Issue link: https://maltatoday.uberflip.com/i/464575
maltatoday, WEDNESDAY, 18 FEBRUARY 2015 12 Business Today Money Market Report for the week ending February 13, 2015 ECB Monetary Operations On Monday, February 9, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, February 10, and attracted bids from euro area eligible counterparties of €104.54 billion, €47.23 billion lower 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, February 11, 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 91-day and 182-day bills maturing on May 15 and August 14, 2015, respectively. Bids of €20.00 million were submitted for the 91-day bills, with the Treasury accepting €6.00 million, while bids of €20.00 million were submitted for the 182-day bills, with the Treasury accepting €9.00 million. Since €16.50 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €1.50 million, to stand at €215.04 million. The yield from the 91-day bill auction was 0.022%, i.e. 0.8 basis point lower than on bills with a similar tenor issued on February 6, 2015, representing a bid price of 99.9944 per 100 nominal. The yield from the 182-day bill auction was 0.037%, i.e. 0.5 basis point lower than on bills with a similar tenor issued on February 6, 2015, representing a bid price of 99.9813 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 28-day and 182-day bills maturing on March 20 and August 21, 2015, respectively. Regular market closed – 17/02/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap t BOV 45000 94375.460 11 2.100 2.090 2.100 2.099 -0.001 2.097 l GO 9055 23880.750 6 2.650 2.600 2.650 2.650 0.000 2.637 s HSB 1000 1990.000 1 1.990 1.990 1.990 1.990 0.005 1.990 s IHI 15000 9330.000 2 0.630 0.618 0.618 0.630 0.014 0.622 t LOM 269 511.100 1 1.900 1.900 1.900 1.900 -0.010 1.900 s MDI 30000 6960.000 2 0.233 0.231 0.231 0.233 0.002 0.232 s MIA 26800 68632.000 5 2.561 2.560 2.560 2.561 0.031 2.561 s MLT 4000 2980.000 3 0.750 0.740 0.740 0.740 0.010 0.745 s MSI 6298 6298.000 2 1.000 1.000 1.000 1.000 0.006 1.000 s MTP 7300 9928.000 1 1.360 1.360 1.360 1.360 0.010 1.360 s PZC 136000 102204.000 3 0.752 0.751 0.751 0.752 0.002 0.752 t G15A 18636 18977.040 4 101.830 101.830 101.830 101.830 -0.020 101.830 t G15B 84093 87179.220 10 103.670 103.670 103.670 103.670 -0.010 103.670 t G16A 46588 49909.720 3 107.130 107.130 107.130 107.130 -0.020 107.130 t G16B 312128 337098.240 6 108.000 108.000 108.000 108.000 -0.010 108.000 s G17C 59500 65765.350 7 110.530 110.530 110.530 110.530 0.020 110.530 s G18A 18946 23655.970 3 124.860 124.860 124.860 124.860 0.010 124.860 l G19A 545424 690779.510 5 126.650 126.650 126.650 126.650 0.000 126.650 t G19C 125000 138212.500 4 110.570 110.570 110.570 110.570 -0.030 110.570 t G20A 19801 24158.380 5 122.140 121.000 122.140 122.140 -0.030 122.010 t G20E 16500 17442.150 2 105.710 105.710 105.710 105.710 -0.090 105.710 t G21A 239918 298529.980 14 124.430 124.430 124.430 124.430 -0.070 124.430 t G22A 5070 6473.370 2 127.680 127.680 127.680 127.680 -0.100 127.680 t G22B 229000 278166.300 11 121.470 121.470 121.470 121.470 -0.070 121.470 t G23A 25624 34069.670 4 132.960 132.960 132.960 132.960 -0.080 132.960 t G24A 165000 191581.500 6 116.110 116.110 116.110 116.110 -0.110 116.110 t G28A 85000 112582.500 8 132.450 132.450 132.450 132.450 -0.010 132.450 t G28B 197200 254218.080 15 129.030 128.910 128.910 128.910 -0.010 128.910 t G29A 90500 123288.150 7 136.230 136.230 136.230 136.230 -0.020 136.230 t G30A 267500 368695.250 21 137.830 137.830 137.830 137.830 -0.070 137.830 t G31A 183500 250440.800 12 136.480 136.480 136.480 136.480 -0.060 136.480 t G32A 306000 392067.800 15 128.170 128.000 128.000 128.110 -0.060 128.130 s G32B 257300 322141.530 14 125.220 125.000 125.000 125.220 0.010 125.200 t G33A 554700 677671.610 20 122.180 122.130 122.180 122.130 -0.060 122.170 s G34A 1213800 1452588.040 39 119.850 119.610 119.610 119.650 0.050 119.670 s BV18A 10400 10974.080 1 105.520 105.520 105.520 105.520 0.520 105.520 t BV19A 13100 14541.000 1 111.000 111.000 111.000 111.000 -3.000 111.000 s BV20A 6000 6336.000 1 105.600 105.600 105.600 105.600 0.380 105.600 t CF19A 9800 9845.000 2 101.000 100.000 101.000 100.000 -1.750 100.460 t HB18A 3000 3303.000 1 110.100 110.100 110.100 110.100 -0.200 110.100 t IG24A 10000 10588.050 2 105.900 105.850 105.850 105.900 -0.100 105.880 l MD18A 31500 33862.500 3 107.500 107.500 107.500 107.500 0.000 107.500 l MD18B 6000 6300.000 1 105.000 105.000 105.000 105.000 0.000 105.000 s MF24A 7500 8175.000 1 109.000 109.000 109.000 109.000 0.480 109.000 t MI15A 7000 6462.000 2 93.000 92.000 93.000 92.000 -1.000 92.310 l MS23A 6800 7480.000 1 110.000 110.000 110.000 110.000 0.000 110.000 l PC20A 6000 6540.000 1 109.000 109.000 109.000 109.000 0.000 109.000 t PG22A 15000 15765.000 1 105.100 105.100 105.100 105.100 -0.900 105.100 t PT24A 6000 6361.200 2 106.020 106.020 106.020 106.020 -0.460 106.020 Market Summary as at February 17, 2015 Equity Official List Session State ................................................................... closed Number of trades ............................................................. 294 Volume Traded ................................................................. 5,485,550 Value of € denominated securities .................................... 6,683,014.8 Value of US$ denominated securities ................................ 0.00 Value of GBP£ denominated securities .............................. 6,300 Current Index ................................................................... 3430.615 Previous Index ................................................................. 3416.284 Change in Index (%) ......................................................... 0.419% 6pm Holdings plc ........................... 0.700 0.00% Malta International Airport plc ........ 2.530 0.40% Bank of Valletta plc ......................... 2.100 0.96% MaltaPost plc .................................. 1.350 0.00% Crimsonwing plc ............................ 0.855 0.00% Medserv plc ................................... 1.420 0.00% FIMBank plc .................................. 0.490 -9.26% Middlesea Insurance plc ................. 0.994 -0.60% GlobalCapital plc ............................ 0.800 0.00% MIDI plc ......................................... 0.231 0.00% GO plc ............................................ 2.650 0.00% Plaza Centres plc ............................ 0.750 5.63% Grand Harbour Marina plc .............. 1.750 0.00% RS2 Software plc............................. 2.970 0.00% HSBC Bank Malta plc ...................... 1.985 -0.75% Simonds Farsons Cisk plc ................ 3.120 1.63% International Hotel Investments plc 0.616 -0.65% Tigné Mall plc ................................. 0.671 0.00% Island Hotels Group Holdings plc .... 1.029 0.00% Pefaco International plc .................. 2.190 0.00% Lombard Bank Malta plc ................. 1.910 0.00% Santumas Shareholdings plc .......... 2.000 0.00% Malita Investments plc .................... 0.730 0.00% Market commentary: European car sales report considerable boost Yesterday the Bundesbank said that gross domestic product expansion this year in Germany, Europe's biggest economy, may be higher than it fore- cast in December. European car-sales increased considerably last month as price cuts and economic-growth prospects encouraged consumers to buy new models. Popular models such as Renault's Clio and a station wagon variant of Volkswagen's Golf led registrations to increase 6.2 percent in January from a year earlier to 1.03 million vehicles, the European Automobile Manufacturers' Association reports. That compares with increases of 4.9 percent in December and 5.4 percent for all of 2014, the first year of growth after a six-year drop. Ireland, Portugal and Cyprus, which all received European Union-led bailouts from 2010 to 2013, were among smaller markets in the region where car sales jumped the most last month. All five of Europe's largest auto markets expanded last month, with increases of 28 percent in Spain, 11 percent in Italy, 6.7 percent in the U.K., 6.2 percent in France and 2.6 percent in Germany. Renault, after offering a particularly attractive range of models lately, sold 10 percent more cars in Europe in January. Registrations jumped 11 percent at the namesake brand and 7.4 percent at the no-frills Dacia nameplate. Sport-utility vehicles such as Renault's Captur crossover and Dacia's Duster also propelled demand. European sales by Volkswagen rose 6.6 percent, with the VW brand delivering 8.3 percent more autos. The Seat marque, benefiting from a revamped Leon car lineup, posted a 13 percent jump and the luxury Porsche brand, which introduced the Macan compact SUV last year, reported a 46 percent surge. Daimler AG's European sales rose 15 percent as a new version of the two-seat Smart city car and a four-seat variant pushed a 35 percent jump at the brand. Daimler's Mercedes-Benz premium nameplate, which has benefited from surging sales of the top-of-the-line S-Class sedan, delivered 13 percent more vehicles. The ACEA's figures comprise statistics from the 28 European Union countries, excluding Malta, as well as Switzerland, Norway and Iceland. January marked the 17th consecutive month of sales increases, the longest stretch of gains since the association began compiling registration figures in 1990. PSA Peugeot Citroen, the region's second-biggest carmaker, and General Motors Co. were the only sellers among Europe's top 10 to post group- wide declines last month. The GM drop was caused by the U.S. company's withdrawal of the Chevrolet brand from Europe. Demand at GM's twin Opel and Vauxhall nameplates jumped 15 percent. Other market news European markets shaved off 1% from its recent highs after discussions in Brussels ended abruptly yesterday, with Greece rejecting as "unacceptable" a euro- area proposal that the nation extend its existing bailout. Without a deal, the government of Alexis Tsipras could run out of money by the end of March and be forced to choose between breaking election promises or sticking with the euro. Standard & Poor's 500 Index futures declined 0.5 percent, signaling the U.S. gauge may slide from a record after a holiday yesterday. The Shanghai Composite Index advanced before a weeklong holiday begins Wednesday. Japanese bonds rallied after a debt auction. Brent crude added 1.1 percent to $62.09 a barrel. Wheat climbed after Russian shipments tumbled 97 percent due to a new tax. Partly adapted from Bloomberg by Mathieu Rosemain "European Car Sales Rise 6.2% as Economy Helps Renault, VW Demand" This article was issued by Mr. Simon Psaila Trader/Analyst at Calamatta Cuschieri. For more information visit, www.cc.com.mt . The information, view and opinions provided in this article is 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 neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website. Renault SA Clio automobiles sold 10 percent more cars in Europe in January.