maltastar.com

A positive day at Garrison Chapel

18 December 2009 13:54

During the last session of the week, the Malta Stock Exchange index edged forward 0.08% to close at 3430.15 points. Leading banking stocks moved in opposite directions while the shares of GlobalCapital p.l.c. remained in positive territory.

· Large-cap Bank of Valletta p.l.c. shares gained €1c0 to close at €3.78 across 6,635 shares. On Thursday 17th December Bank of Valletta p.l.c. announced that the Thirty Sixth Annual General Meeting, held on Wednesday 16th December 2009, approved all the resolutions on the agenda.

Meanwhile, the shares of HSBC Bank Malta p.l.c. slipped €1c9 to finish at €3.23 across 6,350 shares.

· Remaining on the banking front, Lombard Bank Malta p.l.c. climbed €6c0 to settle at the €2.95 level. Turnover amounted to 8,000 shares and swapped across three deals.

· The shares of GlobalCapital p.l.c. finished in positive terrain once again. The share price advanced €5c0 at €1.20 across 3,097 shares carrying a market value of €3,717.85.

· On the insurance front, Middlesea Insurance p.l.c. was the most liquid stock of the day as 14,292 shares changed hands. The share price increased €4c6 at €0.711.

· The shares of GO p.l.c. and Medserv p.l.c. traded €2c5 and €2c0 higher to settle at the €2.085 and €4.20 level respectively. The total volume between these two equities amounted to 7,190 shares.

· Elsewhere on the board, Malta International Airport p.l.c. and RS2 Software p.l.c. surrendered €5c0 and €4c3 to close the fifth session of the week at €2.35 and €0.557 respectively.

· On Thursday 17th December International Hotel Investments p.l.c. announced that with effect from the date of announcement Mr. Binod Narasimhan has been appointed as a non-executive Director. There is no matter regarding disclosures under Listing Rules 8.16.3. 8.16.8.

U.K. - Market News & Gossip

· The Bank of England states that the financial sector looks in much better shape than it did six months ago, but urges banks to take advantage of the funding conditions to strengthen their balance sheets, while Barclays is in the news as the telegraph suggests it is to start lending money provided by the European Investment Bank to small business as rate some 2.5% under the normal business rate.

· The latest GfK survey has UK consumer confidence down in December on top of the falls seen in November.

· The FT suggests that Alexander Lebedev is in advanced talks to buy The Independent.

· Topps Tiles announces today the withdrawal of funding from its Dutch subsidiary but states UK trading has continued with an encouraging trend.

· Mears Group announces an all share offer for Supporta valued at around £27m.

E.U. - Market News & Gossip

· EADS is in the news as regulators end the three year probe into insider trading and market abuse allegations by clearing the group.

· Ryanair announces that its has unsuccessfully ended the negotiations with Boeing as it states Boeing was unwilling to incorporate other terms from its existing agreement, with Ryanair stating that it would not order if it believed the terms were inferior to pricing it believes it currently enjoys.

· Ferrovial announces that the adjusted EBITDA for its BAA unit is forecast to be £956m.

· Iliad has been awarded France’s fourth mobile phone license.

· The chief of Deutsche Bank states that it is to spread the cost of the UK’s criticised Banker Tax amongst its staff across the globe.

· SAP will be eyed after Oracle announces a surprise increase in new software sales.

· Electronics Retailers will be eyed after Research in Motion gained some 12% after hours as it announced strong sales of its Blackberry smartphone.

· Spanish cement makers, such as FCC and Cementos Portland will be eyed after the Spanish competition watchdog announces it is to launch deeper probes into possible price fixing in the sector.

U.S. - Market News & Gossip

· The WSJ highlights how Television makers are gearing up for the next major push, and suggest 3D compatible as the next wave of selling after the Flat screen market which has supported sales over the past few years.

· Carl Icahn has taken a significant stake in Take Two Software, with the software company reporting a widening Q4 loss.

· Zale Corp detailed yesterday that 12 month LFL sales fell 18.6% in November and a regulatory filing details it is cancelling some orders with suppliers as sales stay low.

· The chief of FedEx states that it has reached a turning point as it sees global economic conditions as improving, but the stock still sags as it gave an outlook for Q4 under the expectations.

· As expected the US Senate panel has backed Bernanke for a second term.

· Citigroup stays in the news as some call its planned $20bn stock offering a ‘disaster’ as its share price fell to its lowest level for some four months yesterday after a rather lacklustre response to its planned $20bn stock offering.

· The chief of Motorola states that he does not see the total dollars being spent increasing with the new super-fast LTE mobile networks.

· Chiquita Brands states that it continues to believe that it should be entitled to immunity from the EU probe into possible violation of competition law in 2004-2006.

· Boeing is in the news after Ryanair pulls out of talks for up to 200 planes and would instead drop its planned investment in 2011.

Alan-Charles Bishop

Source: Man Financial Ltd.

Date: 18/12/2009

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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