Issue link: https://maltatoday.uberflip.com/i/759501
maltatoday, WEDNESDAY, 7 DECEMBER 2016 12 Regular market closed – 6/12/2016 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change ● BOV 8,183 18,317.19 5 2.240 2.230 2.239 2.240 0.000 ▼ GO 15,000 48,015.00 3 3.201 3.201 3.201 3.201 -0.014 ▲ IHI 325 210.93 1 0.649 0.649 0.649 0.649 0.029 ▼ MDS 4,900 8,130.40 2 1.660 1.659 1.659 1.660 -0.018 ▲ MPC 349 209.40 1 0.600 0.600 0.600 0.600 0.015 ● RS2 1,520 2,416.92 2 1.600 1.571 1.571 1.600 0.000 ▼ G18A 2,329 2,617.56 1 112.390 112.390 112.390 112.390 -0.100 ▲ G20A 62,829 74,006.28 2 117.790 117.790 117.790 117.790 0.020 ▲ G20B 8,000 9,216.80 1 115.210 115.210 115.210 115.210 0.070 ▲ G21A 63,954 78,262.61 4 122.400 122.370 122.370 122.400 0.150 ▲ G22A 383,864 485,472.80 4 126.470 126.470 126.470 126.470 0.090 ▲ G22B 11,500 13,960.55 2 121.400 121.370 121.370 121.400 0.180 ▲ G24A 5,000 5,934.00 1 118.680 118.680 118.680 118.680 0.030 ▲ G28A 21,200 28,971.68 3 136.960 136.540 136.540 136.960 0.890 ▲ G28B 200,000 267,750.00 2 133.900 133.850 133.900 133.850 0.040 ▲ G29B 200,000 219,200.00 2 109.650 109.550 109.650 109.550 0.700 ▲ G31A 106,000 155,502.00 2 146.700 146.700 146.700 146.700 1.120 ▲ G32A 20,000 28,200.00 1 141.000 141.000 141.000 141.000 1.170 ▲ G32B 13,000 17,860.10 4 137.810 137.120 137.120 137.810 0.740 ▲ G33A 18,300 25,008.01 2 136.670 136.630 136.630 136.670 0.790 ▲ G34A 14,500 19,493.75 4 134.500 134.430 134.430 134.500 0.840 ▲ G36A 566,600 611,432.92 15 108.260 107.000 107.000 108.160 1.280 ▼ G39AA 91,400 92,596.40 9 101.400 101.000 101.380 101.000 -0.400 ▲ G40A 78,000 91,017.81 5 117.270 115.650 115.650 117.270 1.710 ▲ G41AA 324,000 339,210.00 15 105.240 103.640 103.640 105.240 1.600 ● AX24A 2,500 2,850.00 1 114.000 114.000 114.000 114.000 0.000 ▼ BV30A 25,000 24,000.00 1 96.000 96.000 96.000 96.000 -2.490 ▼ DF26A 10,000 10,302.00 3 103.100 103.000 103.000 103.100 -0.150 ▼ GH20A 5,100 5,151.00 1 101.000 101.000 101.000 101.000 -1.000 ● GP23A 47,800 48,445.30 5 101.350 101.350 101.350 101.350 0.000 ▼ HM24A 20,000 20,998.00 2 104.990 104.990 104.990 104.990 -0.010 ▼ IH26A 10,000 10,220.00 3 102.200 102.200 102.200 102.200 -0.040 ▲ MF24A 600 634.50 1 105.750 105.750 105.750 105.750 0.140 ● MI17A 5,000 5,000.00 1 100.000 100.000 100.000 100.000 0.000 ● MI21A 4,700 4,740.00 2 102.000 100.000 102.000 100.000 0.000 ▲ PC26A 30,000 30,454.69 8 101.990 101.400 101.700 101.400 0.020 ● PG22A 18,000 19,800.00 1 110.000 110.000 110.000 110.000 0.000 ▲ PT24A 54,600 56,884.60 6 105.000 104.000 104.050 105.000 0.950 Market Summary as at December 6, 2016 Equity Official List Session State ................................................................... Market Closed Number of trades ............................................................. 128 Volume Traded ................................................................. 2,454,053 Value of € denominated securities .................................... 2,882,493.20 Value of US$ denominated securities ................................ 0.00 Value of GBP£ denominated securities .............................. 0.00 Current Index ................................................................... 4,494.880 Previous Index ................................................................. 4,476.712 Change in Index (%) ......................................................... 0.406% 6pm Holdings plc .......................... 0.800 0.00% MaltaPost plc ................................. 1.875 -0.27% Bank of Valletta plc ....................... 2.240 0.45% Medserv plc .................................. 1.678 0.00% FIMBank plc ................................. 0.840 1.20% Mapfre Middlesea plc .................... 2.120 0.00% GlobalCapital plc .......................... 0.440 0.00% MIDI plc ........................................ 0.330 0.00% GO plc .......................................... 3.215 -0.16% Plaza Centres plc ........................... 1.100 0.00% Grand Harbour Marina plc ............. 0.869 0.00% RS2 Software plc ........................... 1.600 0.13% HSBC Bank Malta plc ..................... 1.855 0.00% Simonds Farsons Cisk plc .............. 6.450 0.00% International Hotel Investments plc 0.620 0.00% Tigné Mall plc ................................ 1.150 0.00% Island Hotels Group Holdings plc .. 1.101 0.00% Pefaco International plc ................. 2.240 0.00% Lombard Bank Malta plc ................ 2.080 0.00% Santumas Shareholdings plc ........ 1.260 0.00% Malita Investments plc ................... 0.851 -0.93% Malta Properties Company plc ....... 0.585 0.00% Malta International Airport plc ....... 4.040 -0.25% MSE Index Business Today Renzi's referendum failure drags banking shares down Markets in Europe mostly ended Monday in the green. The only ex- ception was Italy, being the high- light of the day, with shares in Ital- ian banks losing ground following Prime Minister's Matteo Renzi's heavy defeat in the referendum for constitutional changes. Markets were particularly concerned about the Italian banking industry, which is seen vulnerable to the loss of confidence. Italian banks are bur- dened with bad debts and therefore are also in need of refinancing. The referendum outcome resulted in Italian banking shares being dragged down by fears that an aid for the stressful Banca Dei Monte Dei Paschi di Siena (-4.21%) might fail. Moreover, shares in Unicredit (-3.36%) have for some moments been suspended when a circuit breaker kicked in due to a decrease in the shares price of 3.45%. The FTSE MIB declined 0.22%. Banca Popolare di Milano and Banco Popolare plummeted 7.88% and 7.44%, respectively. Mediobanca plunged 4.24%. The green area On a positive note, the rest of Europe ended in positive territory. In London, the FTSE 100 increased 0.43%. The mining sector led the gains. Antofagasta surged 4.90% and Glencore rallied 4.45%. The DAX jumped 1.63%. Significant gains were recorded in the automotive industry with BMW climbing 3.23%, Daimler rising 2.56% and Volkswagen growing 2.40%. The CAC 40 rose 1.00%. The best performer was ArcelorMittal, soaring 5.08%. US markets opened higher, shrugging off earlier losses on Italy's news and still digesting last week's non-farm payroll data, which revealed the rate of unemployment dropped to 4.6% in November – the lowest reading since August 2007. Markets also paid attention to the New York Federal Reserve president William Dudley statement, in which he stated that he is in favour of a gradual interest rate increase if the US economy stays on track. Currently, market expectations for a rate hike this month is over 90%. The Dow Jones Industrial gained ground to hit a new record high, with Goldman Sachs contributing the most gains. The S&P 500 also advanced, led by rising energy prices. NASDAQ was also up by over 1%. The oil arena Today oil advanced to 16-month high as OPEC sent its invitations to non-members in an effort to secure additional output cuts following last week's surprise deal after months of uncertainty. The OPEC group invited 14 non- members, which together make up about a fifth of the world's oil output. Oil has climbed over 15% from last week's agreement. These invites might as well wrangle up a few more barrels of cuts although Mexico and Kazakhstan have previously signalled an unwillingness to cut output. Meanwhile, Mexico's largest oil company, Pemex, has approved BHP Billiton's offer today to collaborate with the company in deep water oil explorations in the Gulf of Mexico, Pemex announced this on its Twitter account. So far, Pemex was the only company to explore the area's deep waters in the Trion oil field, where light crude can be found. BHP Billiton had outbid BP to obtain the rights for the joint venture with Pemex. This article was issued by Rodrick Duca, 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 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. Deloitte global outlook: Brexit in focus The global economy has lately been characterised by relatively slow growth, weak business investment, persistent deflationary pressures, and slow growth of cross-border trade in goods and services. In the Q4 issue of the Global Economic Outlook, Deloitte's far-flung economists of- fer their views on the United States, Eurozone, China, Japan, India, Rus- sia, Brazil, Canada, and helicopter money. In her article on the US economy, Patricia Buckley says that growth is likely to be better in the second half than in the first. She notes that the sharp decline in inventories sets the stage for a revival of growth. In the next article, Alexander Börsch focuses mainly on the potential impact of the UK Brexit referendum on the other European economies. He notes that the initial fears about financial market disruption have been allayed by a quick response from the European Central Bank. He also discusses the mainly incompatible negotiating positions of the United Kingdom and the European Union, rendering likely a period of uncertainty. Dr Ira Kalish's article on China, discusses the continuing debate over the dangers of debt in the Chinese economy. He points to a study from the Bank for International Settlements that suggests that China's debt relative to GDP is unusually and dangerously high. In his article on Japan's economy, Akrur Barua says that an unusually aggressive monetary policy, involving massive asset purchases and negative policy interest rates, has failed to achieve its goals. Although the Bank of Japan has recently signalled an intention to ease policy even further, Akrur suggests that monetary policy may have gone as far as it can. India is the focus of the next article, written by Rumki Majumdar. She says that although the Indian economy faces some headwinds, new legislation involving tax and bankruptcy reforms could set the stage for an acceleration of growth. In the next article, Lester Gunnion examines the Russian economy. He says that there are signs that the period of declining activity may be coming to an end, and that the Russian economy might have hit bottom. Brazil is the focus of Akrur Barua's next article. The country that hosted the recent Olympic Games continues to suffer from one of its worst downturns in modern times. With inflation remaining high and fiscal mismanagement over the past year, the central bank has been compelled to keep monetary policy tight, thereby inhibiting an economic recovery. In his article on Canada, Daniel Bachman bemoans the continued weakness of the economy. He says that despite a weak currency, non- oil exports have failed to revive sufficiently to drive growth. For the last article, Akrur Barua looks at the oddly named issue of "helicopter money." This is the idea that a central bank can circumvent the banking system and simply drop money from the sky – or to be more precise, it can fund government spending by just boosting the money supply. The idea is that, when the financial system is not functioning properly, this might be a useful alternative to traditional policy. The Deloitte Global Economic Outlook Q4 2016 may be downloaded from http://www2.deloitte.com/mt/ geo