The Malta Independent 24 March 2018, Saturday

Dow breaks 25,000

Friday, 5 January 2018, 10:56 Last update: about 4 months ago

Stocks rallied around the world on Thursday, on signs the global economic expansion that pushed benchmarks to records in 2017 remains intact. Shares of a number of tech giants touched fresh 52-week highs on Thursday, including Facebook, Netflix and Amazon, as stocks jumped to records in the third trading session of 2018. Dow Jones Industrial Average was up 160 points, or 0.6%, at 25,074, breaking above 25,000 for its first time ever.

U.K. stocks also rose for a second straight session, with energy companies among the biggest gainers as oil prices continued their rally to trade around a three-year high. The FTSE 100 index added 0.1% to 7,677.76, setting it on track for its highest close since Friday, December 29, when it scored an all-time high. Among major oil companies, shares of BP PLC added 0.8%, and Royal Dutch Shell PLC put on 0.4%.

Debenhams reports weak Christmas numbers

Department store chain Debenhams' shares have sunk 15% after it warned that annual profits would be lower than expected because of disappointing trading over the key Christmas period. Like-for-like sales in the UK fell 2.6% in the 17 weeks to 30 December amid a "volatile and competitive" market. The retailer said underlying pre-tax profits were now likely to be between £55m and £65m this year.

"The market has been challenging and particularly promotional in some of our key seasonal categories and we have responded in order to remain competitive for our customers, which has impacted our profit performance," said Debenhams chief executive Sergio Bucher. Analysts had been expecting profits to be about £83m. Shares in the retailer dived 20% in early trade, before recovering slightly by lunchtime to stand 15% lower at about 30p.

Rebound for oil

Oil rose on Thursday to its highest since May 2015 on concern about supply risks due to unrest in Iran and additional support from OPEC-led output cuts and demand-boosting cold weather in the United States. Anti-government protests since last week in OPEC's third-largest producer have added a geopolitical risk premium to oil prices, though Iran's production and exports have not been affected.

U.S. oil stocks fell more than expected, continuing a steady drawdown of supplies in the world's largest oil consumer, though stocks of distillates and gasoline rose on heavy refining activity driven in part by year-end adjustments. Brent crude, the international benchmark, rose 5 cents to $67.89 a barrel as of 16:43pm GMT after hitting a high of $68.27 earlier in the session.


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