Page 24 - ARUBA TODAY

Tuesday 22 augusT 2017 BUSINESS
A24

US stock indexes inch higher after 2 down weeks Total flexes in

By STAN CHOE reporting their results for central banks has been one In Asia, South Korea’s Kospi North Sea with
AP Business Writer the spring quarter, and their of the main reasons for the index dipped 0.1 percent, Ja- Maersk Oil buy
NEW YORK (AP) — U.S. growth in profits was stron- stock market’s surge since pan’s Nikkei 225 index fell 0.4
stocks inched higher Mon- ger than analysts expected. the Great Recession. But the percent and the Hang Seng in By PAN PYLAS
day, as the Standard & Poor’s Not only that, businesses also Federal Reserve is now slowly Hong Kong rose 0.4 percent. Associated Press
500 index steadied following LONDON (AP) — French
back-to-back losses the last oil company Total agreed
two weeks. Monday to buy the oil
& gas division of Danish
This week may be a calmer conglomerate AP Moller-
one for the stock market, Maersk for $7.45 billion, in
after an uncharacteristi- a deal that will see it be-
cally bumpy stretch shook come the No. 2 operator in
what had been an incredibly the North Sea.
smooth ride higher for stocks Total said its purchase of
this year. Few market-moving Maersk Oil will shore up
events are on the calendar its position in the offshore
this week, and the highlight and challenging waters of
will likely arrive when cen- northwest Europe, which
tral bankers from around the is the seventh-largest oil
world gather in Wyoming as and gas producing region
the weekend approaches. in the world. Industry con-
The S&P 500 rose 2.82 points, sultants Wood Mackenzie
or 0.1 percent, to 2,428.37 said it’s the biggest North
after it and other indexes Sea-weighted deal since
flipped between small gains 2006.
Under the terms of the
and losses throughout the deal, Total said it will up-
day. The Dow Jones indus- hold Maersk Oil’s develop-
trial average gained 29.24, Trader Gregory Rowe works on the floor of the New York Stock Exchange. U.S. stocks inched ment schedules and invest-
or 0.1 percent, to 21,703.75, higher Monday, as the Standard & Poor’s 500 index steadied following back-to-back losses the ments in a series of proj-
and the Nasdaq composite last two weeks. ects, and that Denmark
slipped 3.40 points, or 0.1 (AP Photo/Richard Drew) will become the regional
percent, to 6,213.13. hub for all its operations in
The modest moves were a reported higher revenues. raising interest rates and pre- In Europe, France’s CAC 40 Denmark, Norway and the
return to form for the mar- That’s encouraging given the paring to pare back the vast fell 0.5 percent, Germany’s Netherlands. “This trans-
ket. It’s had just four days struggles many companies trove of bonds that it bought DAX lost 0.8 percent and the action is immediately ac-
this year where the S&P 500 have had in recent years to following the 2008 financial FTSE 100 in London slipped cretive to both cash flow
has dropped by more than 1 grow amid the still-sluggish crisis. Investors are wonder- 0.1 percent. and earnings per share
percent, which is well below global economy. ing when the European Cen- In the U.S., mining compa- and delivers further growth
the typical number in recent Cecilia said he sees few po- tral Bank may follow suit. nies helped to lead the mar- over coming years,” said
decades. But half those in- tential drivers that could Jackson Hole has been the ket after prices for metals Total chairman and CEO
stances occurred in the last move markets much in ei- site of market-moving news and other commodities rose. Patrick Pouyanne. “It is in
two weeks, stoked by worries ther direction in the coming in the past, including in 2010 Freeport-McMoRan had the line with our announced
about discord in Washing- weeks, and he expects the when former Fed Chair Ben biggest gain in the S&P 500, strategy to take advan-
ton and the potential for war market to “trade in some sort Bernanke signaled the central up 58 cents, or 4.1 percent, tage of the current market
conditions and of our stron-
abroad. of sideways fashion.” bank may embark on anoth- to $14.73. Not far behind was ger balance sheet to add
“One of the reasons the mar- One potential highlight could er round of bond buying to Newmont Mining, which rose new resources at attrac-
ket has held in and performed be the upcoming gathering in shore up the economy. 78 cents, or 2.2 percent, to tive conditions.” As part of
well recently — although it’s Jackson Hole, Wyoming, for Another wild card for markets $36.61. the deal, Maersk will get
wobbled a bit in the last two central bankers, economists may lie in Asia, where U.S. Gold rose $5.10 to settle at $4.95 billion worth of Total
weeks — has been earnings,” and policy makers. Federal and South Korean forces on $1,296.70 per ounce, silver shares, which is equivalent
said Ernie Cecilia, chief invest- Reserve Chair Janet Yellen Monday started their annual rose 2 cents to $17.02 per to around 3.8 percent of
ment officer at Bryn Mawr and European Central Bank joint military exercises. Ten- ounce and copper gained 4 Total’s share capital. The
Trust. “Without the earnings head Mario Draghi are both sions are higher than usual cents to $2.98 per pound. French company, which
that we saw, it would have expected to speak at the sym- with North Korea, and Pyong- Dividend-paying stocks were will also assume some $2.5
been a much more difficult posium, which begins Thurs- yang in the past has respond- also strong, with real-estate billion worth of Maersk Oil
period of time for the mar- day and is hosted by the Fed’s ed to the drills with weapons investment trusts the best- debt, said the deal under-
ket.” regional bank in Kansas City. tests and a string of belliger- performing sector of the 11 pins its dividend profile.
Companies are mostly done Tremendous stimulus from ent rhetoric. that make up the S&P 500.q The deal was welcomed
in the markets, with both
companies enjoying sup-
Herbalife says held unsuccessful sale negotiations port on a day when Euro-
pean markets were notice-
ably lower. Shares in AP
NEW YORK (AP) — Herbalife that in response to those says that investors who sell will pay shareholders be- Moller-Maersk closed up
says that it was in talks to talks, it is offering to buy their shares will get a con- tween $60 per share and 2.9 percent at 13,170 Dan-
be acquired and taken pri- $600 million worth of its tingent cash payment if the $68 per share. The offer ish kroner on the Copenha-
vate, but that those nego- shares from existing inves- company is sold within two ends next month. gen Stock Exchange, while
tiations ended last week. tors in an auction. Herbal- years. Shares of Herbalife Ltd. Total’s share price in Paris
The nutritional supplement ife, which has its U.S. head- The maneuver, known as jumped 9 percent at the ended 0.3 percent higher
company said Monday quarters in Los Angeles, a modified Dutch auction, opening bell, to $67.78.q at 42.78 euros. q