Markets lifted by earnings

US markets closed higher as positive earnings reports boosted investor appetite on Wall Street. The Dow Jones Industrial Average gained 65 points, or 0.24 percent, to 27,207 whilst the S&P 500 was up 23 points, or 0.80 percent, to close at 3,025, a new all-time high. The Nasdaq Composite also reached a new high – up 93 points, or just over 1 percent, to close the session at 8,334.

European markets also ended higher as strong earnings continued to boost sentiment across the pond. The pan-European STOXX 600 index advanced 0.3 percent with the UK’s FTSE 100 leading the gains across Europe’s bourses, driven by a surge in Vodafone Group Plc after it recorded its strongest performance since 2002.

Maltese markets continued the trend and also ended higher, with the MSE Equity Total Return Index closing up 0.46 percent to 9,864.63. FIMBank Plc led the gains with shares jumping 7.94 percent to $0.68, followed my Malta Properties Company which gained 3.13 percent to €0.66. Medserv Plc posted the sharpest decline with shares down 3.33 percent at €1.16.

London Stock Exchange – Refinitiv merger

The London Stock Exchange Group Plc said on Friday it was in discussions to acquire financial data analytics provider Refinitiv Holdings Ltd for $27 billion, including debt. The acquisition of Refinitiv, which was spun out of Thomson Reuters in a deal struck 18 months ago, would give a significant boost to the LSE’s data and analytics business.

LSE said it would pay for the deal with newly issued LSE shares as currency, turning Refinitiv’s existing investors into LSE shareholders who would own about 37% of the combined company and hold less than 30% of the voting rights.

The proposed deal, which would turn LSE into a global player in financial data and expand its footprint in foreign exchange and fixed income and would significantly expand LSE’s information services business, which the bourse operator has been building as a more stable source of cash flow than its primary transaction-reliant businesses.

This article was issued by Peter Petrov, 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.