Financial news
06 January 2010 14:53
 Middlesea insurance shares extend rally
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| he local market remained in positive terrain as the Malta Stock Exchange index closed 0.84% higher at 3508.25 points. · The shares of Middlesea Insurance p.l.c. maintained their positive run. The share price climbed €4c4 to finish at €0.875. Volume was strong as 56,858 shares were swapped across seventeen trades that carried a market value of €49,292. At market close, best unsatisfied bids stood at €0.875 for 11,300 shares against best offers of 1,000 shares at €0.89. · On the banking front, the shares of Bank of Valletta p.l.c. followed suit. The share price increased €3c2 at €3.93 across 28,995 shares. The price shifted in the range of €3.898 to €3.93. · Remaining on the banking sector, the shares of HSBC Bank Malta p.l.c. traded €5c0 higher at €3.30. The turnover amounted to 22,129 shares and swapped across twenty deals. The lowest traded price during the session was €3.25, whereas the highest traded price of the day was €3.30. · The shares of Island Hotels Group Holdings p.l.c. witnessed a relatively quiet day. The share price traded €0c9 higher to settle at the €1.019 level. · Elsewhere, the shares of GO p.l.c., Simonds Farsons Cisk p.l.c. and Plaza Centres p.l.c. traded sideways without affecting their previous session close at €2.10, €1.70 and €1.63 respectively. U.K. - Market News & Gossip · The BRC details that prices in UK shops gained by the fastest rate for some 2 years in December, and salaries gained for the second month in a row as the jobs market turnaround recovery looks set to continue early into 2010 · Asda’s chief merchandising officer states that unlike its rivals it is lowering prices on a more permanent basis on the products people want to buy, as the group promises its largest rollback for a decade, with Tesco responding stating I is to cut prices on 12,000 grocery products · Carphone Warehouse in the general press as its calls U2 singer Bono ‘seriously misguided’ after he stated that the internet service provider was profiting from users who were illegally file sharing on the net · The Guardian writes that Berkshire Hathaway, the largest shareholder in Kraft, has threatened to block any further improved offers for Cadbury E.U. - Market News & Gossip · EADS continues to put pressure on European governments suggesting it may yet drop its A400Mprogramm unless countries are willing to pay more in order to cover the increased production costs · Deutsche Boerse new corporate bond platform on Xetra has been suspended after a couple of brokers, who attempted to sign up from market maker status, went to court after they failed in the bidding process to join the market · The ECB is due to meet with the Greek government to discuss its planned deficit moves · German press suggests that the chairman of Commerzbank attempted to lobby the German government to loosen the imposed pay limits, but with no real success · Siemens sources have stated that it is not planning an over for Ciena · The European telecom gear makers and retailers will be eyed as the market digest the details of the new Google Nexus 1 Smartphone launched yesterday afternoon · Dassault Aviation will be eyed after news flow from Brazil suggests its air force would prefer to buy its next generation fighter jets from Sweden · Trading in Italian markets may be lighter than normal due to the public holiday today but stock markets remain open U.S. - Market News & Gossip · Kraft continues to be the major US M&A story as analysts continue to suggest that it will have to further improve its offer if it is to be successful, but after Berkshire Hathaway, its leading shareholder, indicates it would block any higher offers the likelihood of success ahead is fading · Iceland has had its ratings dropped to junk status by some agencies and states today it may hold a referendum on its compensation plans on February 20 · A new report has US strip mall vacancies at an 18 year high and the vacancy rate at the larger regional malls was at a decade high as the longer term outlook remains tough despite the decent holiday sales out so far · The Senate banking Committee chairman, Christopher Dodd, is expected to announce today that he will not be seeking re-election in November · Google will stay in the news as the business and wider press details yesterday afternoon’s launch of its new Nexus 1 Smartphone, and as Apple announces it has acquired the mobile advertising company Quattro Wireless · New data from Mastercard suggests that sales over the holiday period were up 17% online, electronics up 7.3% helping to support the less active apparel sales · Goldman midday details that it has added Lockheed Martin to its conviction sell list Sandro Micallef Source: Man Financial Ltd. Date: 06/January/2010 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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