Issue link: https://maltatoday.uberflip.com/i/599604
maltatoday, WEDNESDAY, 11 NOVEMBER 2015 12 Business Today Regular market closed – 10/11/2015 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change ● BOV 23,619 57,147.980 16 2.420 2.418 2.420 2.420 0.000 ● FIM 15,000 6,750.000 1 0.450 0.450 0.450 0.450 0.000 ▼ GO 37,000 115,440.000 3 3.120 3.120 3.120 3.120 -0.080 ▲ HSB 17,112 31,828.320 4 1.860 1.860 1.860 1.860 0.005 ● MDS 12,700 27,395.000 6 2.170 2.150 2.170 2.170 0.000 ● MIA 8,213 32,441.350 5 3.950 3.950 3.950 3.950 0.000 ▲ MLT 8,000 7,440.000 2 0.930 0.930 0.930 0.930 0.010 ▼ MMS 50 115.000 1 2.300 2.300 2.300 2.300 -0.020 ▼ PZC 62,550 60,435.750 3 0.970 0.965 0.970 0.965 -0.005 ▲ RS2 11,000 29,850.000 5 2.750 2.700 2.700 2.750 0.025 ▲ TML 25,000 24,158.000 4 0.970 0.965 0.965 0.970 0.005 ▲ G16B 20,965 22,009.050 2 104.980 104.980 104.980 104.980 0.030 ▲ G17C 31,000 33,586.200 2 108.420 108.300 108.300 108.420 0.070 ▲ G19C 6,000 6,612.600 1 110.210 110.210 110.210 110.210 0.230 ▲ G20B 9,000 10,630.800 1 118.120 118.120 118.120 118.120 0.280 ▼ G21A 13,977 17,307.720 2 123.830 123.830 123.830 123.830 -0.530 ▲ G22B 5,000 6,065.000 1 121.300 121.300 121.300 121.300 0.320 ● G28B 10,000 12,967.000 1 129.670 129.670 129.670 129.670 0.000 ▲ G29BA 326,300 336,604.760 12 103.600 102.500 102.500 103.600 1.010 ▲ G30A 120,500 167,426.300 3 139.000 138.940 138.940 139.000 0.700 ▼ G32B 9,500 12,364.060 3 130.580 129.820 129.820 130.580 -0.170 ▲ G33A 22,000 28,142.400 1 127.920 127.920 127.920 127.920 0.480 ● G34A 35,500 44,375.000 5 125.000 125.000 125.000 125.000 0.000 ▲ G40A 93,900 99,543.390 4 106.010 106.010 106.010 106.010 0.410 ● 6PM25 22,000 24,200.000 2 110.000 110.000 110.000 110.000 0.000 ● AX24A 2,000 2,298.200 1 114.910 114.910 114.910 114.910 0.000 ▲ BV19A 5,000 5,500.000 1 110.000 110.000 110.000 110.000 3.050 ▼ BV20A 2,300 2,458.700 1 106.900 106.900 106.900 106.900 -0.100 ▲ GC16A 10,000 9,600.000 1 96.000 96.000 96.000 96.000 1.000 ▲ GF21A 1,400 1,512.750 2 108.250 108.000 108.000 108.250 0.250 ▲ HP25A 97,600 105,411.230 23 108.050 107.750 107.750 108.010 0.010 ● IH23A 2,000 2,140.000 1 107.000 107.000 107.000 107.000 0.000 ▼ IH25A 800 872.000 1 109.000 109.000 109.000 109.000 -2.850 ▲ MD18B 7,000 7,700.000 1 110.000 110.000 110.000 110.000 4.440 ▲ MS23A 2,500 2,775.250 2 111.010 111.010 111.010 111.010 0.060 ● PG22A 19,000 21,280.000 2 112.000 112.000 112.000 112.000 0.000 ● TI20A 300 327.000 1 109.000 109.000 109.000 109.000 0.000 ▲ TI24A 6,000 6,571.200 2 109.520 109.520 109.520 109.520 0.020 Market Summary as at November 10, 2015 Equity Offi cial List Session State ................................................................... Market Closed Number of trades ............................................................. 129 Volume Traded ................................................................. 1,101,786 Value of € denominated securities .................................... 1,368,832.010 Value of US$ denominated securities ................................ 6,750.000 Value of GBP£ denominated securities .............................. 7,700.000 Current Index ................................................................... 4,463.305 Previous Index ................................................................. 4,469.498 Change in Index (%) ......................................................... -0.139% 6pm Holdings plc ......................... 0.650 0.00% Malta International Airport plc ....... 3.950 0.00% Bank of Valletta plc ........................ 2.420 0.00% MaltaPost plc ................................. 1.990 0.00% FIMBank plc ................................. 0.450 0.00% Medserv plc 2.170 0.00% ................ GlobalCapital plc ........................... 0.750 0.00% Mapfre Middlesea plc .................... 2.300 -0.86% GO plc .......................................... 3.120 -2.50% MIDI plc ........................................ 0.350 0.00% Grand Harbour Marina plc ............. 0.995 0.00% Plaza Centres plc ........................... 0.965 -0.52% HSBC Bank Malta plc ..................... 1.860 0.27% RS2 Software plc ........................... 2.750 0.92% International Hotel Investments plc 0.846 0.00% Simonds Farsons Cisk plc ............... 6.000 0.00% Island Hotels Group Holdings plc .. 1.101 0.00% Tigné Mall plc ................................ 0.970 0.52% Lombard Bank Malta plc ............... 2.300 0.00% Pefaco International plc ................ 2.190 0.00% Malita Investments plc .................. 0.930 1.09% Santumas Shareholdings plc ........ 2.000 0.00% MSE Index IEA predicts gradual rise in oil price to $80 by 2020 Oil is unlikely to return to $80 a bar- rel before the end of the next dec- ade, despite unprecedented declines in investment, as yearly demand growth struggles to top 1 million barrels per day, the International Energy Agency said on Tuesday. In its World Energy Outlook, the IEA said it anticipates demand growth under its central scenario will rise annually by some 900,000 barrels per day to 2020, gradually reaching demand of 103.5 million bpd by 2040. The drop in the oil price to around $50 a barrel this year has triggered steep cutbacks in production of U.S. shale oil, one of the major contributors to the oversupply that has stripped 50 percent off the price in the last 12 months. "Our expectation is to see prices gradually rising to $80 around 2020," Fatih Birol, the executive director of the IEA, told Reuters ahead of the release of the report. "We estimate this year investments in oil will decline more than 20 percent. But, perhaps even more importantly, this decline will continue next year as well." "In the last 25 years, we have never seen two consecutive years where the investments are declining and this may well have implications for the oil market in the years to come." Oil companies have grappled with the downturn and a "lower for longer" price outlook by slashing spending, cutting thousands of jobs and delaying around $200 billion in mega-projects around the world. The IEA estimates investment has already fallen by 20 percent this year. Higher-cost producers in Canada and Brazil, as well as the United States are likely to fall victim to low oil prices faster than most exporters, but these declines could be offset by supply growth in Iraq and Iran. Birol said the Middle East, which already provides about a third of the world's oil, could see exports equate to more than two thirds of total supply, particularly in a sustained environment of $50 oil prices. "We have to think carefully about the oil security implications of a very few number of countries exporting a big chunk to the global markets alone," he said. Yet unrest in Iraq, now OPEC's second-largest producer, and ageing infrastructure could hamper raising output there. Iran, expected to be free of Western sanctions this year, needs major investment to return to the 2.5 million bpd in production seen prior to 2012. On the demand side, the IEA expects total energy consumption in China, the world's largest commodity consumer, to be double that of the United States by 2040. But greater efficiency and a shift away from heavy industry for economic growth will mean China will need 85 percent less energy to generate each unit of future economic growth than it did in the past 25 years. India will be the chief driver of rising demand, where the IEA expects consumption to increase more than anywhere else, hitting 10 million bpd by 2040. Birol said that while the agency's base-case scenario was not one in which the oil price languished around $50 a barrel for the next decade, it could not rule out a sustained period of low oil prices. Low near-term global economic growth and a lasting switch by OPEC to a policy of pumping oil at record rates to increase its market share and more resilient non-OPEC supply could conspire to keep the oil price lower for longer. "The oil price in this scenario remains close to $50 a barrel until the end of this decade, before rising gradually back to $85 a barrel in 2040," the IEA said in its report. "In the low-oil price scenario, the Middle East's share in the oil market ends up higher than at any time in the last forty years," the report said. Money Market Report for the week ending November 6, 2015 ECB Monetary Operations On Monday, November 2, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, November 3, and attracted bids from euro area eligible counterparties of €61.47 billion, €6.98 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, November 4, the ECB conducted an eight-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 0.63%. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 273-day bills maturing on August 4, 2016. Bids of €66.00 million were submitted, with the Treasury accepting €21.00 million. Since €21.00 million worth of bills matured during the week, the outstanding balance of Treasury bills remained unchanged at €186.55 million. The yield from the 273-day bill auction was -0.009%, down by 0.9 basis point from bids with a similar tenor issued on September 18, 2015, representing a bid price of 100.0068 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 28-day and 91-day bills maturing on December 10, 2015, and February 11, 2016, respectively.