S&P500 reaches new all time high; BELEX ended last week in a light correction
The main driver for stocks last week was corporate earnings. With over 40% of the S&P 500 companies having reported results, corporate profits appear to be on track for small gains in the first quarter, supporting positive outlook.
The S&P 500 reached an all-time high on Monday, but the session’s gains were kept in check as investors braced for a busy week including a flurry of corporate earnings reports, economic data and an announcement from the Federal Reserve. The broad index gained 0.1% to 2,943.03, breaking the previous record high set in September. Financials led the gains in the S&P 500, climbing 0.9%. Bank of New York Mellon and Citigroup were among the best performers in the sector, rising about 2% each. The tech-heavy Nasdaq Composite also hit an all-time high, rising 0.2% to 8,161.85.
About 150 S&P 500 companies are scheduled to release their quarterly results this week, including Apple, General Electric and Qualcomm.
The Fed is also set to hold a monetary policy meeting this week. Investors will be looking for clues about the central bank’s plan for its balance sheet moving forward, as well as hints on where Fed officials think the economy is headed.
The pan-European Stoxx 600 ended 0.06 percent just above the flatline on Monday with sectors pointing in opposite directions.
Looking at individual stocks, Germany’s Bayer slumped toward the bottom of the European benchmark. On Saturday, the firm’s supervisory board said it stands behind the management after a majority of shareholders refused to ratify management’s actions in 2018. Shares of Bayer slipped over 3.5%.
Serbian BELEX faced light correction last week, since BELEX15 was down 0.39%, while BELEXline was in a symbolic minus. From the corporate side, attention was probably dragged by Jubems banka which is about to be acquired by exchange office Altapay Group.
Metalac reported it GA approved RSD 85 gross per share as a cash dividend, with 14th April as a record date. Jedinstvo Sevojno, construction&infrastructure company, published its 2018 annual report where it was said that much higher revenues are expected for 2019 (without precision numbers), while the company now has over EUR 100m of backlog