Twitter stocks soar, oil prices rebound

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New York (AFP) – Stock markets were relatively subdued on Monday as oil prices rose as Western countries considered more sanctions on Russia, but Twitter stood out as its shares soared after Elon Musk bought major participation in the social network.

Shares of Twitter soared more than 25% after the announcement of the Tesla boss’s investment.

According to a filing with the U.S. Securities and Exchange Commission, Musk acquired nearly 73.5 million shares of Twitter, or a 9.2% stake in the company.

While Twitter isn’t big enough in terms of capitalization to impact the broader market, market analyst Patrick O’Hare said the move boosted sentiment.

“What the market is really reacting to is the timing of Musk’s buy and the assumption that this is an encouraging signal that longer-term investment opportunities may be in the pipeline now. former high-flying stocks,” he said.

European stock markets closed with modest gains, while Wall Street also rose.

The tech-heavy Nasdaq had a particularly buoyant session, climbing nearly 2% behind strong gains in Amazon, Apple and other tech giants.

The EU said it was urgently discussing a new round of sanctions against Russia as it condemned reported ‘atrocities’ in Ukrainian cities occupied by Moscow’s troops, while the national security adviser of White House Jake Sullivan signaled that more US sanctions would also be announced this week. .

“Even further sanctions talk doesn’t seem to be having much effect as the market learns to look beyond the immediate impact on earnings,” said analyst Chris Beauchamp of the online trading platform. IG.

“The strength of Friday’s payrolls report also remains a motivating factor, although it has also encouraged Fed policymakers to think more seriously about a 50 basis point hike at their next meeting,” he said. he added.

The world’s largest economy added 431,000 jobs in March while the unemployment rate in the United States fell slightly above pre-pandemic levels, official data showed on Friday.

Oil prices have rallied after plunging last week on demand concerns given Covid lockdowns in China and the International Energy Agency of 31 countries agreeing to tap its vast reserves to offset the suppression of Russian exports.

“Oil prices have rebounded from last week’s sharp falls, with US prices climbing back above $100 a barrel, following renewed calls for new sanctions on Russian oil and gas imports” , said market analyst Michael Hewson at CMC Markets.

“It seems to outweigh concerns about Chinese demand after the whole of Shanghai, a city of 25 million, was put under Covid lockdown,” he added.

Key figures around 2115 GMT

New York – Dow Jones: UP 0.3% to 34,921.88 (closing)

New York – S&P 500: UP 0.8% to 4,582.64 (closing)

New York – Nasdaq: UP 1.9% to 14,532.55 (closing)

London – FTSE 100: 0.3% up to 7,558.92 (close)

Frankfurt – DAX: +0.5 to 14,518.16 (closing)

Paris – CAC 40: UP 0.7% to 6,731.37 (closing)

EURO STOXX 50: UP 0.8% to 3,951.12 (closing)

Tokyo – Nikkei 225: 0.3% higher at 27,736.47 (close)

Hong Kong – Hang Seng Index: UP 2.1% to 22,502.31 (close)

Shanghai – Composite: Closed for a public holiday

North Sea Brent Crude: UP 3.0% to $107.53 a barrel

West Texas Intermediate: UP 4.0% to $103.28 a barrel

Euro/dollar: DOWN to $1.0978 vs. $1.1043 Friday night

Pound/dollar: FLAT at $1.3114

Euro/pound: DOWN to 83.65 pence against 84.21 pence

Dollar/yen: UP to 122.78 yen from 122.52 yen

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Felix J. Dixon