Bermuda Public Companies Update, July 2021

This edition of the Bermuda Public Companies Update summarises significant transactions involving Bermuda companies on the New York Stock Exchange and Nasdaq in the first half of 2021.

Global market update

The first half of 2021 was an extremely positive one for the stock markets. Few of us could have imagined after the bleak outlook of March 2020 that North American markets would climb so steeply. All major indexes rose by double digits. The S&P 500 led the way, with a year-over-year advance of 14.4% at close of trading on 30 June. The Dow Jones industrial average gained 12.7% while the Nasdaq Composite Index was up 12.6%.

The sharp rebound was driven by governments increasing policy support, along with rising vaccination rates that have allowed some countries to reduce Covid-19 restrictions. The robust growth continued despite a temporary setback in April and May from the third wave of Covid-19 when economies started to lock down. According to research from