Issue link: https://maltatoday.uberflip.com/i/705249
maltatoday, WEDNESDAY, 20 JULY 2016 12 Regular market closed – 19/7/2016 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change ▼ BOV 6,725 14,808.55 8 2.210 2.178 2.200 2.178 -0.022 ● GO 2,000 5,696.00 3 2.860 2.820 2.840 2.860 0.000 ● HSB 5,000 7,781.70 2 1.560 1.550 1.560 1.550 0.000 ▲ LOM 1,885 4,156.43 1 2.205 2.205 2.205 2.205 0.005 ▲ MDI 13,200 4,976.40 1 0.377 0.377 0.377 0.377 0.027 ▲ MPC 2,500 1,272.00 3 0.510 0.507 0.507 0.510 0.002 ▼ RS2 8,301 16,890.65 4 2.095 2.020 2.095 2.020 -0.080 ▼ G17C 26,000 27,419.60 1 105.460 105.460 105.460 105.460 -0.020 ▼ G18A 11,647 13,445.30 1 115.440 115.440 115.440 115.440 -0.140 ▲ G21A 18,054 22,564.39 5 125.000 124.970 124.970 125.000 0.700 ▲ G29A 1,000 1,512.00 1 151.200 151.200 151.200 151.200 7.250 ▲ G29B 77,600 85,883.24 9 110.710 110.500 110.500 110.710 0.210 ▲ G30A 17,000 25,092.00 3 148.000 147.400 147.400 148.000 0.510 ▲ G32B 39,000 54,067.90 3 138.650 138.610 138.610 138.650 0.270 ● G33A 16,000 21,857.60 1 136.610 136.610 136.610 136.610 0.000 ▲ G34A 58,000 77,415.52 3 133.480 133.450 133.480 133.450 0.260 ● G36A 559,000 593,778.50 3 106.230 106.150 106.150 106.150 0.000 ▲ G40A 187,300 211,097.31 9 112.750 112.550 112.670 112.600 0.490 ▼ BV20A 11,200 11,872.00 1 106.000 106.000 106.000 106.000 -0.490 ● HP25A 33,900 36,612.00 10 108.000 108.000 108.000 108.000 0.000 ● SF20A 300 313.50 1 104.500 104.500 104.500 104.500 0.000 Market Summary as at July 19, 2016 Equity Official List Session State ................................................................... Market Closed Number of trades ............................................................. 73 Volume Traded ................................................................. 1,095,612 Value of € denominated securities .................................... 26,680.55 Value of US$ denominated securities ................................ - Value of GBP£ denominated securities .............................. - Current Index ................................................................... 4,465.562 Previous Index ................................................................. 4,482.186 Change in Index (%) ......................................................... -0.371% 6pm Holdings plc ......................... 0.900 0.00% MaltaPost plc ................................ 1.900 0.00% Bank of Valletta plc ....................... 2.210 0.45% Medserv plc .................................. 1.840 0.00% FIMBank plc ................................. 0.980 -3.83% Mapfre Middlesea plc .................... 2.010 0.00% GlobalCapital plc .......................... 0.499 0.00% MIDI plc ........................................ 0.370 0.00% GO plc .......................................... 2.860 0.35% Plaza Centres plc ........................... 1.070 0.00% Grand Harbour Marina plc ............. 0.900 0.00% RS2 Software plc 2.129 0.00% ......... HSBC Bank Malta plc ..................... 1.590 -0.63% Simonds Farsons Cisk plc ............... 6.280 0.00% International Hotel Investments plc 0.680 -2.72% Tigné Mall plc ................................ 1.050 0.00% Island Hotels Group Holdings plc .. 1.101 0.00% Pefaco International plc ................. 2.240 0.00% Lombard Bank Malta plc ............... 2.200 0.00% Santumas Shareholdings plc ......... 2.350 0.00% Malita Investments plc ................... 0.880 0.00% Malta Properties Company plc ....... 0.508 0.20% Malta International Airport plc ....... 4.150 0.00% MSE Index Business Today IMF says Brexit throws 'spanner in the works' of global growth The International Monetary Fund (IMF) said Britain's decision to leave the European Union has "thrown a spanner in the works" of its global growth forecast. Instead of predicting 3.2% growth in 2016, the IMF's World Economic Outlook (WEO) now expects only 3.1%, with the UK the worst affected of all the advanced economies. Its 2017 UK growth forecast has been slashed from 2.2% to 1.3% and this year's has been cut from 1.7% to 1.5%. The IMF's global growth forecast for 2017 has also been revised down from 3.5% to 3.4%. Before the referendum vote on 23 June, the IMF says that the global economy had been showing promising signs of growth. The IMF, which voiced strong objections about a vote for Brexit in the run-up to the historic referendum cut its forecasts for the global economy due to the likely knock-on effect of the vote on other countries, particularly in Europe. "The first half of 2016 revealed some promising signs – for example, stronger than expected growth in the euro area and Japan, as well as a partial recovery in commodity prices that helped several emerging and developing economies,' IMF economic counsellor Maury Obstfeld said. "As of 22 June, we were therefore prepared to upgrade our 2016-17 global growth projections slightly. But Brexit has thrown a spanner in the works." The IMF predicted global growth of 3.1% in 2016 and 3.4% in 2017, both of which are 0.1 points lower than forecast in April. Britain is still expected to be the second-fastest growing economy in the G7 this year, behind the US, despite having its growth forecast for 2016 trimmed by 0.2 percentage points to 1.7%. Next year, the IMF believes that the UK will experience similar growth rates to Germany and France. "The vote in the United Kingdom in favour of leaving the European Union adds significant uncertainty to an already fragile global recovery," it said. "The vote has caused significant political change in the United Kingdom, generated uncertainty about the nature of its future economic relations with the European Union and could heighten political risks in the European Union itself," IFM explained. "This erosion of confidence was reflected in a large initial sell- off in global financial markets, which has since partly reversed. But continuing uncertainty is likely to weigh on consumption and especially investment." Market Commentary: Market optimistic despite Turkey events Global stocks were mixed on Monday, but cautious optimism overshadowed geopolitical uncertainty in Turkey after last week's failed coup attempt. The safe haven flows which charac- terized the immediate aftermath of the coup were reversed – gold retreated and US bond yields rose. The price of crude oil fell as news that Russian and Iraqi oil would not have their vital Turkish- Mediterranean passageway disrupted by the failed coup. The Turkish lira also made up some of the lost ground after last Friday's event but stocks in Istanbul fell heavily, as did Turkey's benchmark 10-year bonds, which hit a monthly high of 9.66%. The post-coup crackdown, with arrests topping 6,000 and almost 200 deaths, prompted doubts about Turkey's place in NATO and eligibility for membership of the EU, prompting a sell-off in the benchmark bond which has rallied. Asian and European stocks were mostly higher on Monday, and US equities hovered around recently hit record highs. A better-than-expected profit reading from Bank of America boosted optimism in the US just as the corporate earnings season comes into full swing in the coming days. The trading gains come on the back of a dismal quarter for the top five banks in the US, and mirror results at JPMorgan Chase and Citigroup which reported better-than-expected earnings last week on higher fixed-income revenue and cost-cutting efforts. ARM was by far the top performer after it surged following news that Japan's SoftBank would be buying the UK chipmaker. On the other end of the scale, Hasbro was amongst the day's worst performers. The toymaker declined on concerns of slower growth, also dragging down its rival Mattel albeit by a lesser margin. SoftBank buys ARM SoftBank Group Corp. agreed to buy ARM Holdings Plc for just over GBP 24 billion – a 43% premium on last week's closing price. The deal is the biggest ever Japanese acquisition in Europe, and Softbank's largest takeover to date. Indeed, ARM will account for more than a third of SoftBank's current international holdings which also include Sprint and Alibaba. The deal marks SoftBank's attempt to get in front of the Internet of Things (IoT) queue. IoT is a collective term referring to the growing network of devices, vehicles and even buildings which are connected to the Internet and ultimately each other. ARM, the world's biggest designer of smartphone semiconductors, has some form of presence inside more than 95% of the world's smartphones. ARM doesn't actually manufacture semiconductors, but its designs are licensed to practically all global smartphone makers including Apple and Samsung. It has recently moved into the server space where it hopes to rival Intel. SoftBank denied that the recent Brexit-driven fall in the British pound was the catalyst for the deal, saying the company had been following ARM "for the last 10 years" and that the time was ripe for an investment. SoftBank said it was committed to keeping top managers, ARM's headquarters and to at least double the employee headcount in Britain. UK Prime Minister Theresa May welcomed the agreement, saying the deal is a reminder that the country remained open for business. Disclaimer: This article was issued by Andrew Martinelli, Trader 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 Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.