Issue link: https://maltatoday.uberflip.com/i/742473
maltatoday, WEDNESDAY, 26 OCTOBER 2016 12 Regular market closed – 25/10/2016 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change ● BOV 19,543 44,750.35 8 2.290 2.289 2.290 2.290 0.000 ● FIM 12,517 10,914.96 2 0.880 0.870 0.870 0.880 0.000 ▲ HSB 16,667 31,865.14 9 1.930 1.900 1.900 1.930 0.030 ▲ LQS 400 56.00 1 0.140 0.140 0.140 0.140 0.001 ● MDS 102,200 153,300.00 2 1.500 1.500 1.500 1.500 0.000 ▼ MIA 3,680 15,222.40 2 4.150 4.130 4.150 4.130 -0.049 ● MPC 1,232 763.84 2 0.620 0.620 0.620 0.620 0.000 ● RS2 9,100 13,650.00 5 1.500 1.500 1.500 1.500 0.000 ▼ SFC 1,176 7,938.00 2 6.750 6.750 6.750 6.750 0.000 ▼ G16B 64,758 65,010.56 2 100.390 100.390 100.390 100.390 -0.090 ▼ G18A 200,000 226,658.23 3 113.350 113.300 113.350 113.300 -0.080 ▼ G20A 1,864 2,208.84 1 118.500 118.500 118.500 118.500 -0.150 ▼ G20B 60,000 69,480.00 3 115.800 115.800 115.800 115.800 -0.060 ▼ G21A 100,000 123,190.00 6 123.190 123.190 123.190 123.190 -0.070 ▼ G22B 85,000 104,184.50 4 122.570 122.570 122.570 122.570 -0.110 ▼ G23A 4,660 6,256.98 1 134.270 134.270 134.270 134.270 -0.130 ▼ G29A 20,000 29,824.00 3 149.120 149.120 149.120 149.120 -0.410 ▼ G29B 361,500 416,951.05 3 115.370 115.270 115.270 115.370 -0.340 ▼ G30A 7,200 11,000.88 1 152.790 152.790 152.790 152.790 -0.470 ▼ G31A 10,000 15,503.00 2 155.030 155.030 155.030 155.030 -0.550 ▼ G32A 60,000 89,202.00 2 148.670 148.670 148.670 148.670 -0.340 ▲ G32B 7,000 10,228.40 2 146.120 146.120 146.120 146.120 0.740 ● G33A 38,000 54,660.70 3 143.870 143.840 143.840 143.870 0.000 ▼ G34A 15,000 21,069.00 2 140.460 140.460 140.460 140.460 -0.250 ▼ G36A 53,500 59,998.85 7 112.150 112.140 112.140 112.150 -0.120 ▼ G40A 134,600 164,736.94 11 122.390 122.390 122.390 122.390 -0.170 ▼ G41AA 343,900 381,729.00 21 111.000 111.000 111.000 111.000 -0.080 ▲ BV19A 6,500 6,857.50 2 105.500 105.500 105.500 105.500 0.200 ● BV20A 10,000 10,499.00 1 104.990 104.990 104.990 104.990 0.000 ▲ DF26A 19,000 19,460.00 3 102.500 102.000 102.000 102.500 0.500 ● HB17A 5,000 5,050.00 1 101.000 101.000 101.000 101.000 0.000 ▲ HM24A 10,000 10,490.80 2 104.980 104.500 104.500 104.980 1.480 ● IG24A 29,100 31,385.25 7 108.200 107.450 107.450 108.200 0.000 ● IH25A 11,800 12,282.00 4 104.100 104.000 104.100 104.000 0.000 ▼ IH26A 3,300 3,349.50 2 101.500 101.500 101.500 101.500 -0.300 ▼ MM26A 3,000 3,072.00 1 102.400 102.400 102.400 102.400 -0.590 ▲ MS26A 50,000 52,500.00 1 105.000 105.000 105.000 105.000 0.150 ● PT24A 1,000 1,030.00 1 103.000 103.000 103.000 103.000 0.000 Market Summary as at October 25, 2016 Equity Official List Session State ................................................................... Market Closed Number of trades ............................................................. 135 Volume Traded ................................................................. 1,882,197 Value of € denominated securities .................................... 2,275,414.71 Value of US$ denominated securities ................................ 10,914.96 Value of GBP£ denominated securities .............................. 0.00 Current Index ................................................................... 4,549.228 Previous Index ................................................................. 4,541.675 Change in Index (%) ......................................................... 0.166% 6pm Holdings plc ......................... 0.800 0.00% MaltaPost plc ................................ 1.850 0.00% Bank of Valletta plc ....................... 2.290 0.00% Medserv plc .................................. 1.500 0.00% FIMBank plc .................................. 0.880 0.00% Mapfre Middlesea plc .................... 2.000 0.00% GlobalCapital plc .......................... 0.450 -4.26% MIDI plc ........................................ 0.325 0.00% GO plc ........................................... 3.220 0.63% Plaza Centres plc ........................... 1.120 0.00% Grand Harbour Marina plc ............. 0.869 0.00% RS2 Software plc............................ 1.500 0.00% HSBC Bank Malta plc ..................... 1.900 0.00% Simonds Farsons Cisk plc .............. 6.750 -3.57% International Hotel Investments plc 0.660 0.00% Tigné Mall plc ............................... 1.080 0.00% Island Hotels Group Holdings plc .. 1.101 0.00% Pefaco International plc ................. 2.240 0.00% Lombard Bank Malta plc ............... 2.180 0.00% Santumas Shareholdings plc ......... 2.350 0.00% Malita Investments plc ................... 0.879 0.00% Malta Properties Company plc ........ 0.620 0.00% Malta International Airport plc ....... 4.179 0.70% MSE Index Business Today Monte dei Paschi to cut jobs and sell assets Market commentary: Spain relieved from a political gridlock Spain's minority government European Markets were in the green on Monday, with better than expected Eurozone data serving as a strong support. Spanish shares were amongst the best performing, helping the IBEX index 1.45% up. This happened as Mariano Rajoy is being re-elected as prime minister, following the acceptance of forming a minority government. Good news for Portugal Portugal also enjoyed some positive news after rating agencies decided to maintain the country's investment grade rating. Tracking this Portugal maintains access to the ECB's bond- buying program, which the adverse result would have led to higher funding costs for the country. Market Highlights The German DAX closed 0.56% higher, tracking the good performance in the banking sector, especially Commerzbank jumping over 3%. However, there was a decrease in the FTSE 100. Hikma pharmaceuticals took the plunge with its shares falling around 2.4%. The mining sector also suffered losses with Anglo American and Randgold both traded in the red over 2%. Precious metals traded mixed as the U.S Dollar climbed to its highest level for the past months. The dollar remained strong despite market worries and speculations on the timing of the next U.S interest rate hike. However, the market for Gold remained stable, with a current support by the rising demand in Asia. Oil prices continued to fall on news that Iraq was unwilling to join the deal being established by OPEC. In fact, Brent futures for December was down around 0.65% even touching a low of $51.25 per barrel. Iraq, which is OPEC's second largest producer, stated that it should be exempt from any output cuts as it is involved in a war with the Islamic State. What's happening on Wall Street On Wall Street, U.S Markets tracked a string of positive corporate news, including an $85 billion merger between AT&T and Time Warner announced over the weekend. Technology company 3M saw its shares rise, closely followed by Boeing, up around 1.73%. In fact, the Dow Jones was around 0.4% in the green. Markets remained positive amid a better-than-expected earnings season that is due to continue well into this week. Other Corporate News The American online broker Toronto Dominion (TD) Ameritrade and its largest shareholder, TD Bank said are in the middle of a $4 billion deal taking over Scottrade Financial Services. TD Bank will be acquiring Scottrade Bank for $1.3 billion in cash and $400 million in equities. TD Ameritrade will then have its brokerage operations for $2.7 billion. The combined companies will have around 600,000 executed trades per day and $944 billion in clients' assets. The consolidation comes in view of lower trading volumes and slow revenue growth in current market scenarios. On the news, Ameritrade shares were around 3% down. In Switzerland, Agribusiness Syngenta AG shares underperformed as the company missed a deadline set by the European regulators in order to be able to merge with China National Chemical Corp. The company did not submit proposed solutions to resolve potential antitrust concerns related to the merger. Syngenta AG shares dropped around 5.8%. This article was issued by Rodrick Duca, Trader 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 Investments Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website. Troubled Italian bank Banca Monte dei Paschi di Siena said it would cut 2,600 jobs, shut 500 branches and sell business units as part of a make-or- break plan aimed at persuading skepti- cal investors to buy into a multibillion- euro capital increase. Widely viewed as Europe's most stressed big bank, Banca Monte dei Paschi di Siena yesterday announced the plans in its latest attempt to boost profits ahead of a critical €5 billion recapitalisation effort. However, following the announcement shares were temporarily suspended from trading after plummeting 23%. The European Central Bank had ordered it to reduce its bad debt in April. "There is a lot of speculation ahead of the bank's plan... amid rumours and leaks of possible interest of new investors in the bank," Vincenzo Longo, a strategist for IG Markets in Milan, told Bloomberg. "We will soon discover if the plan is achievable and sustainable." Concerns are mounting over Italian banks, many of which are weighed down by massive bad debts and thought to be a risk to the wider economy. Four lenders were bailed out by investors last December and the government is seeking similar solutions for others. Monte dei Paschi is one of the banks at the centre of the crisis, having been deemed Europe's worst- capitalised bank in recent EU stress tests. On Tuesday, it reported a net loss of €1.15 billion for its third quarter, compared with a net profit of €255.8 million for the same quarter of last year. That was largely due to €1.3 billion in provisions for bad loans it booked in the period. Before Tuesday, the bank's shares had lost almost 75% of their value since the beginning of the year. Weighing on the plan's chances of success is Italy's forthcoming referendum on constitutional reform. The vote on 4 December threatens to unseat reformist prime minister Matteo Renzi and could cause market instability. Monte Paschi is under pressure from regulators to get rid of nearly €30 billion of gross non-performing loans, which it plans to sell to a securitisation vehicle for €9.1 billion. If the bad loan sale and recapitalisation fails, the bank is expected to be bailed in — imposing heavy losses on shareholders and bondholders — under new EU rules. The most risky tranche of the securitised bad loans will be distributed to Monte Paschi's shareholders for free, it said. Part of the bank's planned €5 billion recapitalisation is due to come from a voluntary swap of bonds into equity. It is also planning to issue new shares to existing shareholders and seeking new "cornerstone investors" — including groups in Qatar and Dubai as well as private equity investors — to take a significant stake in the bank. The bank reported a third-quarter loss of €1.15 billion, mainly because of "extraordinary loan loss provisions" of €750 million that took its total provisions for bad debts in the quarter to €1.3 billion. It made an overall net loss of €849 million in the first nine months of the year.