Issue link: https://maltatoday.uberflip.com/i/531627
maltatoday, WEDNESDAY, 24 JUNE 2015 12 Business Today Regular market closed – 23/06/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change s BOV 35,051 80,370.360 17 2.300 2.281 2.290 2.299 0.009 t GHM 3,481 6,576.880 2 1.900 1.875 1.900 1.875 -0.025 s GO 20,300 68,726.100 9 3.399 3.380 3.380 3.399 0.049 s HSB 28,250 51,132.500 10 1.810 1.810 1.810 1.810 0.010 t IHI 87,734 79,020.600 10 0.901 0.900 0.901 0.900 -0.005 s LOM 35 64.750 1 1.850 1.850 1.850 1.850 0.001 l MDS 2,725 6,403.750 1 2.350 2.350 2.350 2.350 0.000 l MIA 2,720 9,112.000 2 3.350 3.350 3.350 3.350 0.000 l MLT 13,400 11,926.000 3 0.890 0.890 0.890 0.890 0.000 s RS2 51,200 95,810.000 26 1.900 1.840 1.840 1.900 0.070 t G16B 83,175 88,555.500 4 106.470 106.460 106.460 106.470 -0.020 s G19C 40,000 43,548.000 1 108.870 108.870 108.870 108.870 0.300 t G21A 45,585 53,607.330 4 122.160 112.160 112.160 122.160 -4.840 s G22B 40,300 48,021.480 5 119.160 119.160 119.160 119.160 0.480 s G23A 1,000,000 1,294,700.000 1 129.470 129.470 129.470 129.470 0.510 s G28B 62,500 79,365.000 5 127.120 126.780 126.780 127.120 0.340 s G29A 70,000 94,507.750 3 135.030 134.980 134.980 135.030 0.280 s G31A 25,000 34,647.500 1 138.590 138.590 138.590 138.590 0.310 s G32B 97,000 125,160.700 5 129.180 128.760 128.760 129.180 0.420 s G34A 10,000 12,464.000 1 124.640 124.640 124.640 124.640 0.350 s G40A 38,500 40,954.100 4 106.460 106.350 106.350 106.460 0.250 s AX24A 4,100 4,639.150 2 113.150 113.150 113.150 113.150 0.150 s BV18A 20,000 21,606.000 1 108.030 108.030 108.030 108.030 0.000 s GF21A 4,500 4,815.000 2 107.000 107.000 107.000 107.000 0.980 l IH25A 24,800 27,766.970 7 112.000 111.000 111.000 112.000 0.000 t MI15A 45,300 45,651.500 5 101.000 100.000 100.500 100.000 -1.000 l MI17C 28,500 27,930.000 2 98.000 98.000 98.000 98.000 0.000 Market Summary as at June 23, 2015 Equity Official List Session State ................................................................... closed Number of trades ............................................................. 134 Volume Traded ................................................................. 1,884,156 Value of € denominated securities .................................... 2,429,152.920 Value of US$ denominated securities ................................ 27,930.000 Value of GBP£ denominated securities .............................. 0.00 Current Index ................................................................... 4,091.783 Previous Index ................................................................. 4,074.784 Change in Index (%) ......................................................... 0.417% 6pm Holdings plc .......................... 0.706 0.00% Malta International Airport plc ....... 3.350 0.00% Bank of Valletta plc ........................ 2.299 0.39% MaltaPost plc ................................. 1.550 0.00% FIMBank plc .................................. 0.470 0.00% Medserv plc .................................. 2.350 0.00% GlobalCapital plc ........................... 0.800 0.00% Mapfre Middlesea plc .................... 1.820 0.00% GO plc ........................................... 3.399 1.46% MIDI plc ........................................ 0.331 0.00% Grand Harbour Marina plc ............. 1.875 -1.32% Plaza Centres plc ........................... 0.990 0.00% HSBC Bank Malta plc ..................... 1.810 0.56% RS2 Software plc............................ 1.900 3.83% International Hotel Investments plc 0.900 -0.55% Simonds Farsons Cisk plc ............... 4.050 0.00% Island Hotels Group Holdings plc ... 1.020 0.00% Tigné Mall plc ................................ 0.850 0.00% Lombard Bank Malta plc ................ 1.850 0.05% Pefaco International plc ................. 2.190 0.00% Malita Investments plc ................... 0.890 0.00% Santumas Shareholdings plc ......... 2.050 0.00% MSE Index Money Market Report for the week ending June 19, 2015 ECB Monetary Operations On Monday, June 15, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, June 16, and attracted bids from euro area eligible counterparties of €89.66 billion, €0.74 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, June 17, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted one bid of $0.12 billion, which was allotted in full at a fixed rate of 0.64%. On Thursday, June 18, the ECB conducted the fourth Targeted Longer Term Refinancing Operation announced in the press release of Thursday, June 5, 2014. This operation attracted bids of €73.79 billion, which was allotted in full at a fixed rate of 0.05%. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 91- day and 181- day bills maturing on September 18 and December 17, 2015, respectively. Bids of €3.00 million were submitted for the 91-day bills, with the Treasury accepting €2.00 million, while bids of €13.00 million were submitted for the 181-day bills, with the Treasury accepting €10.00 million. Since €2.00 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €10.00 million, to stand at €214.05 million. The yield from the 91-day bill auction was 0.030%, up by 3.5 basis points from bids with a similar tenor issued on June 12, 2015, representing a bid price of 99.9924 per 100 nominal. The yield from the 181-day bill auction was 0.00%, unchanged from bids with a similar tenor issued on May 29, 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 91-day bills maturing on September 25, 2015. Market commentary: Euro falls as policy diversions weigh in The euro fell for a third day against the dollar amid specula- tion monetary policies in the US and Europe will diverge, weaken- ing the currency despite the pos- sibility of Greece reaching a debt deal with its creditors. The single currency slid against all except one of its 16 major peers as traders increased speculation that the European Central Bank's quantitative-easing programme will send it toward parity against the dollar. Another factor affecting the euro weakness against the dollar are the reported surge in US home sales which was announced yesterday, adding further fuel to bets that the Federal Reserve will raise interest rates this year. A comparatively higher interest rate environment in the US will see a higher demand for the dollar as capital typically gravitates towards economies where investors expect a better return (higher interest). As a result, the increased sales pressure on the euro will make the currency weaker as fewer investors are willing to hold on to the shared currency. Another factor affecting the potential weakness of the Euro is literally more currency in circulation as a result of the quantitative easing programme. The euro has depreciated to $1.125 as of this writing, down from trading around $1.14 over the past two days. The euro also weakened against sterling, down 0.5 percent this morning to £0.713 and 0.6 percent against the yen to 139.10. After a day of marathon talks on Monday, European leaders have reportedly given Greek Prime Minister Alexis Tsipras's government 48 hours to make a final effort to satisfy creditors and end a five-month standoff. Leaders from Greece's 18 fellow eurozone countries agreed to step up the pace of negotiations to secure a breakthrough tomorrow that leaders can sign off at the end of the week. German Chancellor Angela Merkel told reporters in Brussels on Monday that the package of proposals represents "a certain step forward", but it was also said very clearly that "we're not yet where we need to be". "Hours of the most intensive deliberations lie ahead of us." Apart from the complications involved in reaching an agreement with his European counterparts, Tsipras is also bracing for a battle at home as any agreement will have to secure backing from the country's parliament. The most difficult task will be convincing hardliners in his own ruling coalition to back a deal that would breach his Syriza party's pledge to end austerity. Stocks rose around the world and continued to rise amid optimism Greece can strike a deal with creditors. The Stoxx Europe 600 Index advanced 1 percent yesterday morning while Standard & Poor's 500 Index futures climbed 0.3 percent. The Shanghai Composite Index finished 2.2 percent higher after falling as much as 4.8 percent. In the sovereign bond markets we continue to see a shift to peripheral bonds, as yields on Spanish and Italian government bonds fell 7 bps to 2.03% and 2.08% respectively and the yield on the 10-year German Bund rose 1.4 bps to reach 0.895%. On the local bond market, yields fell, with the government stock maturing in 2024 falling to 1.82%. This article was issued by Simon Psaila, Trader/ Analyst at Calamatta Cuschieri. For more information visit, www. cc.com.mt. The information, view and opinions provided in this article are 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 in this article.