Issue link: https://maltatoday.uberflip.com/i/535515
maltatoday, WEDNESDAY, 1 JULY 2015 12 Business Today Regular market closed – 30/06/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change s BOV 18,757 43,134.330 12 2.300 2.298 2.298 2.300 0.002 s HSB 18,614 33,459.750 4 1.800 1.797 1.798 1.800 0.000 t IHI 19,534 16,994.580 4 0.870 0.870 0.870 0.870 -0.006 t LOM 1,502 2,735.140 1 1.821 1.821 1.821 1.821 -0.029 l MDS 21,820 51,386.100 4 2.355 2.355 2.355 2.355 0.000 t MIA 2,490 8,330.280 2 3.350 3.330 3.350 3.330 -0.020 s MLT 2,000 1,800.000 1 0.900 0.900 0.900 0.900 0.010 l MMS 2,000 3,650.010 2 1.825 1.825 1.825 1.825 0.000 t PZC 1,000 970.000 1 0.970 0.970 0.970 0.970 -0.011 s RS2 39,380 77,599.120 9 1.974 1.970 1.970 1.974 0.005 t TML 6,000 5,100.000 2 0.850 0.850 0.850 0.850 -0.010 t G22B 100,000 118,080.000 3 118.080 118.080 118.080 118.080 -1.000 t G23A 1,000,000 1,281,900.000 1 128.190 128.190 128.190 128.190 -1.280 t G28A 6,500 8,363.550 1 128.670 128.670 128.670 128.670 -1.170 t G28B 92,800 116,324.800 5 125.350 125.350 125.350 125.350 -1.500 t G29A 17,000 22,632.100 1 133.130 133.130 133.130 133.130 -1.900 t G29B 8,000 8,160.000 1 102.000 102.000 102.000 102.000 -1.750 t G30A 155,600 210,853.560 3 135.510 135.510 135.510 135.510 -1.680 t G31A 190,500 259,594.350 4 136.270 136.270 136.270 136.270 -1.760 t G32A 24,000 31,056.000 2 129.400 129.400 129.400 129.400 -2.140 t G32B 50,000 63,340.000 4 126.680 126.680 126.680 126.680 -2.120 t G33A 65,000 81,100.500 5 124.770 124.770 124.770 124.770 -1.770 t G34A 50,000 60,947.500 3 121.940 121.890 121.940 121.890 -1.870 t G40A 115,200 123,225.000 16 108.010 106.100 108.000 106.500 -1.500 s HM24A 50,000 54,755.000 1 109.510 109.510 109.510 109.510 0.000 s IH21A 10,000 10,900.000 1 109.000 109.000 109.000 109.000 0.500 l IH23A 29,700 33,412.500 1 112.500 112.500 112.500 112.500 0.000 s MF24A 4,000 4,436.000 2 110.900 110.900 110.900 110.900 0.340 t MI17A 6,700 6,700.000 2 100.000 100.000 100.000 100.000 -1.000 s MO19A 3,100 3,317.310 1 107.010 107.010 107.010 107.010 0.010 s MS23A 3,000 3,334.800 1 111.160 111.160 111.160 111.160 0.150 s PC20A 26,800 29,493.400 1 110.050 110.050 110.050 110.050 0.150 s PG22A 30,000 33,468.000 1 111.560 111.560 111.560 111.560 0.000 s UF23A 17,900 19,809.930 1 110.670 110.670 110.670 110.670 0.670 Market Summary as at June 30, 2015 Equity Official List Session State ................................................................... closed Number of trades ............................................................. 98 Volume Traded ................................................................. 832,135 Value of € denominated securities .................................... 1,055,462 Value of US$ denominated securities ................................ 16,660 Value of GBP£ denominated securities .............................. 0.00 Current Index ................................................................... 4,090.619 Previous Index ................................................................. 4,096.937 Change in Index (%) ......................................................... -0.154% 6pm Holdings plc .......................... 0.706 0.00% Malta International Airport plc ....... 3.350 0.00% Bank of Valletta plc ........................ 2.298 0.35% MaltaPost plc ................................. 1.500 0.00% FIMBank plc .................................. 0.466 0.00% Medserv plc .................................. 2.355 0.00% GlobalCapital plc ........................... 0.800 0.00% Mapfre Middlesea plc .................... 1.825 0.00% GO plc ........................................... 3.425 0.44% MIDI plc ........................................ 0.338 0.00% Grand Harbour Marina plc ............. 1.875 0.00% Plaza Centres plc ........................... 0.981 0.00% HSBC Bank Malta plc ..................... 1.800 -0.06% RS2 Software plc............................ 1.969 0.97% International Hotel Investments plc 0.876 -0.45% Simonds Farsons Cisk plc ............... 4.500 0.00% Island Hotels Group Holdings plc ... 1.020 0.00% Tigné Mall plc ................................ 0.860 1.18% Lombard Bank Malta plc ................ 1.850 0.00% Pefaco International plc ................. 2.190 0.00% Malita Investments plc ................... 0.890 0.00% Santumas Shareholdings plc ......... 2.050 0.00% MSE Index Delegate or relegate O ne of the hardest things to do is to mas- ter the art of delega- tion, especially when you find yourself in a position of leadership. Normally, you get to the top by becoming a master of your area and more often than not you achieve this by doing things yourself. Yet when you reach a senior management position you start to realise that your time is a scarce resource and a very precious one. Therefore, you must delegate to junior managers, otherwise you won't cope. If you don't delegate and try to do everything yourself, you will eventually hit a brick wall. It literally is impossible, when in a senior management position, to do everything yourself. You either delegate the task or you effectively relegate it. Before the naysayers speak out, I know what some of you are thinking: If I have to show someone how to do something, wouldn't it just be quicker to do it myself? Or, if it takes others more than once to get it right, not to mention a lot of frustrating moments 'explaining' and 're-explaining', am I not better off just doing it myself? Your primary responsibility is to teach people how to think by themselves and it is equally important to encourage them to ask the right questions. You do this, so as to develop your team members. Sure, they will make mistakes at first crack but if they have the right aptitude they will learn and quickly amass the necessary learning so as to be able to do it themselves. The problem with many control freaks and perfectionists, in positions of power, is that they do the thinking for their people, which makes the same people overly dependent on their leader. This is why you must develop your people and encourage them to think for themselves. You can tell them where you want to go but let them think of a way of getting you there. This is why I like inquisitive and intellectually curious people in any team and you need these people if you want to delegate successfully. Delegation is hugely underestimated in organisations yet it is precisely the factor 'X' which makes organisations beyond the size of say 20+ employees operate effectively. An organisation with a chain of command only works if there is delegation. Sure, trust and accountability come with delegation but if we don't delegate we cannot benefit from the economies of scale and power of an organisation. Ultimately, we are all thrust in a position of power to achieve something more than just profits. We are thrust in a position of power to also nurture our organisation's future managers and leaders and the best way we can do this is by delegating power and authority. Similarly, an organisation can only maximise its potential if the leaders within it learn the art of delegation. For the record, delegation is not to be confused with abdication. As a leader you still need to be kept in the loop and at key stages of the decision making process. The difference is that you are empowering your people to think through problems and making them accountable for their results. This is why performance evaluation is fundamental to any successful organisation. No employee should be able to hide and everyone must be held accountable for his or her decisions and actions. If you are deluding yourself that this article doesn't concern you, why don't you ask yourself if the statements below apply to your situation: 1. You are never completely satisfied with the deliverables of your people; 2. You are obsessed with details and take great satisfaction from correcting other people's work; 3. You constantly want to know what everyone is working on; 4. You expect to be c.c.'d on everything; 5. You work longer hours than the people who report to you. If you answered 'true' to most of the above statements you are a micro-manager who struggles to delegate and as a result of this you are not maximising your chances of success. Was it Aristotle who said, 'The whole is greater than the sum of its parts'? Well, when you delegate you make the whole greater than the sum of its parts and this is precisely the point I am trying to make. If you can't delegate effectively, you are doomed to always relegate tasks because you can't do everything yourself and your people will never learn to do things for you. In the words of John C. Maxwell: "If you want to do a few small things right, do them yourself. If you want to do great things and make a big impact, learn to delegate." I rest my case. Delegate or relegate. It is your choice. Kevin-James Fenech is a management consultant at FENCI Consulting Kevin-James Fenech Money Market Report for the week ending June 26, 2015 ECB Monetary Operations On Monday, June 22, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, June 23, and attracted bids from euro area eligible counterparties of €88.23 billion, €1.42 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 24, 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 €17.27 billion from euro area eligible counterparties, which amount was allotted in full in accordance with current ECB policy. Also on Wednesday, June 24, 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 0.63%. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 91- day bills maturing on September 25, 2015. Bids of €37.00 million were submitted for the bills, with the Treasury accepting €20.50 million. Since €4.00 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €16.50 million, to stand at €230.55 million. The yield from the 91-day bill auction was -0.003%, down by 3.3 basis points from bids with a similar tenor issued on June 19, 2015, representing a bid price of 100.0008 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 90-day and 181-day bills maturing on October 1 and December 31, 2015, respectively.