Issue link: https://maltatoday.uberflip.com/i/503337
maltatoday, WEDNESDAY, 29 APRIL 2015 12 Business Today Regular market closed – 28/04/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap t BOV 32952 73953.600 10 2.250 2.221 2.235 2.250 0.040 2.244 t GO 4450 12511.100 5 2.820 2.810 2.810 2.820 -0.020 2.811 t IHI 49983 34138.440 4 0.685 0.680 0.685 0.685 -0.005 0.683 t LOM 500 970.000 1 1.940 1.940 1.940 1.940 -0.010 1.940 t MDI 24000 6680.000 3 0.280 0.270 0.280 0.270 -0.020 0.278 l MIA 3950 13509.000 3 3.420 3.420 3.420 3.420 0.000 3.420 t MLT 10000 9350.000 1 0.935 0.935 0.935 0.935 -0.005 0.935 s RS2 26050 79282.500 6 3.090 3.025 3.050 3.090 0.040 3.043 t G15F 23000 23506.000 1 102.200 102.200 102.200 102.200 -0.260 102.200 t G16B 23062 24780.120 2 107.450 107.450 107.450 107.450 -0.040 107.450 s G17C 5000 5515.500 1 110.310 110.310 110.310 110.310 0.010 110.310 t G18A 16000 19859.200 1 124.120 124.120 124.120 124.120 -0.020 124.120 s G19A 53576 67725.420 1 126.410 126.410 126.410 126.410 0.020 126.410 s G20B 6000 7195.800 1 119.930 119.930 119.930 119.930 0.070 119.930 s G20E 39600 42550.760 5 107.460 107.450 107.460 107.450 0.040 107.450 s G21A 171484 216566.140 7 126.320 126.250 126.250 126.310 0.100 126.290 s G22A 1863 2420.410 1 129.920 129.920 129.920 129.920 0.150 129.920 s G22B 54000 66780.000 2 123.720 123.000 123.000 123.720 0.140 123.670 s G23A 43258 58572.980 3 135.410 135.400 135.410 135.400 0.170 135.400 s G28A 68100 94864.970 5 139.370 139.150 139.150 139.360 0.210 139.300 s G28B 61000 82902.700 5 135.910 135.900 135.910 135.900 0.230 135.910 s G29A 69700 100773.760 8 144.590 144.580 144.580 144.580 0.220 144.580 s G30A 276700 408038.160 10 147.490 147.250 147.250 147.480 0.230 147.470 s G31A 169500 251050.660 12 148.120 148.000 148.000 148.110 0.180 148.110 l G32A 153600 216193.000 9 140.760 140.740 140.740 140.760 0.000 140.750 s G32B 112100 154615.650 8 138.000 137.820 137.820 138.000 0.240 137.930 s G33A 55000 74673.500 3 135.770 135.770 135.770 135.770 0.120 135.770 s G34A 116000 155713.500 7 134.240 134.230 134.230 134.230 0.100 134.240 t G40AA 581000 688333.560 53 118.990 118.230 118.490 118.230 -0.280 118.470 t AX24A 1900 2094.560 1 110.240 110.240 110.240 110.240 -0.010 110.240 l HB17A 2330 2458.850 1 105.530 105.530 105.530 105.530 0.000 105.530 s MB19A 25000 26802.500 1 107.210 107.210 107.210 107.210 0.100 107.210 l PT24A 2400 2642.880 1 110.120 110.120 110.120 110.120 0.000 110.120 l SF20A 700 751.040 2 107.300 107.270 107.300 107.270 0.000 107.290 Market Summary as at April 28, 2015 Equity Official List Session State ................................................................... closed Number of trades ............................................................. 184 Volume Traded ................................................................. 2,283,758 Value of € denominated securities .................................... 3,027,776.26 Value of US$ denominated securities ................................ 0.00 Value of GBP£ denominated securities .............................. 0.00 Current Index ................................................................... 3732.535 Previous Index ................................................................. 3725.235 Change in Index (%) ......................................................... 0.196% 6pm Holdings plc ........................... 0.760 0.00% Malta International Airport plc ........ 3.420 0.00% Bank of Valletta plc ......................... 2.250 1.81% MaltaPost plc .................................. 1.421 0.00% FIMBank plc ................................... 0.500 0.00% Medserv plc ................................... 2.050 0.00% GlobalCapital plc ............................ 0.800 0.00% Middlesea Insurance plc ................. 1.220 0.00% GO plc ............................................ 2.820 -0.70% MIDI plc ......................................... 0.270 -6.90% Grand Harbour Marina plc .............. 1.900 0.00% Plaza Centres plc ............................ 0.945 0.00% HSBC Bank Malta plc ...................... 1.836 0.00% RS2 Software plc............................. 3.090 1.31% International Hotel Investments plc 0.685 -0.72% Simonds Farsons Cisk plc ................ 3.350 0.00% Island Hotels Group Holdings plc .... 1.020 0.00% Tigné Mall plc ................................. 0.800 0.00% Lombard Bank Malta plc ................. 1.940 -0.51% Pefaco International plc .................. 2.190 0.00% Malita Investments plc .................... 0.935 -0.53% Santumas Shareholdings plc .......... 2.000 0.00% Money Market Report for the week ending April 24, 2015 ECB Monetary Operations On Monday, April 20, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, April 21, and attracted bids from euro area eligible counterparties of €95.74 billion, €0.82 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, April 22, 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 maturing on July 24, 2015. Bids of €43.00 million were submitted for the bills, with the Treasury accepting €13.00 million. Since €13.00 million worth of bills matured during the week, the outstanding balance of Treasury bills remained unchanged at €201.19 million. The yield from the 91-day bill auction was 0.00%, unchanged from the bids with a similar tenor issued on April 2, 2015, representing a bid price of 100.00 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 92-day bills, maturing on July 31, 2015. Market Commentary: Apple's greatness continues On Monday equity markets closed mixed with European stocks comfort- able in the green, and US swinging from gains to losses with all major indexes closing lower on the day. Last night investors around the word turned their attention to perhaps the most an- ticipated earnings release of the entire season: Apple Inc. The Cupertino-based technology giant reported its quarterly results after the closing bell, and investors were once again prized with a staggering performance: record revenues, record profit and double digits growth. Defying analysts' forecasts, Apple posted revenue of $58.01 billion, $1.95 billion ahead of expectations and 27% up from the same quarter a year earlier. The major drivers of this impressive growth and revenue generation were the new iPhone, which continues to be the backbone of Apple's sales accounting for 69% of its total revenues, and China, whose iPhone's sales surpassed the one generated in US, becoming, for the first time ever, the iPhone's largest geographic market. In spite of the skepticism of several analysts, the company sold 61.2 million iPhone devices, up 40% form from a year earlier, generating over $40 billion in revenues. The iconic phone was not the only product recording growing sales, units of the historic Mac computers and laptops also grew by 10% from a year earlier, generating $5.6 billion, 2% up from first quarter in 2014. In contrast, the iPad continues to be Apple's weak spot, with declining revenues that amounted to $5.4 billion, -29% year-on-year. Although Services (such as iTunes, AppleCare, Apple Play, etc.) contribute for just $5 billion, they recorded a 9% growth from the past year. Apple also reported a record profit of $13.6 billion over the first three months of the year, posting an EPS of $2.33 per share, beating analysts' expectations by $0.17. Gross margin also jumped to 40.8%, better than the company's guidance of 39.5% and up 150 basis point from a year earlier. Although expenses and R&D investments increased by 18% and 35% respectively, the company confirmed to be able to generate excess free cash flows to, not only maintain an impressive operating margin, but also increase distributions to shareholders. Apple closed the quarter with as much as $193 billion in cash and equivalents (an amount large enough to buy an entire company of the size of IBM and still end up with over $30 billion left), and only $44 billion in debt. Following the strong results, Apple expanded its already generous return of cash to investors by approving a $50 billion increase to its buyback program, which will now amount to $140 billion, and through an 11% increase in its quarterly dividend to $0.52 per share. Apple's dividend yield stands at 1.5% at the closing price of yesterday, and with the company continuing to accumulate excess cash, an additional hike next year is highly probable. By increasing its divided, the Cupertino giant has also become the largest dividend payer within the S&P 500 Index, taking the helm from ExxonMobil which had retained the title until yesterday. Although the current price may seems to many as relatively expensive, I believe that Apple still represents a great investment opportunity with still plenty of upside potential supported by double digit growth, a divided that is likely to keep increasing over the next few years, and new products that will expand the already rather profitable iPhone's ecosystem. Apple shares closed 1.82% higher ahead of the results, adding another 1.33% in after-hours trading, suggesting a rally in the stock at the opening of the US markets this afternoon. 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 newspaper.