Markets continue their climb | Calamatta Cuschieri

US markets traded firmly higher on Thursday as a rally in tech stocks and plans by governments to restart economies lifted stocks across the board. The Dow Jones Industrial Average gained 33.33 points, or 0.1 percent, to 23,537.68, while the S&P 500 added 11.90 points, or 0.4 percent, to 2,787. The Nasdaq Composite Index surged 140.75 points, or 1.6 percent, to close the session at 8,734.75.

European markets also advanced and recovered earlier losses as European leaders took steps to reopen economies hammered by the coronavirus. The pan-European Stoxx 600 index advanced 0.9 percent on the back of gains in the healthcare and technology sectors. The UK’s FTSE 100 was however again weighed back by weakness in oil producers.

Maltese markets also edged higher, with the MSE Equity Total Return Index closing up 0.101 percent at 8,008.344 points. International Hotel Investments Plc led the gains with shares up 10.19 percent at €0.595, with the only other rise in the session recorded by PG Plc which added 0.59 percent to €1.70. Simonds Farsons Cisk Plc meanwhile led the losses with shares down 5 percent at €8.55, followed by Midi Plc which lost 2.86 percent at €0.34.

China approves Nvidia – Mellanox acquisition

U.S. chip supplier Nvidia Corp announced that Chinese authorities had approved its $6.9 billion acquisition of Israeli chip designer Mellanox Technologies Ltd, overcoming the last obstacle for the deal announced over a year earlier. Nvidia, known for its powerful gaming graphics chips, wants to bolster its data center and artificial intelligence business through the Mellanox takeover, its biggest deal, to better compete with rival Intel.

Many acquisitions between U.S. and international companies with significant operations in China have faced challenges in securing approval from the country’s regulator due to a bitter trade war between the two largest economies. Two years ago, U.S. chipmaker Qualcomm Inc had to walk away from a $44 billion deal to buy NXP Semiconductors after failing to secure Chinese regulatory approval.

Apple reopens South Korea store

Apple Inc published that it would reopen its sole retail store in South Korea on April 18, marking it the first site to return to business after it closed all stores outside Greater China last month due to the coronavirus outbreak.

“South Korea has shown great progress during the spread of COVID-19 and we’re excited to announce the re-opening of Apple Garosugil,” the company said. The iPhone maker reopened all 42 of its branded stores in China in March, more than a month after they were shut in the wake of the pandemic.
 

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.