Markets continue to rally

The three major U.S. stock indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded from a selloff sparked by growth worries earlier in the week. Financials led sector advances followed by energy, materials and industrials. Big banks including JPMorgan Chase & Co will kick off the second-quarter earnings season next week when they report results. The Dow Jones Industrial Average rose 448.23 points, or 1.3%, to 34,870.16, the S&P 500 gained 48.73 points, or 1.13%, to 4,369.55 and the Nasdaq Composite added 142.13 points, or 0.98%, to 14,701.92.

European stocks jumped more than 1%, posting their best session in two months and erasing all of this week’s losses, as investors sought bargains after one of the worst sell-offs this year on global economic recovery worries. The pan-European STOXX 600 index gained 1.3%, with sectors that took a hit earlier this week such as automakers and miners surging 4% and 3.4%, respectively. The mining sector marked its best session in two months. French stocks rose by the most in four months, advancing 2.1% and leading gains among major European bourses. Banks were up 2.4%, but were the hardest hit this week as government bond yields dropped.

Maltese markets meanwhile ended mixed with the MSE Equity Total Return Index edging up 0.11 percent at 8,103.894 points. Only three stocks recorded a change in price with BMIT Technologies Plc leading the gains after rising 4.17 percent to €0.50. RS2 Software Plc posted the second gain with shares up 0.58 percent at €1.72 while Trident Estates Plc recorded the only session loss with shares losing 2.6 percent to €1.50. The MSE Malta Government Stocks Total Return Index lost 0.31 percent to 1,106.31 points while the MSE Corporate Bonds Total Return Index slipped 0.08 percent to 1,119.33 points.

Source: Reuters, Malta Stock Exchange

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