INO:
Dow falls 350 points Friday to cap the worst week for Wall Street since the financial crisis; European stocks fall 12% on the week as coronavirus grips markets
Stocks tumbled once again on Friday, capping off their worst week since the financial crisis, as worries over the coronavirus and its impact on the economy continue to rattle investor sentiment. The Dow Jones Industrial Average dropped 357.28 points, or more than 1%, to 25,409.36. The 30-stock Dow briefly fell more than 1,000 points then rallied into the close in a wild trading session characteristic of the week. The S&P 500 slid 0.8% to 2,954.22. The Nasdaq Composite closed flat at 8,567.37 but fell as much as 3.5% on the day.
European stocks extended a historic week of losses on Friday as the coronavirus outbreak continued to pummel global markets into correction territory. The pan-European Stoxx 600 closed 3.8% lower as markets around the world tanked. The benchmark lost approximately 12.7% for the week, its worst since October 2008 at the height of the global financial crisis.
Rolls-Royce was the highest performing individual stock in the Stoxx 600 on Friday, climbing 4% after a strong earnings report.
British Airways parent IAG slipped 9% after warning of an expected hit to earnings from the coronavirus outbreak.
Source: CNBC
SERBIA:
NIIS: NIS ends 2019 with RSD 16.6bn in FY net profit, down 34% y/y
NIS reported FY 2019 net profit at RSD 16.6bn, down 34% on lower sales and lower EBITDA. The result was not a surprise and it was expected given the performances in 9M 2019. EBITDA amounted to RSD 44.5bn, down 17% due to temporary halt in production over 1Q19 period, as well as due to lower crude oil prices. The company’s sales arrived at RSD 272bn, down 3% y/y. Given the challenging environment in 2019. management finds that annual season was relatively good. This year, the company expects completion of deep processing facility and commercial operations of TE-TO Pancevo energy facility.
Source: NIS, Ilirika
Serbian industrial output up 6.3 pct in January y-o-y
Serbian industrial output rose 6.3 pct in January 2020 compared to the same month of last year, the national statistical office RZS announced Friday. However, the industrial output declined 6.5 pct compared to the 2019 average. Year-on-year, mining and quarrying saw 12.2 pct growth, followed by manufacturing (7.2 pct) and electricity, gas, steam and air conditioning supplies (0.7 pct). The largest influence on industrial production growth in January 2020, compared to January 2019, came from the divisions of: manufacture of food products, manufacture of non-metallic mineral products, manufacture of electrical equipment, exploitation of metal ores and manufacture of fabricated metal products, except machinery and equipment.
Source: Tanjug
KMBN: NLB likely to take posession of Kombank in Q3 or Q4 2020
The top priority for Nova Ljubljanska banka (NLB), the new owner of Komercijalna banka, is to secure all required consents of a large number of regulatory bodies and to complete the transaction as soon as possible while maintaining the bank's stable operations, and it is likely to take possession of Komercijalna banka in Q3 and Q4. The talks on the acquisition of the bank were very demanding and complex, but fair, NLB CEO Blaz Brodnjak told Blic in an interview. I believe we have reached an agreement that is good for the Republic of Serbia, the NLB and, in particular, for Komercijalna banka," he said. Responding to a comment that NLB had paid 387 mln euros for Komercijalna banka while its non-binding bid had reportedly been worth 450 mln euros, Brodnjak said the price for 100 pct of shares was one thing and that the price for the 83.23 pct stake the NLB had eventually purchased was another.
Source: Tanjug