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Local bourse maintains positive movement

24 November 2009 13:29

The local market witnessed another positive session as the MSE Index registered an increase of 0.52% to close at 3335.71 points. Nine stocks were negotiated in the equity market, in which two stocks closed unchanged from their previous close, two traded lower while the remaining equities managed to advance.

· On the banking sector, Bank of Valletta p.l.c. and HSBC Bank Malta p.l.c. moved in opposite directions. The share price of BOV lost €4c0 at €3.76 across 6,582 shares. Meanwhile, on stronger volume of 13,500 shares, the share price climbed €7c0 to hit the €3.09 level.

· On a positive note, the shares of GlobalCapital p.l.c. registered a satisfactory €6c5 gain to finish at the €1.065 level across 240 shares. At the end of trading, bids for 1,840 shares stood at €1.065, whereas the best offer for 960 shares stood at €1.498.

· On the insurance front, Middlesea Insurance p.l.c. dropped €10c0 to settle at the €0.65 level. This equity was the most liquid stock of the day as 32,232 shares were swapped across nine transactions.

· Meanwhile, the shares of GO p.l.c. and International Hotel Investments p.l.c. traded €2c5 and €1c0 higher to reach the €1.895 and €0.81 level respectively. The volume traded in GO P.l.c. amounted to 3,000 shares while 5,912 shares were negotiated in IHI.

· Island Hotels Group Holdings p.l.c. was another stock which made some headway. The share price gained €1c0 at €1.02 across 1,000 shares. Elsewhere on the board, the shares of Medserv p.l.c. and Datatrak Holdings p.l.c. traded sideways without affecting their previous session close at €4.00 and €0.07 respectively.

U.K. - Market News & Gossip

· The Times writes that new data suggests that Tesco is selling up to 3p/litre more for fuel at its stations in the UK that have no rival supermarket nearby, with diesel up to 6p more, backing the competition commission’s moves for a competition test to make it harder to open a store in areas not already manned by rivals.

· Galliford Try announces that it has submitted an appeal to the competition appeals tribunal over the OFT fine of £8.3m over alleged collusion on the pricing of hospital and school refurbishment projects.

· Bovis Homesannounces that its group Finance Director, Neil Cooper, is to leave.

E.U. - Market News & Gossip

· PPR is reported to have stated that it is looking to sell its European retail divisions ‘the sooner the better’.

· TF1 details that it has sold its 9.9% stake in Canal Plus France to Vivendi for €744m.

· Legrand is in the news as Wendel and its US private equity partner KKR announce they are to cut their stake in the electronics group to 505 from 61%.

· MAN stays in the news after it announced yesterday that its chief is to leave the group at his own request with immediate effect.

· Adidas states that it may cancel agreements made with football clubs or players that are part of a possible betting scandal.

· SEB suggests that 2010 will be as challenging as 2009, but that at least the worst has been past in the Baltic states.

· Assa Abloy will be eyed as it holds a capital markets day in London today.

· Daimler states that it is expanding its activities in Russia by setting up two new joint ventures.

· A federal appeals court has thrown out a case by Microsoft, as it looked to change the way that patents are upheld in court cases, as it continues its front against Alcatel-Lucent.

U.S. - Market News & Gossip

· Apollo Global Management announces that revenues gained further in Q3, details given as part of its moves to follow the likes of Blackstone onto the NYSE.

· Nasdaq listed Peet’s Coffe & Tea lifted its cash and stock offer to buy Diedrich Coffee but due to its falling share price the offer is still only comparable to rival interest from Green Mountain Coffee Roasters.

· The WSJ writes on how the number of US homeowners in negative equity is now around 23% threatening the prospects for a sustained housing recovery.

· The paper also highlights how HSBC has asked retail clients to empty their holdings of gold from its vault in New York so that it can make room from increasing institutional demand for space for gold storage.

· Consumer surveys suggest that as last year ‘must have’ electronic items are set to fare well in the upcoming key retailing period, but apparel sales may struggle in the tough environment.

· The NY Times writes on how federal regulators have found a ‘strong association’ between chemicals used in Chinese drywall/plaster, used in thousands of US homes and electrical problems in the homes.

· Rambus gained around 2% after hours as it gave a positive update in its price fixing court case.

Alan-Charles Bishop

Source: Man Financial Ltd.

Date: 24/11/2009

Issued by GlobalCapital Financial Management Ltd, 120 The Strand, Gzira, GZR03 for information purposes only and is not intended to constitute any financial, legal or tax advice. This write up is not to be taken as investment advice to buy or sell any investment. Investors should seek professional advice prior to taking investment decisions and should note that the value of investments may fall as well as rise. Readers who would like more information are invited to send an E-mail to info@globalcapital.com.mt or Tel: 21 310088. GlobalCapital Financial Management Ltd, is a member of the Malta Stock Exchange and is licensed by the Malta Financial Services Authority (MFSA).

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