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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
DAX stock index breaches 6,000-point mark
December 28, 2009--The German DAX index of leading stocks broke through the 6,000 point barrier on Monday - the first time it has reached the benchmark since September 26, 2008.
The index opened at 5,977.99 points, a gain of 0.34 percent from Wednesday's pre-Christmas close, and hit the 6,000-point mark in early trade.
After hovering both above and below that level throughout the day, it closed at 6,003 points.
"This is a psychological victory," Baader Bank market analyst Robert Halver told dpa news agency. "The breach of the 6,000 barrier is certainly a positive signal."
The DAX index stood at 6234 points in mid-September 2008, before the collapse of the US-based Lehman Brothers investment bank triggered chaos on world financial markets..
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Source: Deutsche Welle
Turkey’s ambition to become energy hub remains in place
December 28, 2009--Turkey’s strategic geographic location as the gateway to Europe for the Middle East, Central Asia and the Caspian has historically played in its favor as it became the gatekeeper of goods traveling to the West.
Today the situation is no different, although the goods and their delivery, especially for goods crucial to the energy needs of nearby nations, have change significantly. 2009 was no exception in the importance of Turkey as a trade corridor -- or in this case, an energy corridor.
2009 saw the signing of an intergovernmental agreement in Ankara between Turkey, Romania, Bulgaria, Hungary and Austria that would allow natural gas to be piped through the planned Nabucco pipeline. The signing was seen as a milestone in the development of a pipeline that would provide an alternative for Russia-dependent Europe. The agreement was viewed as a sign of hope that the much-anticipated pipeline would be finished on time in 2014.
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Source: Todays Zaman
DB Index Research -- Weekly ETF Reports -- Europe
December 24, 2009-Highlights
ETF Liquidity Trends
ETF Volume
Exchange based Equity ETF turnover remained at about the same level on the previous week. Daily turnover for the previous week was E1.3bn. European fixed income ETF turnover rose by 5.7% to E190.5m.
In exchange based bond ETFs, iShares € Corporate Bond has the highest daily turnover of E13.16m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E57.82m.
There were 11 new listings last week. ThinkCapital issued five new ETFs on NYSE Euronext Amsterdam. Blackrock Fund Advisors issued three new Bond ETFs and ETFlab Investment issued one new ETF on Deutsche Borse. Moreover, HQ Fonder Sverige launched one new ETF on Stockholmborsen and ETF Securities issued one new ETC on London Stock Exchange. All new listings were primary listings except for three Bond ETFs issued by Blackrock Fund Advisors.
European Regional ETFs rose to the top position as leading product area with total turnover of E358m with 28.40% of total ETF turnover followed by Style ETFs, led by short and leveraged products, with total turnover of E354m accounting for 28.08% of total ETF turnover. The DAX ETFs remain the dominant country products with total average daily volume of E162m across the fourteen listed products and accounting for 12.9% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 13.2% of turnover trading E166m per day with liquidity split across 17 ETFs and 44 different listings on 9 exchanges.
Market Share
The Deutsche Borse XTF platform has the largest market share with 36.6% of total turnover. The Euronext NextTrack platform has 20.6% market share. The LSE’s combined Italian Exchange and London market share is now 26.2%.
Assets under Management (AUM)
Total European Equity related AUM rose by 2.2% to E109.5bn during last week. AUM for DJ Euro STOXX 50 ETFs was E21.8bn accounting for 19.9% of total European AUM. Fixed Income ETF AUM rose by 1.8% to E34.6bn.
Overall, the largest ETF by AUM was Lyxor ETF DJ Euro STOXX 50, an Equity based ETF, with AUM of E5.2bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.2bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
Crédit Agricole and Société Générale to create Amundi on 31 December
December 24, 2009--Having received all the regulatory approvals needed to create their combined asset management arm, Crédit Agricole and Société Générale are incorporating Amundi on 31 December 2009 and starting operations on 1 January 2010.
Georges Pauget, chief executive officer of Crédit Agricole, will be chairman of the board of directors.
Séverin Cabannes, deputy chief executive officer of Société Générale, will be vice chairman and Yves Perrier (pictured), head of asset management and institutional services at Crédit Agricole and chairman and chief executive officer of CAAM Group, will be Amundi's chief executive.read more
Source: ETF Express
Greek crisis budget heads for parliament vote
December 23, 2009--Greece was to adopt a crisis budget on Wednesday in a bid to bring order to its chaotic public finances and restore its badly dented credibility with foreign investors and the European Union.
The ruling Socialists, who hold a 10-seat edge in the 300-seat parliament, are expected to carry the midnight vote on the 2010 plan aiming to cut Greece's 30.5-billion-euro public deficit by 8.4 billion euros (12 billion dollars).
The Socialists, elected in October on an economy rescue ticket, have already warned that the 2010 budget is the nation's "toughest" since the restoration of democracy in 1974 after seven years of military rule.
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Source: EU Business
Capital markets expect bonanza to go on
December 23, 2009--Capital markets bankers are almost as fixated on merger activity as their investment banking colleagues.
Debt markets have seen record issuance this year while share issues to shore up balance sheets boosted equity markets well beyond most expectations. Both are expecting similarly big business next year for a variety of reasons, though all bankers are hedging their forecasts with one factor: it depends on M&A.
In both cases, big deal-related financings promise fee bonanzas that boost the advising banks’ league table positions.
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Source: FT.com
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