Rolling coverage of the latest economic and financial news, as Covid-19 recession drives US crude oil into negative territory 7.25am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. Global stock markets are on edge today after the oil price plunged into negative territory last night - an unprecedented move, highlighting the slump in the global economy under the Covid-19 pandemic. Related: Oil prices dip below zero as producers forced to pay to dispose of excess Oil at session highs of $1.35 a barrel Crude Oil today 0.003 $ per Barrel Production stopped Note: it's WTI US Oil and it's spot rate. May 2020 contracts are closing. June futures still at $22. *whispers* this is what the oil price collapse is telling us, and why the June futures price is too high… https://t.co/D5IoeqQo5s The US crude turned negative for the first time in history and traded as low as $-40 per barrel on Monday. This is because the global oil glut has become so large that there is no space left to store this large quantity of unexploited oil.
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PETALING JAYA: Affin Hwang Capital Research has initiated coverage on MTAG Group Bhd with a “buy” call and a target price of 75 sen, based on a price-to-earnings ratio (PER) of 13 times against the group’s FY21 forward estimated earnings. In a note, Affin Research said MTAG’s valuation was at a 20% discount to the target PER it applies to electronics manufacturing services (EMS) players under its coverage universe. “Currently trading at only 10x FY21E PER, we believe valuation looks appealing given its solid fundamentals, relatively high margin vs. its peers, low labour intensity requirements and high stock liquidity. “We like MTAG for its position as a key label & sticker printing supplier and mesh material converter for a global renowned household appliances brand, strong barriers to entry via its technical expertise in the niche printing and converting industry for the E&E sector over the past 23 years, solid earnings growth, its less labour-intensive nature of its business, and attractive valuation and above-average ROE (return on equity) of 22%,” it said.
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Gainers: Gold Resource (GORO) +14%. Westwater Resources (WWR) +11%. PolyOne (POL) +11%. Mammoth Energy Services (TUSK) +8%. Venator Materials (VNTR) +8%. L
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