the energy transition by simplifying the way they can access innovative products, integrated solutions, and services that reflect the evolution of the clean energy marketplace," GE CEO H. Lawrence Culp stated. GE shares traded in the green.