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Four gainers recorded

21 December 2009 14:03

The local market continued to edge forward as the MSE Index gained 0.33% at 3441.36 points. Eight stocks were recorded in the equity market across a total turnover of 62,939 shares.

· On the banking front, Bank of Valletta p.l.c. took the podium in terms of volume. A total of 14,701 shares were negotiated as the share price increased €2c0 at €3.80.

· Remaining on the banking sector, the shares of HSBC Bank Malta p.l.c., Lombard Bank p.l.c. and FIMBank p.l.c. traded sideways without affecting their previous session close at €3.23, €2.95 and $1.16 respectively.

· On Monday 21st December, the Board of Directors of Lombard Bank Malta p.l.c. announced that on Thursday 11th March 2010 they shall consider and approve the Group’s and the Bank’s Audited Financial Statements for the financial year ended 31st December 2009. Furthermore, they shall consider the declaration of a final dividend to be recommended to the Bank’s Annual General Meeting.

· The shares of GO p.l.c., Middlesea Insurance p.l.c. and MaltaPost p.l.c. traded €1c5, €3c9 and €3c0 higher to finish the first session of the week at €2.10, €0.75 and €0.72 respectively.

· Elsewhere on the board, the shares of International Hotel Investments p.l.c. maintained its previous session price at €0.80 after 5,626 shares worth €4,500.80 were swapped in two transactions.

· On Monday 21st December the directors of Island Hotels Group Holdings p.l.c. announced that Mr. Gary Alexander Neville was appointed a non-executive director of the Company with effect from the 21st December. Meanwhile, Mr. William Hancock has been co-opted by the board of Directors of the Company with effect from the 21st December 2009. There are no disclosures to be made in terms of listing rules 8.16.3 to 8.16.8.

U.K. - Market News & Gossip

· Aggreko starts trading in the FTSE 100 this morning after the constituents changes took effect on the close of business on Friday, with Rentokil moving back into the mid 250.

· The BBC’s Trust have agreed on the plans to create Project Canvas, which could become a dominant force in the growing Internet TV sector.

· Eurostar and carriers stay in focus as weather conditions in the south east of England remain difficult, with Eurostar services still being disrupted and after some airports were closed yesterday.

· The FT highlights how the CBI is expecting a slow and anemic recovery.

· The Sunday Times suggests tucking away some shares in National Express, while The Telegraph suggests buying Ryanair and Hochschild Mining and the Sunday Mail has a buy on Southern Cross and a hold on Petrofac.

· Kraft is seen looking to have a meeting In February to discuss a share issue to help fund its hostile moves for Cadbury.

· The Sunday Times writes that RBS has reduced the bidders for its commodities trading joint venture, Sempra Commodities to JP Morgan, Macquarie, and Deutsche Bank and suggest the sale could be worth some £2.5bn.

· The LSE announces a new joint venture with Turquoise which aims to expand its services across Europe.

E.U. - Market News & Gossip

· The German finance minister states today that the global economy seems to have passed the low point and sees the German economy likely to remain on recovery path despite the easing global stimulus packages.

· Sanofi announces it is to cease development on two drugs but attempts to offset the news by stating its planned prostrate cancer drug had been approved by the FDA for fast tracking.

· The chief of Iliad states that it will generate an EBITDA of €2.8bn between now and 2012.

· The chief of VW states that it is unlikely to make further strategic deals in the near future.

· German press has the chief of adidas staying confident on 2010 and expects both its Reebok and Adidas brands to grow.

· A senior executive at Henkel states that it is looking to grow its detergent business faster than the market in 2010.

· Bilfinger Berger’s planned Australian deal with MCE was given the go-ahead by EU authorities on Friday.

· Hochtief denies reports that it is looking to sell its 49.9% stake in its concessions unit rather than looking to take it public.

· Prisa announces a deal to take control of Spanish free to air channel Cuatro in a €1.05bn deal and sources suggest that Antena 3. Television Sa and La Sexta are close to agreeing a possible tie-up.

· Spyker remains in focus as it continues to look at a possible move for Saab.

U.S. - Market News & Gossip

· The WSJ writes on how the past decade has been the worst since records began back in the 1820’s as stocks on the NYSE on average fell 0.5% year.

· Terex Corp, the heavy earth moving equipment maker announces it is to sell its own mining business for $1.3bn to Nasdaq listed Bucyrus.

· The ECB states that it would not bail out debt troubled member states, such as Greece.

· Barron’s suggests that Devon Energy may be takeover candidate after Exxon’s recent move for XTO Energy.

· And suggests that shares in fertiliser maker Mosaic Co could gain at least 40% over the next few years.

· The paper also highlights how of the analysts asked the range of forecasts for the S&P 500 for 2010 is 1,120-1350.

· And finally the paper also writes that prospects for the nations four large banks are looking set to ‘rise markedly’ in the coming years.

Alan-Charles Bishop
Source: Man Financial Ltd.
Date: 21/12/2009

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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