ENHL: Energoprojekt reports EUR 346m backlog
Energoprojekt reported value of its backlog at EUR 346m. The company published 1Q19 numbers for its parent unit, but this is from low importance. Overall EUR 273, of new jobs is planned to be contracted in 2018, while EUR 34m has been acquired in 1Q19 period, the same report says.
Source: Belex, Ilirika
NBS: Foreign direct investments in Serbia amount to EUR 1.2 billion in the first four months
Foreign direct investments in Serbia amounted to EUR 1.2 billion in the first four months of 2019, up by 14% from the same period in 2018, the Governor of the National Bank of Serbia (NBS), Jorgovanka Tabakovic, stated today. Serbia’s economy has become more attractive to investors mainly owing to the improved business climate and favorable financial conditions, while the implementation of infrastructure projects has also accelerated – Tabakovic said at a press conference at the NBS.
JESV: Jedinstvo reported higher quarterly sales and lower net profit
Jedinstvo Sevojno (JESV), infrastructural &construction company, reported RSD 573m in its 1Q19 non-consolidated sales, up 16% y/y. This is in line with company’s announcement about higher expected sales in 2019. Operating profit was also fine, with 57% jump, even though still small in absolute numbers at RSD 22.7m. Net profit was down 21%, mainly due to worse financial result. Overall, these numbers should be taken with a reserves since fluctuations are huge among different quarters, while full year amount should be expected in a range seen in 2017 – RSD 200-250m.
Source: Belex, Ilirika
Dow jumps more than 200 points, posts 3-day winning streak, boosted by bank shares and Walmart; European stocks close higher as trade fears fade
Stocks rose on Thursday as sentiment was boosted by strong earnings from Walmart and Cisco Systems while banks climbed on higher rates. The Dow Jones Industrial Average traded 193 points higher as Walmart and Cisco outperformed. The S&P 500 gained 0.8% while the Nasdaq Composite advanced 0.9%.
Walmart shares rose 2.5% after the retailer posted first-quarter earnings for fiscal 2020 that topped analyst expectations. The company said it is in a “good position” to meet its goals for 2019 despite tough comparisons for the second quarter.
Cisco Systems also reported better-than-expected quarterly earnings, sending its stock up 6.9%. The company issued stronger-than-forecast revenue guidance as well.
Shares of Citigroup, J.P. Morgan Chase, Bank of America, Morgan Stanley and Goldman Sachs all gained more than 1%. Banks rose as the benchmark 10-year Treasury yield climbed back above 2.4% on stronger-than-forecast data. Housing starts for April topped expectations while weekly jobless claims dropped more than expected.
European stocks traded higher Thursday as markets recovered from an early rattle caused by U.S. President Donald Trump’s renewed targeting of Chinese tech firm Huawei. The pan-European STOXX 600 hit a day high just around the close of trade. The STOXX 600 closed provisionally up by around 1.2%, Chemicals leading the gains with a 2.54% climb, while autos struggled to make headway, slipping 0.6%.
Thyssenkrupp was the strongest performer, its stock rising 10.03% on reports that Finland’s Kone is assessing the viability of a bid for the German industrial company’s elevators division. Kone shares traded 4.98% higher.
In corporate news, Italian insurer Generali reported first-quarter net profit of 744 million euros ($833.8 million), a 28% rise, boosted by growing operating results and sales of businesses. The company’s shares traded around 0.4% lower.