STOCK MARKET REPORT by CEO Silvano Grimaldi of the independent asset management company GRIMALDI & PARTNERS Ltd.

STOCK MARKET REPORT by CEO Silvano Grimaldi of the independent asset management company GRIMALDI & PARTNERS Ltd.

MONTHLY REVIEW

The international stock markets ended the month of AUGUST with losses.

BURDENING FACTORS

The renewed concerns about inflation and growth
Concerns about further significant rises in key interest rates in the USA and also in Europe, which could weigh on the economy

EQUITIES IN FOCUS

Ems profit slightly higher

The Ems Group's profit increased slightly in the first half of 2022. Compared to the same period of the previous year, it increased by 1.8 percent to CHF 286 million. When the provisional half-year figures were published in mid-July, no net earnings figures had yet been published.

At the end of the semester, consolidated net sales rose by 10 percent to CHF 1.28 billion and the operating result (EBIT) by 0.8 percent to CHF 324 million. In mid-July, Ems reported the same values on a provisional basis.

There were also no new statements on the outlook. According to the July announcement, the group expects slightly higher sales and operating profit (EBIT) than in the previous year. In 2021, Ems had achieved sales of 2.25 billion francs and an EBIT of 640 million.

MONTHLY OUTLOOK

The stock markets have ended the summer rally on renewed concerns about inflation and growth. Historically, September has been a bumpy stock market month. So no big leaps upwards are to be expected.

We expect the consolidation phase to continue in September.

STOCK RECOMMENDATION