Issue link: https://maltatoday.uberflip.com/i/710370
maltatoday, WEDNESDAY, 3 AUGUST 2016 12 Regular market closed – 2/8/2016 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change ▲ BOV 29,079 63,997.34 16 2.230 2.180 2.190 2.230 0.030 ● FIM 54,000 54,709.41 2 1.018 1.013 1.013 1.018 0.000 ● GO 4,000 11,200.00 3 2.800 2.800 2.800 2.800 0.000 ▲ HSB 53,073 84,649.90 16 1.600 1.580 1.580 1.600 0.010 ▼ IHI 4,666 2,818.26 2 0.604 0.604 0.604 0.604 -0.046 ▼ MIA 6,555 27,329.60 6 4.189 4.150 4.189 4.150 -0.050 ● MPC 14,000 7,178.00 2 0.515 0.507 0.515 0.507 0.000 ▼ G16B 11,647 11,820.54 2 101.490 101.490 101.490 101.490 -0.070 ▼ G17C 10,500 11,059.65 2 105.330 105.330 105.330 105.330 -0.020 ▼ G21A 4,659 5,780.89 1 124.080 124.080 124.080 124.080 -0.050 ▼ G22B 40,000 49,248.00 1 123.120 123.120 123.120 123.120 -0.080 ▼ G28A 22,500 31,353.75 1 139.350 139.350 139.350 139.350 -0.220 ▼ G28B 14,500 19,743.20 3 136.160 136.160 136.160 136.160 -0.210 ▲ G29B 296,000 328,994.20 5 111.170 111.020 111.020 111.170 0.320 ▼ G30A 74,600 110,048.90 3 147.550 147.400 147.400 147.550 -0.060 ▲ G32B 500,000 693,300.00 1 138.660 138.660 138.660 138.660 0.200 ▲ G33A 18,000 24,557.40 1 136.430 136.430 136.430 136.430 0.080 ▼ G34A 1,046,000 1,393,830.60 4 133.260 133.110 133.110 133.260 -0.060 ▲ G36A 179,600 190,185.50 10 106.000 105.550 105.700 106.000 0.230 ▼ G40A 514,200 582,155.94 5 113.220 113.070 113.070 113.220 -0.130 ● BV19A 9,500 10,023.90 3 105.520 105.500 105.500 105.500 0.000 ▼ BV20A 26,000 27,300.00 4 105.000 105.000 105.000 105.000 -1.000 ▼ CF26A 10,000 10,443.00 2 104.430 104.430 104.430 104.430 -0.070 ● HB18A 3,000 3,180.30 1 106.010 106.010 106.010 106.010 0.000 ● HP25A 21,000 22,489.79 6 108.000 106.000 106.000 108.000 0.000 ▲ MI17A 17,000 17,085.00 2 100.500 100.500 100.500 100.500 0.500 ▼ MI20A 14,500 14,355.00 2 99.000 99.000 99.000 99.000 -5.000 ● MI21A 13,000 13,000.00 1 100.000 100.000 100.000 100.000 0.000 ● PG22A 4,000 4,420.00 1 110.500 110.500 110.500 110.500 0.000 ● SF20A 3,500 3,657.50 1 104.500 104.500 104.500 104.500 0.000 Market Summary as at August 2, 2016 Equity Official List Session State ................................................................... Market Closed Number of trades ............................................................. 109 Volume Traded ................................................................. 3,019,079 Value of € denominated securities .................................... 3,775,206.16 Value of US$ denominated securities ................................ 54,709.41 Value of GBP£ denominated securities .............................. 0.00 Current Index ................................................................... 4,441.652 Previous Index ................................................................. 4,459.255 Change in Index (%) ......................................................... -0.395% 6pm Holdings plc ......................... 0.850 0.00% MaltaPost plc ................................. 1.880 0.00% Bank of Valletta plc ........................ 2.200 -0.90% Medserv plc .................................. 1.800 0.00% FIMBank plc ................................. 1.018 0.30% Mapfre Middlesea plc .................... 2.042 0.00% GlobalCapital plc ........................... 0.350 0.00% MIDI plc ........................................ 0.379 0.00% GO plc ........................................... 2.800 0.00% Plaza Centres plc ........................... 1.100 0.00% Grand Harbour Marina plc ............. 0.900 0.00% RS2 Software plc ........................... 2.000 0.00% HSBC Bank Malta plc ..................... 1.590 -0.63% Simonds Farsons Cisk plc .............. 6.250 0.00% International Hotel Investments plc 0.650 0.00% 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 ............... 2.249 0.00% Santumas Shareholdings plc ........ 2.350 0.00% Malita Investments plc .................. 0.890 0.00% Malta Properties Company plc ........ 0.507 0.00% Malta International Airport plc ....... 4.200 0.00% MSE Index Business Today South Korea bans sale of Volkswagen cars Market Commentary: 'Tis the season (to be volatile) August is typically a tough month in financial markets – many market par- ticipants are away and liquidity is (fur- ther) reduced, bringing overall trade volumes down. But with multiple is- sues coming in and out of the market's spotlight (think US and UK interest rates, the oil glut, Brexit, earnings, the upcoming US presidential election) volatility generally goes higher. The S&P 500 reached an intraday all-time high on Monday led by tech stocks such as Apple and Google- parent Alphabet, but good news was in short supply elsewhere in the US and in Europe after a promising start to the month in Asia. The latest round of European banks stress tests saw the Euro STOXX Banks Index fall almost 3% – that's a 31% drop for the year. Unsurprisingly, Italian banks were mostly under fire but banks in Ireland, Germany, the UK and the Netherlands also saw significant declines in their capital ratios. Two out of the 51 banks tested by the European Banking Authority had a ratio of core capital to risk-weighted assets (also known as Common Equity Tier 1, or CET1) below the regulatory minimum. AIB in Ireland had a CET1 of 4.3% while Banca Monte dei Paschi di Siena had a ratio of -2.4%. Another six banks had a ratio below 7.5% and could be subject to more scrutiny by regulators. The data – which reflects a full application of the Basel III standards, shows how much banks' capital ratios would fall in the face of a prolonged recession and combined bond-market collapse. In the US, mixed manufacturing indices and a fall in construction spending followed last Friday's disappointing GDP data. The weaker- than-anticipated numbers prompted market participants to lower the probability of a rate hike this year, even as certain Federal Reserve members – read William Dudley – argue that another rate hike in 2016 should not be ruled out. Tesla and Verizon – Cash is King A number of mergers and acquisitions were announced on Monday. Tesla merged with SolarCity, its sister company. Tesla CEO Elon Musk has a majority shareholding in both companies. Tesla shares were trading roughly unchanged but SolarCity fell as the final offer was some $200 million less than what was originally offered. Tesla said the union would bring about significant cost savings for both companies. The deal, which will see Tesla retain a 93.5% controlling interest in the merged company, is expected to be approved in the fourth quarter. Verizon has once again pulled out its wallet after buying Yahoo's core assets last week. This time, it's paying $2.4 billion in cash to buy GPS vehicle tracking firm Fleetmatics Group plc. Shareholders of the vehicle firm saw a surge of almost 40% in their share price, as Verizon offered $60 per share. Last week's close was just above $43. The acquisition complements another purchase made by Verizon last Friday. The terms of the deal with Telogis are as yet undisclosed. The California-based company builds software to track commercial vehicles and navigation software used by automakers such as Ford. The acquisition helps Verizon capture market share in what Verizon Telematics CEO called the "highly fragmented and pretty under-penetrated" fleet and mobile workforce management business. Verizon Telematics also offers its own fleet management service, called Networkfleet. "Both Telogis in the enterprise space and Fleetmatics in the small and medium-sized businesses space have what's widely considered best-in-class technology software platforms, as well as products and services," Irlando said. 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. South Korea banned carmaker Volk- swagen of its right to sell 80 models in the country, saying it was punishment for faking documents on emissions and noise-level tests. The penalties from the South Korean Ministry of Environment, which also included a fine of 17.8 billion won, or about $16 million, came after months of investigation into Volkswagen's operations in the country. A company executive has already been indicted in connection with the cheating. Europe's largest carmaker admitted last year that it had falsified emissions data in its diesel vehicles. The firm has since suffered a global setback in sales and reputation. The sales ban announced by South Korea yesterday affects 32 types of cars but a total of 80 models, which include different size engines or trimmings of each type of car. The measures, which affect VW, Audi and Bentley models, come as the result of an extensive probe into the company which saw VW offices in South Korea raided by investigators. South Korea's environment ministry also revoked certification for an additional 83,000 cars, bringing the total number of cars de-certified to more than 200,000. That is about 68% of the 300,000 cars sold by VW in Korea since 2007, Yonhap news agency said. The company faces sanctions globally. Less than two months ago, Volkswagen agreed to pay up to $14.7 billion to settle claims in the United States. And in November, South Korea ordered Audi Volkswagen Korea, the local subsidiary of the German auto giant, to recall 126,000 diesel-powered vehicles sold in South Korea after revoking their certifications. Volkswagen had admitted in September 2015 that it had used emissions-cheating software in 11 million diesel-powered cars worldwide. South Korea at the time also fined the company 14.1 billion won. Although Korea is a relatively small auto market, it has been aggressive in pursuing cheating allegations. Since Volkswagen's admission, prosecutors have raided Volkswagen offices in South Korea and questioned the company's executives, seeking to find out whether laws on clean air and other subjects had been violated. Last month, prosecutors told the Ministry of Environment that they had found extensive forgery in documents on emissions and noise-level tests that Volkswagen had used to win government certifications. A South Korean executive of Volkswagen was indicted last month on charges of falsifying 140 such documents. Prosecutors have indicated that they would seek similar criminal charges against other executives. The 126,000 cars under a recall order and the 83,000 cars that the South Korean government decertified yesterday accounted for 68 percent of all Volkswagen and Audi cars sold in South Korea since 2007, the environment ministry said in a news release. The owners of those cars can still drive their vehicles or sell them, the ministry said. But the revoking of certifications means Volkswagen must suspend most of its activity in the country. Volkswagen Korea yesterday apologized to its customers and dealers "for causing worries." In a statement posted on its South Korean website, it called the South Korean government's actions "regrettable" and said the company would cooperate to help resolve the matter soon. Until now, vehicles made by Volkswagen and its Audi and Bentley brands have been among the top- selling foreign cars in South Korea, where the market is dominated by Hyundai, Kia and other domestically produced brands.