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MW 18 March 2015

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maltatoday, WEDNESDAY, 18 MARCH 2015 12 Business Today Regular market closed – 17/03/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap s BOV 69196 161404.320 22 2.370 2.301 2.301 2.370 0.070 2.333 s GHM 5000 9100.000 2 1.820 1.820 1.820 1.820 0.040 1.820 s GO 54410 158598.100 8 2.930 2.900 2.910 2.930 0.020 2.915 s HSB 16176 32187.480 9 2.000 1.980 1.980 2.000 0.020 1.990 t LOM 8732 16253.800 6 1.900 1.825 1.900 1.825 -0.056 1.861 s MDI 163700 40626.500 9 0.250 0.240 0.240 0.250 0.010 0.248 s MIA 27289 88728.540 9 3.260 3.250 3.250 3.260 0.040 3.251 l MLT 2000 1900.000 1 0.950 0.950 0.950 0.950 0.000 0.950 l MTP 2596 3660.360 1 1.410 1.410 1.410 1.410 0.000 1.410 t RS2 6650 19677.350 1 2.959 2.959 2.959 2.959 -0.001 2.959 t G15B 11647 12023.200 1 103.230 103.230 103.230 103.230 -0.030 103.230 t G17C 72000 79524.000 3 110.450 110.450 110.450 110.450 -0.040 110.450 s G21A 10250 12912.200 2 126.000 125.700 125.700 126.000 0.380 125.970 s G22A 1632 2111.160 1 129.360 129.360 129.360 129.360 0.560 129.360 t G22B 5500 6771.600 1 123.120 123.120 123.120 123.120 -0.060 123.120 s G28A 100000 135800.000 1 135.800 135.800 135.800 135.800 0.170 135.800 t G28B 110000 145539.270 3 132.310 132.300 132.310 132.300 -0.160 132.310 t G29A 2500 3493.750 1 139.750 139.750 139.750 139.750 -0.160 139.750 t G30A 22500 31887.000 1 141.720 141.720 141.720 141.720 -0.290 141.720 s G31A 41000 57728.000 2 140.800 140.800 140.800 140.800 0.110 140.800 s G32A 3000 3977.400 1 132.580 132.580 132.580 132.580 0.100 132.580 s G33A 20000 25379.200 2 127.000 126.840 126.840 127.000 0.200 126.900 s G34A 10000 12500.000 1 125.000 125.000 125.000 125.000 0.100 125.000 s BV19A 54700 59913.210 6 111.000 107.510 108.000 111.000 3.490 109.530 l BV19B 161300 169365.000 1 105.000 105.000 105.000 105.000 0.000 105.000 s CF22A 5000 5175.500 1 103.510 103.510 103.510 103.510 0.010 103.510 l HM24A 10000 10700.000 3 107.000 107.000 107.000 107.000 0.000 107.000 t MF24A 20000 21600.000 2 108.000 108.000 108.000 108.000 -1.000 108.000 t MI15A 16700 15453.000 3 93.000 92.500 93.000 92.500 -0.500 92.530 s MI21A 33200 30710.000 3 92.500 92.500 92.500 92.500 2.500 92.500 l PG20A 2600 2808.000 1 108.000 108.000 108.000 108.000 0.000 108.000 t PG22A 9700 10456.000 3 108.000 107.000 108.000 107.000 -1.000 107.790 l PT24A 7000 7630.000 3 109.000 109.000 109.000 109.000 0.000 109.000 Market Summary as at March 17, 2015 Equity Official List Session State ................................................................... closed Number of trades ............................................................. 114 Volume Traded ................................................................. 1,085,978 Value of € denominated securities .................................... 1,395,593.94 Value of US$ denominated securities ................................ 0.00 Value of GBP£ denominated securities .............................. 0.00 Current Index ................................................................... 3709.911 Previous Index ................................................................. 3668.466 Change in Index (%) ......................................................... 1.13% 6pm Holdings plc ........................... 0.650 0.00% Malta International Airport plc ........ 3.260 1.24% Bank of Valletta plc ......................... 2.370 3.04% MaltaPost plc .................................. 1.410 0.00% FIMBank plc ................................... 0.440 0.00% Medserv plc ................................... 1.650 0.00% GlobalCapital plc ............................ 0.800 0.00% Middlesea Insurance plc ................. 1.061 0.00% GO plc ............................................ 2.930 0.69% MIDI plc ......................................... 0.250 4.17% Grand Harbour Marina plc .............. 1.820 2.25% Plaza Centres plc ............................ 0.890 0.00% HSBC Bank Malta plc ...................... 2.000 1.01% RS2 Software plc............................. 2.959 -0.03% International Hotel Investments plc 0.720 0.00% Simonds Farsons Cisk plc ................ 3.201 0.00% Island Hotels Group Holdings plc .... 1.020 0.00% Tigné Mall plc ................................. 0.705 0.00% Lombard Bank Malta plc ................. 1.825 -2.98% Pefaco International plc .................. 2.190 0.00% Malita Investments plc .................... 0.950 0.00% Santumas Shareholdings plc .......... 1.970 0.00% Money Market Report for the week ending March 13, 2015 Market commentary: Oil and the European auto industry ECB Monetary Operations On Monday, March 9, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, March 10, and attracted bids from euro area eligible counterparties of €141.84 billion, €6.01 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, March 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 0.62% 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 June 12 and September 11, 2015, respectively. Bids of €33.00 million were submitted for the 91-day bills, with the Treasury accepting €1.00 million, while bids of €33.00 million were also submitted for the 182-day bills, with the Treasury accepting €2.00 million. Since €4.30 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €1.30 million, to stand at €205.14 million. The yield from the 91-day bill auction was 0.022%, i.e. 0.2 basis point higher than on bills with a similar tenor issued on February 27, 2015, representing a bid price of 99.9944 per 100 nominal. The yield from the 182-day bill auction was 0.028%, i.e. also 0.2 basis point higher than on bills with a similar tenor issued on March 6, 2015, representing a bid price of 99.9858 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 bills, maturing on June 19, 2015. After a small rebound at the begin- ning of February, investors that were hoping in a stabilization of oil prices have been sadly disappointed. Despite enjoying some technical support at around $50 a barrel for a few weeks, crude oil has returned to multi-year lows experienced in January of this year and it seems to be poised for fur- ther declines. On Monday evening the FED's oil extraction index for February came in at a seasonally adjusted 179.8, which is 0.4% higher than the previous month, and up 14.4% from the same month a year ago. Despite the tumble in prices, US crude oil production does not seem to have declined nearly enough as OPEC's countries hoped, and stockpiles around the world remain at records levels, adding onto a supply glut responsible for the plunging prices. While the decision of Saudi Arabia to push for market share instead of margins has put pressure on smaller drillers and higher-cost shale producers, it does not appear to have resulted yet in a fast production cut. In fact, although US oil and gas rigs have been declining for 14 straight weeks, reducing the number of operating sites by 46% since October 2014, producers have increased production out of their more efficient and lower cost rigs, undermining a reduction in global production seek by OPEC producers. As at today, the WTI Index has retreated to $43.76 per barrel, the lowest level since December 2004, with the Brent Index following suit and dropping to $53.77, just 5% above the lowest level reached on January 23rd. With oil prices still falling, the cost of petrol and gasoline will remain low and this will hopefully soon translate in more consumer spending. In the meantime, one of the sectors that has already been fully benefitting by lower oil prices is the Auto industry. This morning the February's European Car-sales data was released, reviling an acceleration in global sales for almost all the major European car manufacturers. Car sales rose 7% last month to more than 958,100 vehicles, while two-month deliveries also rose by 6.6% to 1.99 million vehicles, up from a growth of 6.2% in January. Lower fuel prices, combined with a much weaker Euro that allowed European car producers to offer convenient dealer discounts, encouraged consumer to purchase European brands such as Volkswagen, BMW and Renault. Sales did not only increase overseas, but also within the EU countries, with Spain recording a 26% growth, the largest among European countries, Italy posting a 13% jump and UK recording a 12% increase. Volkswagen AG, the largest European car manufacturer, witnessed an 11% sales growth last month, supported by a 23% increase at its Spanish brand Seat and a 13% increase at its name-brand VW. Today, shares in Volkswagen were trading 1.65% higher in early trading. German BMW AG, the world largest luxury car producer, also reported sales that rose 16% in February. Paris-based Renault SA posted a remarkable 9.8% sales growth, supported by high demand for its Captur crossover model. This morning shares in the French car manufacturer dropped 2.44% in early trading in Paris. Although most of the stocks in the European auto sector have been on an uptrend since the beginning of the year, analysts believe that the sector still enjoys upside potential supported by the ECB liquidity injection, a weaker Euro and prolonged depressed fuel prices. This article was issued by Paolo Zonno 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.

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