maltastar.com

Local market remains in positive terrain

22 December 2009 17:16

During the second session of the week, the Malta Stock Exchange index edged forward by just 2.10 points or 0.06% to close at 3443.46 points. Five gainers were recorded while only one stock finished on the back foot.

· Large-cap HSBC Bank Malta p.l.c. registered a €0c5 gain to close at €3.235. Volume was quite strong as 15,625 shares changed hands across twelve trades. These shares carried a market value of €50,545.33. Meanwhile, the shares of Bank of Valletta p.l.c. finished static at €3.80 across 7,846 shares.

· Remaining on the banking front, the shares of Lombard Bank p.l.c. continued marching on. The share price increased €2c0 to settle at the €2.97 level across 5,000 shares. At the end of trading, bids for 1,000 shares stood at €2.97, whereas the best offer for 5,000 shares stood at €2.99. On a negative note, the shares of FIMBank p.l.c. dropped $7c0 at $1.09 across a handful of trades amounting to 86 shares.

· GlobalCapital p.l.c. was another stock which made some headway. The share price registered a satisfactory €5c0 gain to close at €1.25 across 2,000 shares. At market close, best unsatisfied bids stood at €1.20 for 2,100 shares against best offers of 2,100 shares at €1.30.

· The shares of Middlesea Insurance p.l.c. were also in the limelight. A total of 5,761 shares pushed the price up €4c6 to close at €0.796.

· On the telecommunications front, GO p.l.c. shares showed strength. The share price traded €1c0 higher to finish at €2.11 across 2,000 shares. The lowest traded price during the session was €2.06, whereas the highest traded price of the day was €2.11.

· Elsewhere on the board, Simonds Farsons Cisk p.l.c. maintained its previous session price at €1.70 after 500 shares worth €850 were swapped in one transaction.

U.K. - Market News & Gossip

· RICS suggests that house prices may see modest gains in 2010, but does not see growth of more than 1% as likely.

· The Telegraph highlights how S&P cut the credit rating on UK banks due to concerns on ‘high credit losses’ putting the sector in the group containing Chile and Portugal, and stays particularly concerned over levels of household debt and the property and construction sectors and the sector is also in the news as the OFT states this morning that it has decided against taking forward an investigation into bank charges but continues to have significant concerns about the operation of the market for personal accounts and will discuss the issue with banks and consumer groups.

· Vodafone’s chief of its UK business states that quality of network service is key to its revival, rather than an outright price war with its rivals.

· The chief of OPEC states that current oil prices remain comfortable and seen no OPEC output change.

· Carillion announces it has been awarded a £157m PPP project in Toronto.

E.U. - Market News & Gossip

· Fiat’s chief is due to meet Italy’s Industry Minister today to discuss its business plan.

· Sources suggest that Macquarie is moving to be front runner to take over the derivatives business of Sal. Oppenheim.

· SKY Deutschland states that it expects a positive EBITDA in 2011 but that it would generate a net loss.

U.S. - Market News & Gossip

· The WSJ highlights how the FBI is looking into the cyberattack at Citigroup which reportedly resulted in the theft of tens of millions of dollars, with the hackers thought to be part of a Russian based cyber gang, and are believed to have attacked two other entities including a US government agency, but Citigroup denies the story, stating there was no breach of its systems, and there were no losses, no customer losses and no bank losses.

· Apple’s plans to offer television subscription through the internet could gain weight after reports that CBS and Walt Disney were considering participating in the venture.

· The planned merger between Live Nation and Ticketmaster is in the news after the UK authorities dropped its objections and approved the outline of the deal.

· Oil is trading around 473 as OPEC decides to keep planned output unchanged until the March 17 meeting.

· Italy’s Intesa Sanpaolo announces today it is to sell its securities services activities to State Street for €1.75bn, with the US bank stating that it planned to finance the acquisition through available capital.

· Bloomberg suggests that AIG is looking to pause its planned IPO of its Chartis, global property casualty division, after its chief states that he sees the unit as a core holding.

· Retailers stay in focus as many still hope for a late surge in consumer spending although some are concerned the severe winter spell may have kept many at home.

· In UK trading Shire states midday that it expects its Replagal supply to be adequate to meet the anticipated global demand.

Alan-Charles Bishop

Source: Man Financial Ltd.

Date: 22/12/2009

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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