Markets Summary and Xiaomi’s buyback | Calamatta Cuschieri

Maltese markets moved lower, with the MSE Equity Total Return Index closing lower. The biggest movers were Tigné Mall plc, Malta International Airport plc and FIMBank plc. Tigné Mall plc had a positive change of 4.5% gain which lead to a €0.93 closing price. On the other hand, Malta International Airport plc experienced a negative change of 4.5% and FIMBank also experienced a negative change of 4%. These negative changes lead to closing prices of €7.00 and $0.64 respectively.

ECB official and Facebook’s Libra

A high-ranking European Central Bank official outlined problems in a speech at a Frankfurt legal conference with the planned cryptocurrency Libra, the latest in a series of warnings from government officials.“I sincerely hope that the people of Europe will not be tempted to leave behind the safety and soundness of established payment solutions and channels in favour of the beguiling but treacherous promises of Facebook’s siren call,” said Yves Mersch, a member of the ECB’s executive board.

Xiamoi plans $1.5 billion buy back

Chinese smartphone maker Xiaomi Corp announced a HK$12 billion ($1.53 billion) share buyback plan, in a reversal of its cash-management strategy that is aimed at boosting its floundering stock. Xiaomi shares responded to news of the buyback, its biggest, by climbing nearly 7%. Shares of Xiaomi, which listed in Hong Kong last year, have lost nearly a third of their value this year and are at half their initial public offering price, hurt by the company’s sharply slowing growth and increased competition. The stock has also been hit by losses at the Hong Kong stock market, which has plunged since massive anti-government protests started in the city in June. 

The U.S. markets were closed for Labor Day.

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, https://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.