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Private equity faces fundraising battle
January 4, 2010--As private equity bosses consider their New Year resolutions, many are likely to commit themselves to overcoming the meanest fundraising market in the industry’s history by raising a fresh pool of capital.
This tough challenge will separate the buy-out industry’s sheep from its goats as increasingly choosy investors decide which groups deserve to be given more money to invest and which should be left to wither away.
Being starved of fresh capital is the kiss of death for a private equity group, giving it little option but to go into run-off, slowly selling off assets to return cash to investors.
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Source: FT.com
Euro manufacturing output narrowly up in December
January 4, 2010--Manufacturing activity across the eurozone expanded in December but at a slower pace than initially detected and with the shadow of price pressures building, a survey showed on Monday.
The 16-nation euro currency bloc's purchasing managers' index (PMI) for the manufacturing sector, published by data and research group Markit, rose to 51.6 points in December, from 51.2 points in November.
It was the third month running in which the widely-watched reading has been above the crucial 50.0 boom-or-bust line, but the readings were uneven.
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Source: EU Business
The Spanish stock exchange traded €82.86 billion in December, up 36% year on year.
Trading in Equities on the Spanish stock market in 2009 reached €897.15 bn.
The number of trades on the ETF segment in 2009 was up 99% from a year earlier.
Annual record trading in 2009 in Futures and Options, at 93.1 million contracts, up 12% from the previous year.
Trading volume on the Corporate Debt market in 2009 hit an annual record high, at €3.69 trillion, up 53.8% from a year earlier.
January 4, 2010-Equities
The trading volume on the Spanish Stock Exchange in December was €82.86 million, up 36% from a year earlier.
The trading volume in 2009 totaled €897.15bn, down 27.8% from the previous year.
In December the number of shares traded reached 7,953, up 9.9% from the same month in 2008. The number of shares executed in 2009 totaled 114.18bn, down 4.6% from 2008.
The number of trades in December was 2.32 million, up 9.7% from December 2008. The total number of trades in 2009 was 31.60 million, down 14.4% from the previous year.
As for the ETF segment, the number of trades in December came in at 3,966, up 43% from December 2008. The trading volume in 2009 totaled €303.9 million, up 29.5% from the same month in 2008. The number of trades reported by this segment in 2009 was 99% higher than in 2008, at 50,789, and the trading volume in 2009 totaled €3.47bn.
Warrants and Certificates
The number of warrants admitted to trading in 2009 was 7,237. Trading volume in December on the warrants and certificates market came in at €104 million, down 35.2% from December 2008. The number of trades in December was 21,629, down 30.1% from the same month a year earlier.
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Source: Bolsas y Mercados Españoles
Greece to submit economic reforms to EU end-January
January 4, 2010--The Greek government said Monday it would submit to the European Commission by the end of the month its stability and growth programme for restoring the country's debt-ridden economy.
"The programme that we are developing, in contact with the European Commission ... should be officially presented to the Commission at the end of January," government spokesman George Petalotis said.
He denied that there was any delay in the plan after Greek media reports that it was supposed to be submitted to Brussels on Monday.
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Source: EU Business
Statistics From NASDAQ OMX Nordic Exchange December 2009
January 4, 2010--The value of average daily share trading amounted to EUR 2.2 billion, (2008: EUR 3.7 billion per day).
The number of trades per day amounted to 213,573 trades per day, (2008: 218,919 trades per day.
The total derivatives trading amounted to 502,425 contracts per day, (2008: 660,639 contracts per day).
Interest rate derivatives trading amounted to 83,704 contracts per day (2008: 105,564 contracts per day).
The turnover rate was 107 percent (2008: 132 percent).
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Source: NASDAQ OMX
New data file regarding the corporate actions -Istanbul Stock Exchange (ISE)
December 31, 2009--In order to provide a much more detailed information about the capital events of the companies to all market participants and index providers, a new data file that contains capital increase, dividend payment and similar corporate action information will be posted in our website starting from January 04th, 2010 in the below link.
Companies Data> Corporate Actions
Source: Istanbul Stock Exchange (ISE)
One of the best years ever for Oslo Børs
December 30, 2009--After the nightmare year of 2008, investors in the Oslo market experienced quite different market conditions in 2009. The Oslo Børs Benchmark Index gained 64,8% over the course of the year, and was up by a sizeable 90 % from its low point in March, representing a much stronger recovery than we have seen in international markets.
Every fourth listed companies more than doubled their market capitalisation in what proved to be the best year for Oslo Børs since 1983 (+90%).
Most investors were relatively nervous at the start of 2009, reflecting an uncertain world in which the impact of the financial crisis on the real economy was still some way ahead and no one was able to forecast with any certainty how long the crisis might last. After a cautious start to the year, it became increasingly apparent over the course of the spring that the emergency policy packages and other stimulus measures launched by governments around the world, together with some signs of improving access to financing, were helping to avoid the worst consequences of the crisis. As optimism slowly recovered, demand for commodities also returned, helping the oil price to almost double over the course of the year. The importance of the oil price as a driving force for the Oslo market should not be underestimated.
However, 2009 was not all easy sailing. It was a difficult year for many companies and their employees both in Norway and abroad, even if this is not immediately apparent from the performance of the stock market. The hard facts show that one in five of the companies listed on Oslo Børs suffered a fall in market capitalisation over the course of 2009.
Cautious start
There was no shortage of commentators warning that stock markets were recovering too quickly as the year progressed. Many people found it difficult to understand that a market which had seemed to be falling without limit just a few months previously could recover so quickly. This seemed particularly unexpected at a time when the news was dominated by layoffs, corporate failures and profit warnings. However, the spring months saw increasing signs that the bottom had been reached, and bond markets in particular improved as key economic indicators at first levelled off and then started to turn upwards.
A number of companies with liquidity problems were quick to take advantage of this better climate in the spring months to arrange new financing, and this not only provided a lifeline for their own investors and employees, but also went a long way to restoring confidence in the capital markets. The year as a whole outperformed all expectations, and once again one can look back with amazement at how quickly the financial markets can change direction. In the same way that most people were too slow to respond to the danger signals ahead of the financial crisis, few were able to anticipate the upturn that awaited them in 2009. But of course not everyone followed the consensus market view.
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Source: Oslo Børs
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 24-Dec-09
December 30, 2009--Highlights
Last week saw US$118.6 Mn net outflows from DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Health Care with US$32.1 Mn and Utilities with US$8.4 Mn while Telecommunications experienced net outflows of US$54.1 Mn.
Year-to-date, Telecommunications has been the most popular sector with US$411.4 Mn net new assets, followed by Basic Resources with US$383.6 Mn net inflows. Financial Services ETFs have been the least popular with US$32.4 Mn net outflows YTD.
Visit Blackrock for more information.
Source: ETF Research and Implementation Strategy Team, Blackrock
Record year for equity fundraising on London Stock Exchange
December 29, 2009-- record £82.5 billion was raised through new and further issues of equity on the London Stock Exchange during the course of 2009, an increase of 16 per cent on the total for 2008, itself a record year.
Despite difficult market conditions, there were a total of 69 new issues on the Exchange, including 18 IPOs, and a significant number of further issues, totalling £80.7 billion, taking place.
Tracey Pierce, Head of Equity Primary Markets at London Stock Exchange Group, said:
“Our markets continued to support the capital raising needs of companies across the year, with a flow of secondary issues contributing to a record year of equity fundraising, providing firms with the backing they need to help them through testing market conditions. Although there can be no certainty regarding the timing of new issues, our pipeline of new companies looking to float in 2010 is promising, with firms from a broad range of countries and sectors keen to benefit from the liquidity and profile that a listing in London offers.”
2009 EQUITY MARKET HIGHLIGHTS:
On July 27 ,Tata Steel, one of the world’s leading steel companies, raised $500 million, the largest ever Indian GDR offering in London
Also in July, RusHydro, the world's largest publicly traded hydro generation company joined the Main Market, while Virgin Media joined the Official List in October, giving investors the opportunity to invest in one of the UK’s leading entertainment brands.
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Source: London Stock Exchange
IGBM Index new composition for first half 2010
The index will be made up of 119 stocks, six fewer than in the previous half
December 29, 2009---The Indice General de la Bolsa de Madrid (IGBM) Management Committee has decided, in accordance with technical provisions for the composition, calculation and sectoral division of the IGBM index family, to approve the composition of the IGBM and Indice Total indices for the first half of 2010.
Based on trading volume and market capitalisation criteria, the new composition of the IGBM is as follows: the index is to add 1 stock while 7 will be excluded from the index. The IGBM and Indice Total will comprise 119 shares during the first half of 2010.
The index inclusions and exclusions are as follows:
STOCKS INCLUDED IN THE INDEX
Grupo San José, as a recently listed stock as of 20 July 2009.
STOCKS EXCLUDED FROM THE INDEX
Banco de Andalucía as a result of the merger by absorption by Banco Popular Español 10 August, 2009
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Source: Bolsa de Madrid
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