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maltatoday, WEDNESDAY, 4 FEBRUARY 2015 12 Business Today Money Market Report for the week ending January 30, 2015 ECB Monetary Operations On Monday, January 26, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, January 27, and attracted bids from euro area eligible counterparties of €163.82 billion, €38.57 billion higher than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.05%, in accordance with current ECB policy. On Wednesday, January 28, the ECB conducted a three-month longer-term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average rate of the MROs over the life of the operation. The auction attracted bids of €34.13 billion from euro area eligible counterparties, which amount was allotted in full in accordance with current ECB policy. Also on Wednesday, January 28, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.63% and did not attract bids from euro area eligible counterparties. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 28-day and 90-day bills maturing on February 27 and April 30, 2015, respectively. Bids of €10.00 million were submitted for the 28-day bills, with the Treasury accepting €1.00 million, while bids of €20.42 million were submitted for the 90-day bills, with the Treasury accepting €9.00 million. Since no bills matured during the week, the outstanding balance of Treasury bills increased by €10.00 million, to stand at €208.54 million. The yield from the 28-day bill auction was 0.020%, unchanged from the previous issue of January 23, 2015, representing a bid price of 99.9984 per 100 nominal. The yield from the 90-day bill auction was 0.037%, i.e. 1.4 basis points higher than on bills with a similar tenor issued on January 23, 2015, representing a bid price of 99.9908 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 91-day and 182-day bills maturing on May 8 and August 7, 2015, respectively. Regular market closed – 3/02/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap l BOV 18785 39445.330 11 2.100 2.099 2.099 2.100 0.000 2.100 s CW 15643 13081.120 4 0.855 0.830 0.830 0.855 0.011 0.836 l FIM 9600 4820.000 2 0.520 0.500 0.520 0.500 0.000 0.502 l GHM 3000 5250.000 1 1.750 1.750 1.750 1.750 0.000 1.750 l GO 38898 101222.400 8 2.620 2.600 2.600 2.600 0.000 2.602 l HSB 7460 15143.800 4 2.030 2.030 2.030 2.030 0.000 2.030 l IHI 3000 1890.000 1 0.630 0.630 0.630 0.630 0.000 0.630 l LOM 7122 13614.240 2 1.920 1.900 1.900 1.920 0.000 1.912 s MDS 8500 12580.000 2 1.480 1.480 1.480 1.480 0.010 1.480 s MIA 4500 11254.500 1 2.501 2.501 2.501 2.501 0.001 2.501 s MLT 10000 7000.000 1 0.700 0.700 0.700 0.700 0.020 0.700 l MTP 8566 11392.780 2 1.330 1.330 1.330 1.330 0.000 1.330 t G15A 658235 671612.310 4 102.060 102.030 102.050 102.030 -0.040 102.030 t G15B 37972 39445.310 6 103.880 103.880 103.880 103.880 -0.010 103.880 s G16A 37040 39758.730 6 107.340 107.340 107.340 107.340 0.010 107.340 s G16B 33389 36103.540 6 108.130 108.130 108.130 108.130 0.050 108.130 s G17C 91500 101174.950 11 110.580 110.530 110.530 110.580 0.060 110.570 s G18A 10871 13593.100 2 125.040 125.040 125.040 125.040 0.020 125.040 t G19A 2330 2953.740 1 126.770 126.770 126.770 126.770 -0.010 126.770 t G20A 5830 7130.090 2 122.300 122.300 122.300 122.300 -0.010 122.300 t G20B 141400 167997.340 5 118.810 118.810 118.810 118.810 -0.010 118.810 t G21A 47937 59815.780 7 124.780 124.780 124.780 124.780 -0.010 124.780 t G22A 18636 23880.170 2 128.140 128.140 128.140 128.140 -0.020 128.140 t G22B 253600 309113.040 4 121.890 121.890 121.890 121.890 -0.010 121.890 t G23A 49659 66288.400 2 133.490 133.460 133.460 133.490 -0.010 133.490 s G24A 1000 1165.500 1 116.550 116.550 116.550 116.550 0.270 116.550 s G28A 170000 225280.000 5 132.560 132.500 132.500 132.560 0.060 132.520 s G28B 678100 874457.950 19 128.980 128.950 128.950 128.950 0.010 128.960 s G29A 130000 177047.000 7 136.190 136.190 136.190 136.190 0.020 136.190 s G30A 300400 414309.260 19 137.940 137.890 137.890 137.940 0.040 137.920 s G31A 477600 652444.600 10 136.650 136.600 136.600 136.650 0.010 136.610 t G32A 191800 246024.580 14 128.310 128.260 128.260 128.310 -0.060 128.270 t G32B 386500 484439.300 11 125.370 125.320 125.320 125.320 -0.060 125.340 t G33A 329500 403034.950 13 122.340 122.290 122.320 122.290 -0.050 122.320 s G34A 1081600 1295144.650 32 119.850 119.650 119.650 119.800 0.050 119.740 l AX24A 1600 1742.400 1 108.900 108.900 108.900 108.900 0.000 108.900 l HB17A 5411 5692.370 1 105.200 105.200 105.200 105.200 0.000 105.200 l HB18A 4800 5294.400 1 110.300 110.300 110.300 110.300 0.000 110.300 t HM24A 15000 15555.000 2 103.900 103.600 103.900 103.600 -0.290 103.700 t IG24A 4100 4141.410 1 101.010 101.010 101.010 101.010 -1.990 101.010 l IH19A 3000 3000.000 1 100.000 100.000 100.000 100.000 0.000 100.000 t MI17C 7100 5183.710 1 73.010 73.010 73.010 73.010 -16.990 73.010 l MS23A 1100 1210.000 1 110.000 110.000 110.000 110.000 0.000 110.000 l PG20A 10000 10804.000 2 108.040 108.040 108.040 108.040 0.000 108.040 t PG22A 20000 21002.000 2 105.010 105.010 105.010 105.010 -0.990 105.010 l PT24A 3400 3604.340 2 106.010 106.010 106.010 106.010 0.000 106.010 Market Summary as at February 3, 2015 Equity Official List Session State ................................................................... closed Number of trades ............................................................. 243 Volume Traded ................................................................. 5,345,484 Value of € denominated securities .................................... 6,616,134.38 Value of US$ denominated securities ................................ 10,003.71 Value of GBP£ denominated securities .............................. 0.00 Current Index ................................................................... 3431.898 Previous Index ................................................................. 3430.493 Change in Index (%) ......................................................... -0.041% 6pm Holdings plc ........................... 0.700 0.00% Malta International Airport plc ........ 2.501 0.04% Bank of Valletta plc ........................ 2.100 0.00% MaltaPost plc .................................. 1.330 0.00% Crimsonwing plc ............................ 0.855 1.30% Medserv plc ................................... 1.480 0.68% FIMBank plc ................................... 0.500 0.00% Middlesea Insurance plc ................. 0.994 0.00% GlobalCapital plc ............................ 0.800 0.00% MIDI plc ......................................... 0.230 0.00% GO plc ............................................ 2.600 0.00% Plaza Centres plc ............................ 0.686 0.00% Grand Harbour Marina plc .............. 1.750 0.00% RS2 Software plc............................. 2.970 0.00% HSBC Bank Malta plc ...................... 2.030 0.00% Simonds Farsons Cisk plc ............... 3.090 0.00% International Hotel Investments plc 0.630 0.00% Tigné Mall plc ................................. 0.665 0.00% Island Hotels Group Holdings plc .... 1.020 0.00% Pefaco International plc .................. 2.190 0.00% Lombard Bank Malta plc ................. 1.920 0.00% Santumas Shareholdings plc .......... 2.000 0.00% Malita Investments plc .................... 0.700 2.94% Market commentary: Greece announces growth plan European futures indicate a stronger opening, continuing a positive trend as the US traded higher in yester- day's session. Greece yesterday announced a plan that instead of proposing write downs will exchange current debt to new borrowings that will be linked to the country's growth. This is a much softer tone than we heard during the election period and may be the start of a series of negotiations which Germany will be interested in. This plan was announced by finance minister Yanis Varoufakis as he was speaking to about 100 financiers in London on Monday. Australia's central bank yesterday cut its benchmark interest to 2.25%, which incidentally is also a new record low. The Australian central bank is trying to fight the overvalued currency which is hurting the economy. Government yields continue to go lower. Most notably are the German 10-year yields which continue to go lower as investors continue to seek safe havens as they worry that the region would fall into deflation mode. Germany's 10-year yields traded lower than the Japanese counterparts for the first time on record. On the corporate front, Banco Santander fourth quarter profit rose by more than 68% when comparing year on year. The bank reported 4Q profits of €1.46bn in the last quarter. BP also published good results that exceeded analysts' expectations. Analysts were expecting a 4Q adjusted profit of $1.63 billion whereas the company reported $2.24 billion Danish banking giant Danske reported in line with estimates as the bank reported 4Q adjusted net profit of DKK 2.81bn. Swedbank on the other hand missed estimates and reported a net income of SEK3.80 billion. Out of the US, today we will wait for the results from Disney and Lenovo. BG Group and LVMH Hennessy Louis Vuitton also report today. In terms of data we will await the US factory orders for the month of December and the Wards total US Vehicles for the month of January. Brazil reports its industrial production for the month of December and South Korea, Turkey and Italy all report their Consumer Price Indices. This article was issued by Darin Pace, Treasury Manager at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri & Co. Ltd has not verified and consequently does not warrant the accuracy or veracity of any information, views or opinions appearing on this newspaper.