Issue link: https://maltatoday.uberflip.com/i/551192
maltatoday, WEDNESDAY, 5 AUGUST 2015 12 Business Today Regular market closed – 4/08/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change l BOV 652 1,499.600 2 2.300 2.300 2.300 2.300 0.000 t GO 1,580 5,486.660 3 3.498 3.470 3.470 3.498 -0.002 s HSB 11,652 21,410.550 9 1.840 1.825 1.839 1.825 0.005 l MDI 3,000 1,020.000 1 0.340 0.340 0.340 0.340 0.000 l MIA 4,010 15,839.500 5 3.950 3.950 3.950 3.950 0.000 l MLT 5,000 4,700.000 3 0.940 0.940 0.940 0.940 0.000 l MMS 1,000 2,020.000 3 2.020 2.020 2.020 2.020 0.000 t RS2 6,150 13,197.500 4 2.150 2.140 2.150 2.150 -0.040 t G15B 170,280 172,017.580 3 101.030 101.010 101.030 101.010 -0.050 s G19C 8,000 8,820.800 1 110.260 110.260 110.260 110.260 0.240 s G20A 81,530 99,124.170 3 121.580 121.580 121.580 121.580 0.630 s G20E 100,000 106,360.000 1 106.360 106.360 106.360 106.360 0.110 s G22B 5,000 6,045.000 1 120.900 120.900 120.900 120.900 0.600 s G28A 5,000 6,668.000 1 133.360 133.360 133.360 133.360 0.540 s G28B 20,000 25,980.000 1 129.900 129.900 129.900 129.900 0.530 s G29B 220,000 227,842.500 5 103.690 103.500 103.500 103.690 1.670 s G30A 149,800 209,487.080 3 140.120 139.550 139.550 140.120 0.590 s G31A 70,000 98,350.000 1 140.500 140.500 140.500 140.500 0.690 s G32B 200,000 260,530.000 3 130.530 130.000 130.000 130.530 0.790 s G33A 2,500 3,224.750 1 128.990 128.990 128.990 128.990 0.020 s G40A 49,600 54,552.320 9 110.000 109.970 110.000 109.970 0.630 l AX24A 6,000 6,811.200 1 113.520 113.520 113.520 113.520 0.000 s BV20A 4,000 4,400.000 1 110.000 110.000 110.000 110.000 1.500 t CB21A 12,000 12,790.000 2 107.000 106.500 106.500 107.000 -0.500 l CF19A 23,500 24,675.000 2 105.000 105.000 105.000 105.000 0.000 l MB15A 5,000 5,087.500 1 101.750 101.750 101.750 101.750 0.000 l MI17A 54,600 55,146.000 6 101.000 101.000 101.000 101.000 0.000 l MI20A 70,800 75,148.000 4 106.500 106.000 106.000 106.000 0.000 s MI21A 20,000 20,620.000 1 103.100 103.100 103.100 103.100 0.100 t PC20A 12,000 13,260.000 1 110.500 110.500 110.500 110.500 -0.010 l PG20A 20,000 22,408.100 3 112.050 112.040 112.040 112.050 0.000 l PG22A 30,000 33,600.000 3 112.000 112.000 112.000 112.000 0.000 t PT24A 39,500 44,103.000 2 111.700 111.650 111.650 111.700 -0.050 Market Summary as at August 4, 2015 Equity Official List Session State ................................................................... closed Number of trades ............................................................. 90 Volume Traded ................................................................. 1,412,154 Value of € denominated securities .................................... 1,662,224.810 Value of US$ denominated securities ................................ 0.000 Value of GBP£ denominated securities .............................. 0.000 Current Index ................................................................... 4,217.233 Previous Index ................................................................. 4,219.479 Change in Index (%) ......................................................... -0.053% 6pm Holdings plc .......................... 0.760 0.00% Malta International Airport plc ....... 3.950 0.00% Bank of Valletta plc ........................ 2.300 0.00% MaltaPost plc ................................. 1.600 0.00% FIMBank plc .................................. 0.495 0.00% Medserv plc .................................. 2.370 0.00% GlobalCapital plc ........................... 0.800 0.00% Mapfre Middlesea plc .................... 2.020 0.00% GO plc ........................................... 3.498 -0.06% MIDI plc ........................................ 0.340 0.00% Grand Harbour Marina plc ............. 0.945 0.00% Plaza Centres plc ........................... 0.950 0.00% HSBC Bank Malta plc ..................... 1.825 0.27% RS2 Software plc............................ 2.150 -1.83% International Hotel Investments plc 0.806 0.00% Simonds Farsons Cisk plc ............... 5.250 0.00% Island Hotels Group Holdings plc ... 1.020 0.00% Tigné Mall plc ................................ 0.870 0.00% Lombard Bank Malta plc ................ 2.049 0.00% Pefaco International plc ................. 2.190 0.00% Malita Investments plc ................... 0.940 0.00% Santumas Shareholdings plc ......... 2.050 0.00% MSE Index Money Market Report for the week ending July 31, 2015 ECB Monetary Operations On Monday, July 27, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, July 28, and attracted bids from euro area eligible counterparties of €80.02 billion, €4.87 billion higher 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, July 29, 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 €21.75 billion from euro area eligible counterparties, which amount was allotted in full in accordance with current ECB policy. Also on Wednesday, July 29, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $0.31 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 28-day and 90-day bills maturing on August 28 and October 29, 2015, respectively. Bids of €3.00 million were submitted for the 28-day bills, with the Treasury rejecting all bids, while bids of €43.00 million were submitted for the 90-day bills, with the Treasury accepting €12.00 million. Since €14.00 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €2.00 million, to stand at €248.55 million. The yield from the 90-day bill auction was -0.041%, down by 0.5 basis point from bids with a similar tenor issued on July 24, 2015, representing a bid price of 100.0103 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 bills maturing on November 5, 2015. Market commentary: Greek exchange opens 22% down Greek financial markets reopened on Monday after a five-week suspen- sion as talks continue with creditors on austerity measures and reforms required for a third bailout. The Athens Stock Exchange General Index opened 22.3% down, the index falling to 619.55 as of this writing. Greek traders are able to buy stocks, bonds, derivatives and warrants under certain conditions, according to the Finance Ministry. International investors won't face any restrictions, as long as they were active in the markets before they were closed in June. Currently, Prime Minister Alexis Tsipras is negotiating conditions that will be attached to an €86 billion lifeline to see the country through the next three years. An agreement is needed before a payment comes due on bonds held by the European Central Bank on 20 August. The imposition of capital controls has restricted the functioning of Greece's economy, with the country set to be the only euro-area nation to shrink this year. The economy may contract by as much as 4% this year, according to a 29 July report from the Greek parliamentary budget office. Over 330 US companies have reported their half yearly earnings so far and the trend is more or less similar to what has been observed in the past, where 74% of them have beaten earnings per share estimates but only 50% have beaten revenue forecasts. The trend is more balanced in Europe with about 63% and 65% of those that have reported so far, beating earnings per share and revenue consensus, respectively. HSBC Holdings Plc shares rose over 1% after the global bank reported an 18 percent climb in second-quarter profit in Q2. Pretax profit for the three months ended 30 June rose to $6.57 billion from $5.56 billion a year earlier. The company disclosed $1.1 billion of settlements and provisions for legal matters for the period, and also agreed to sell its Brazilian unit to Banco Bradesco SA for $5.2 billion. The bank has been seeking ways to shore up earnings, battered by rising misconduct costs. In June, the bank unveiled a three-year plan to lower headcount by some 50,000, including through the sale of business units, to cut annual costs by up to $5 billion. Since taking over in 2011, the CEO has announced more than 87,000 job cuts and exited about 78 businesses. While net interest income fell in the second quarter and fee income was little changed, HSBC's revenue was buoyed by net trading income doubling to $2 billion. It said it booked a $1 billion gain from the sale of Industrial Bank shares. The bank reported an "end point" common equity Tier 1 capital ratio, a measure of financial strength, of 11.6 percent, up from 11.1 percent in December. Looking at this week's highlights of data reporting, PMI's for the Euro area were due yesterday. Lots of data points were also due in the US with the deflator and core PCE, personal income and spending, final manufacturing PMI reading, construction spending, ISM manufacturing and vehicle sales data. This week we expect Euro area PPI and today in the US we also get the final PMI figures for the US. Tomorrow we expect German factory orders, UK industrial and manufacturing production and finally the BoE decision, and in the US we'll get more employment data. On Friday we get the Bank of Japan decision and we'll end the week in Europe with German trade data and industrial production and US payrolls. Any unexpected data points could result in larger than usual market movements due to the relatively thin trading volumes as the summer slowdown reduces trading activity. 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 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 in this article.