US markets closed the week higher on Friday after a strong October jobs report showed the US labour market remains strong, alleviating earlier concerns on slowing economic growth and a weakening manufacturing sector. The Dow Jones Industrial Average gained 301.13 points, or 1.1 percent, to 27,347.36 whilst the S&P 500 index reached a fresh high after rising 29.35 points, or 1 percent, to 3,066.91. The Nasdaq Composite index meanwhile climbed 94.04 points, or 1.1 percent, to close the session at 8,386.40.
European markets also rode the wave from across the Atlantic in late trading with positive US and Chinese economic data lifting the region’s bourses. The pan-European STOXX 600 index rose 0.68 percent to 399.43 with Germany’s Dax climbing 0.73 percent to close at 12,961.05. The UK’s FTSE 100 index also gained 0.75 percent to 7,302.42.
Maltese markets meanwhile retreated with the MSE Equity Total Return Index closing down 0.47 percent at 9,815.45. Grand Harbour Marina led the losses with shares down 6.8 percent at €0.55 on light volumes, followed by Simonds Farsons Cisk Plc which also closed down 5 percent at €11.50. Medserv Plc however jumped 2.6 percent to close at €1.20.
Aramco kickstarts long-awated IPO
Saudi Arabia’s giant state oil company finally kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world’s biggest listing as the kingdom seeks to diversify its economy away from oil. Few specifics however on the number of shares to be sold, pricing or the date for the launch have been revealed in the long-awaited announcement.
Bankers have told the Saudi government that investors will likely value the company at around $1.5 trillion, below the $2 trillion valuation touted by Crown Prince Mohammed bin Salman when he first floated the idea of an IPO nearly four years ago.
The company will spend the next 10 days talking to investors and sounding out their interest and the price range will follow, he said.
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.