Last Updated 09 | 07 | 2014 at 13:14

News

All major indices hit by a drop in value

Article By:
di-ve.com news
editorial@di-ve.com

All major indexes namely the Nasdaq Composite Index, Dow Jones industrial average and the S&P 500 slid further yesterday as US shares extended a sell-off, with Nasdaq being hit the hardest.The Dow Jones Industrial Index dropped 117.59 points, or 0.7 percent. The S&P 500 declined 13.94 points, or 0.7 percent, to 1,963.71 while the Nasdaq fell 60.07 points, or 1.4 percent.

Similarly in Europe stocks fell the most in almost three months, led by travel and leisure companies.

Air France fell to the lowest level since October 2011 after publicly stating that profit forecasts will be revised down stating overcapacity on North American and Asian routes, poor demand for freight and the fallout from a dispute with Venezuela as the major catalyst for such a revision. Rumors on Commerzbank AG’s possibility of being hit by US sanctions resulted in Commerzbank losing 5.6 percent. Germany’s second-biggest bank may incur significant penalties running in hundreds of millions as part of a deferred prosecution agreement with authorities in the U.S

On a more positive note, Alcoa the aluminum producer reported better than expected profit. The aluminum producer second quarter profit came in at 18 cents a share, beating analysts’ average estimate of 12 cents.

In the local market 76 trades with a volume of 4,633,392 and a value of €5,495,929.53 brought a drop in the MSE index of -0.097%. RS2 Software, HSBC and Malita ended yesterday’s session lower at 2.45, 2.021 and 0.55 respectively. MIA share price rose to 2.275 while BOV and GO’s equity price remained unchanged.

Tumas Investments plc yesterday announced that the Listing Authority of the Malta Financial Services Authority has granted its approval for the issue of an aggregate principal amount of €25,000,000 5% unsecured bonds due in 2024.

MIDI plc announced that the Board of directors are set to meet on 26th August 2014 to consider and approve the half-yearly financial report.

This article was issued by Calamatta Cuschieri, visit www.cc.com.mt for more information.

The information, view and opinions provided in this article is 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 & Co. Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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