Issue link: https://maltatoday.uberflip.com/i/565097
maltatoday, WEDNESDAY, 2 SEPTEMBER 2015 12 Business Today Regular market closed – 01/09/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change ▲ 6PM 34,000 24,360.150 3 0.735 0.710 0.710 0.735 0.035 ▼ BOV 20,981 47,195.520 13 2.250 2.240 2.250 2.240 -0.010 ● GO 4,270 14,872.150 2 3.495 3.470 3.470 3.495 0.000 ▲ HSB 19,930 36,161.250 5 1.848 1.800 1.800 1.810 0.010 ▼ IHI 215,558 169,007.470 9 0.785 0.784 0.784 0.784 -0.006 ● LOM 980 2,072.700 1 2.115 2.115 2.115 2.115 0.000 ▼ MDS 14,200 41,180.000 3 2.900 2.900 2.900 2.900 0.400 ▲ MIA 11,600 45,196.940 6 3.900 3.890 3.890 3.890 0.050 ▲ MMS 3,107 6,567.450 5 2.150 2.110 2.150 2.111 0.001 ▲ RS2 18,676 43,118.040 7 2.320 2.290 2.290 2.300 0.010 ▼ G16B 42,395 44,862.390 1 105.820 105.820 105.820 105.820 -0.070 ▼ G21A 16,023 19,631.380 4 122.520 122.520 122.520 122.520 -0.160 ▼ G22A 10,949 13,708.150 2 125.200 125.200 125.200 125.200 -1.680 ▼ G22B 19,000 22,706.900 2 119.510 119.510 119.510 119.510 -0.080 ▼ G23A 30,700 39,931.490 1 130.070 130.070 130.070 130.070 -0.980 ▼ G28A 28,100 36,645.210 1 130.410 130.410 130.410 130.410 -1.790 ▼ G28B 55,200 70,399.320 4 128.000 127.070 128.000 127.070 -0.440 ▼ G30A 2,500 3,422.750 1 136.910 136.910 136.910 136.910 -0.330 ▼ G32B 53,300 68,074.760 2 127.720 127.720 127.720 127.720 -0.450 ▼ G33A 27,000 34,071.300 2 126.190 126.190 126.190 126.190 -0.590 ▼ G34A 7,000 8,700.300 2 124.290 124.290 124.290 124.290 -0.700 ● G40A 7,500 7,987.500 2 106.500 106.500 106.500 106.500 0.000 ● HB17A 776 807.040 1 104.000 104.000 104.000 104.000 0.000 ▲ IG24A 16,800 18,578.980 3 111.000 109.000 109.000 111.000 0.020 ▲ MF24A 12,000 13,331.400 3 111.100 111.070 111.070 111.100 0.030 ▼ MO19A 5,000 5,328.000 1 106.560 106.560 106.560 106.560 -0.010 ● MS23A 2,100 2,307.900 1 109.900 109.900 109.900 109.900 0.000 ▲ PG22A 20,000 22,400.000 1 112.000 112.000 112.000 112.000 0.500 Market Summary as at August 25, 2015 Equity Offi cial List Session State ................................................................... Market Closed Number of trades ............................................................. 88 Volume Traded ................................................................. 699,645 Value of € denominated securities .................................... 838,266.290 Value of US$ denominated securities ................................ 0.000 Value of GBP£ denominated securities .............................. 24,360.150 Current Index ................................................................... 4,222.307 Previous Index ................................................................. 4,207.993 Change in Index (%) ......................................................... 0.340 % 6pm Holdings plc .......................... 0.735 5.00% Malta International Airport plc ....... 3.890 1.30% Bank of Valletta plc ....................... 2.240 -0.44% MaltaPost plc ................................ 1.636 0.00% FIMBank plc .................................. 0.450 0.00% Medserv plc .................................. 2.900 16.00% GlobalCapital plc ........................... 0.800 0.00% Mapfre Middlesea plc .................... 2.111 0.05% GO plc ........................................... 3.495 0.00% MIDI plc ........................................ 0.350 0.00% Grand Harbour Marina plc ............. 0.945 0.00% Plaza Centres plc ........................... 1.050 0.00% HSBC Bank Malta plc ..................... 1.810 0.56% RS2 Software plc............................ 2.300 0.44% International Hotel Investments plc 0.784 -0.76% Simonds Farsons Cisk plc ............... 5.550 0.00% Island Hotels Group Holdings plc ... 1.101 0.00% Tigné Mall plc ............................... 0.930 0.00% Lombard Bank Malta plc ............... 2.115 0.00% Pefaco International plc ................ 2.190 0.00% Malita Investments plc ................... 0.940 0.00% Santumas Shareholdings plc ........ 2.000 0.00% MSE Index Money Market Report for the week ending August 28, 2015 ECB Monetary Operations On Monday, August 24, the Europe- an Central Bank (ECB) announced its weekly main refi nancing opera- tion (MRO). The auction was con- ducted on Tuesday, August 25, and attracted bids from euro area eligi- ble counterparties of €72.48 bil- lion, €2.92 billion higher than the bid amount of the previous week. The amount was allotted in full at a fi xed rate equivalent to the prevail- ing MRO rate of 0.05%, in accord- ance with current ECB policy. On Wednesday, August 26, 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 €33.13 billion from euro area eligible counterparties, which amount was allotted in full in accordance with current ECB policy. Also on Wednesday, August 26, 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 $0.14 billion, which was allotted in full at a fixed rate of 0.62% Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 90-day and 181- day bills maturing on November 26, 2015 and February 25, 2016, respectively. Bids of €6.00 million were submitted for the 90-day bills, with the Treasury accepting €3.00 million, while bids of €27.00 million were submitted for the 181-day bills, with the Treasury accepting €7.00 million. Since €12.00 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €2.00 million, to stand at €243.05 million. The yield from the 90-day bill auction was -0.023%, up by 1.5 basis points from bids with a similar tenor issued on August 21, 2015, representing a bid price of 100.0058 per 100 nominal. The yield from the 181-day bill auction was 0.00%, unchanged from bids with a similar tenor issued on July 3, 2015, representing a bid price of 100.000 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 December 3, 2015. Market commentary: Are markets back in correction mode? With equity and bond indices reg- istering one of their worst months in recent years, the hopes for a rebound, after the equity markets plunged during the first 3 weeks of August, seems to be already over. As China continues to fuel concerns over global growth and traders decided to take profits off the table, stocks have resumed their downward trend, erasing the majority of the gains posted last week. While traders await this week's US Jobs Report for the month of August, seen by most as a key piece of data to be added to the complex Federal Reserve's interest rate hike puzzle, China remains the main driver for volatility and the primary negative catalyst for equities and bonds alike. In fact, with the Chinese Government and Central Bank revising the effectiveness of stock purchases and liquidity injections initiatives that have indeed helped to calm last month's selloff, but have, so far, failed to revamp the country's stock market, some analysts are starting to believe that the equity bull market may finally be over. If that was to be the case, the long overdue correction witnessed last month is here to stay, and it could get worse before getting better. Proving them right is the Shanghai Composite Index, which closed 1.23% lower this morning, after declining 0.82% on Monday, erasing part of the gains fueled by the latest PBOC's direct intervention. European markets have so far followed suit, declining across the board on Monday, and opening heavily in the red today, with the German Dax, the FTSE 100 (reopening today after being closed yesterday for a UK public holiday) and the French CAC 40 losing between 2% to 2.5% an hour into the trading session. Moreover, China seems not only to be the primary driver of market volatility, but also to have already started affecting global economic data and currency markets. A direct example is found in the unexpected decline in Japan's Industrial Production, with data related to July dropping by 0.6%, after increasing 1.1% in June. Japan, the third world largest economy, recorded a contraction in output due to a slowdown in exports toward China, its main trading partner, and weaker demand from Europe and Australia, the other two major markets, with the electronic and transport equipment industries leading the decline. Although the Yen has so far held on at its current levels, mostly in virtue of its "safe heaven" currency status in times of high volatility, Japanese stocks fell over 5% throughout the past two trading sessions. With the current market environment giving investors more reasons to sell than to believe in a rebound, the upcoming FED meeting taking place on September 17th will prove to be a key event for traders, as a confirmation of an imminent interest rate hike could very well exacerbate the already elevated volatility, driving stocks to continue their decline. While a pull back from last week's gains may offer advantageous entry points for investors that missed the rally, caution would be advisable as downside risk may still end up biting back at buyers too eager to enter the current market. This article was issued by Paolo Zonno, Trader/Analyst Manager at Calamatta Cuschieri. For more information visit, www.cc.com. mt .The information, views 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 on this newspaper.