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The Maltese market closed in the red on Wednesday, with the MSE total index ending the session 0.338% lower to 8,273.408 points. The best performer among local stocks was Main Street Complex plc with 3.11% jump to close at 0.464, followed by 0.82% increase of Malta International Airport plc with closing price 4.90. The biggest and only one fall was seen from RS2 Software plc, which slid 4.57% to close at 1.88.
European stocks ended the day lower even as governments continued to make strides in reopening their economies. By the end of trading the German Dax was down by 2.56% to 10,542.66, alongside a 1.94% drop on the Stoxx 600 to 333.97 while the FTSE Mibtel was off by 2.14% to 17,183.44.
US stocks closed sharply lower on Wednesday after Federal Reserve Chairman Jerome Powell warned the coronavirus-fuelled crisis was "without modern precedent". At the close, the Dow Jones Industrial Average was down 2.17% at 23,247.97, while the S&P 500 was 1.75% weaker at 2,820.00 and the Nasdaq Composite saw out the session 1.55% softer at 9,031.47.
Uber approaches Grubhub with acquisition offer
Uber Technologies Inc is in negotiations to buy online food delivery company Grubhub Inc in an all-stock deal, according to people familiar with the matter.
A merger could give Uber Eats’ money-losing restaurant delivery service a leg up on market leader DoorDash at a time when the coronavirus pandemic has upended Uber’s core business of shuttling people from place to place.
Uber and Grubhub are still haggling over the deal’s stock exchange ratio, and there is no certainty that they will reach an agreement.
The potential acquisition suggests that the Silicon Valley disruptor is doubling down on its fastest-growing service in a scramble to adapt to what is likely to be a long business interruption.
Shares of Grubhub closed up 13.6% at USD 60.39, while Uber’s gained rose 2.4% to USD 32.40.
An Uber spokesman said the company does not respond to “speculative M&A.” Grubhub, in a statement, did not confirm the talks but said “consolidation could make sense in our industry.”
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.
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