The Maltese market closed in the red on Wednesday, with MSE total index ending the session 0.286% lower to 8,000.288 points. The best performer among stocks was Trident Estates plc with 3.13% jump to close at 1.32, followed by 2.04% increase of Malta Properties Company plc and 1.05 rise of HSBC Bank Malta plc with closing price 0.50 and 0.96 respectively. Biggest fall was seen from Simonds Farsons Cisk plc, which slid 2.17% to close at 9.00. Followed by 1.94% drop of Bank of Valletta plc with closing price of 1.01.
European stocks were pummelled as economic data in the US showed record falls in retail sales and in factory activity in the New York area, underscoring the toll that the Covid-19 pandemic could be expected to take on the economy. By the end of trading, the benchmark Stoxx 600 had fallen 3.25% to 323.06, alongside a 3.9% fall for the German Dax to 10,279.76, while the FTSE Mibtel was down 4.78% to 16,719.07.
US stocks closed lower on Wednesday as concerns about how long the coronavirus lockdown will last and what its after-effects may be, as well as some disappointing data and earnings, weighed on sentiment. At the close, the Dow Jones Industrial Average was down 1.86% at 23,504.35, while the S&P 500 was 2.20% softer at 2,783.36 and the Nasdaq Composite saw out the session 1.44% weaker at 8,393.18.
Netflix, for now, is worth more than Disney after the streaming company’s shares hit an all-time high Wednesday.
Netflix’s stock, extending its three-day rally, closed up 3.2%, to USD426.75 per share. That gives Netflix a current market capitalization of USD187.3 billion, putting it just over Disney’s USD186.6 billion, after the media conglomerate’s stock finished down 2.5% amid a broader market decline Wednesday. Previously, Netflix’s all-time high closing stock price was USD418.97 on July 9, 2018.
Investors clearly are expecting Netflix to benefit from the COVID-19 crisis, with millions of people under stay-at-home orders — and looking for a diversion.
To be sure, Disney Plus also has cashed in on the global coronavirus lockdown, but many of the rest of the company’s businesses have been significantly disrupted by the crisis.
Disney’s family-friendly streaming service surpassed 50 million paying customers worldwide, the company announced last week, buoyed by its recent launched in India and eight Western European countries.
Streaming has boomed during the quarantine, with U.S. viewing of internet video on TVs up 109% in March 2020 compared with the comparable four-week period in 2019
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.