Gibraltar Chronicle July 2021

Our latest article on the stock market, as published in the Gibraltar Chronicle.

Market Commentary July 2021

It is the eternal mystery – the days are long, but the years are short – and 2021 is no exception, with the months whizzing by and the mid-year already here. History will likely remember 2020 as the COVID-19 pandemic year, and 2021 as the recovery year. The health recovery is clearly underway, thanks to vaccines. Yet vaccination rates vary widely country by country. Politics is a factor, along with suspicion about treatments that were developed so quickly. The economic recovery is equally underway, aided by government stimulus. People-facing industries are seeing a return to something like the pre-pandemic normal, although a shortage of workers is slowing the process. And it’s not just workers that are in short supply; everything from semiconductors to bricks are subject to lengthening lead times, with subsequent price rises leading many to fret about the inflationary implications.

Trainee Operations Manager

We are seeking a Trainee Operations Manager to join our team. We operate in a fast-paced environment and candidates must be able to take on a heavy workload and work well under pressure. Starting salary £18,000 plus bonus (subject to company performance) & gym membership. Employee will be sponsored through the Chartered Institute for Securities & Investment’s Investment Operations Certificate, which consists of three exams. Salary will be increased by £2,000 for every examination passed. In addition, a non-contributory pension will be set up following two years of service (where 20% of total salary and bonus will be paid in for the first two years and each subsequent year). Thus, the effective minimum salary will be £28,800 following completion of the Investment Operations Certificate and two year’s service. Please email your CV to We are not accepting enquiries from recruitment agencies on this occasion.

Gibraltar Chronicle June 2021

Our latest article on the stock market, as published in the Gibraltar Chronicle.

Market Commentary June 2021

Stocks have been marching to a steady drumbeat of good news, reflecting vaccine distribution, general reopening optimism, and plenty of government stimulus to get a creaky economy back in gear. The parade stopped cold for a moment, however, before lurching back at an unsteady pace. The cause was inflation, which is as nefarious to markets as a reality as it is as a fear. The Consumer Price Index rose 1.6% in the 12 months to April 2021, up from 1% growth to March. Economists always say that a single month of data can be misleading, and that may have been the case with April’s inflation data. However, the CPI captures pricing trends across the economy, from the cost of raw goods to the consumer reaching for his or her wallet. The data may not be an indication of inflation getting “out of the bag”, but it cannot be ignored either.

Gibraltar Chronicle May 2021

Our latest article on the stock market, as published in the Gibraltar Chronicle.

Trainee Stockbroker & Investment Manager

Following an expansion of our business, Gibraltar Asset Management Limited is looking to recruit a talented individual to join our team as a trainee Stockbroker & Investment Manager.

The successful candidate should possess an Honours degree and be able to display a demonstrable interest in the financial markets. We require candidates with high levels of numeracy, literacy, a strong eye for detail and the drive and ambition to succeed.

In return, our demanding Graduate Trainee Programme offers a variety of learning environments, professional qualifications and personal development needed to build a career in finance.

Working alongside seasoned stockbrokers, you will be sponsored through the Chartered Institute for Securities & Investments stockbroking examinations (the Investment Advice Diploma) as well as the CFA’s Investment Management Certificate, the benchmark qualification for investment managers.

The successful applicant will receive a competitive starting salary, which will be increased with every examination passed. An annual bonus may also be paid, based upon individual and company performance.

The selection process will include a numeracy, literacy and financial knowledge test followed by an interview.

Please send your CV for the attention of the Managing Director, Mark Maloney, to World Trade Center, Suite 5.28, Gibraltar or email to

We are not accepting enquiries from recruitment agencies on this occasion.

Market Commentary May 2021

With April winding down, you can count on someone, somewhere saying, “sell in May and go away”. That pronouncement is mainly popular because it rhymes, but there is truth behind it. Since 1966 the All-Share index has delivered a total return after inflation of 7.9% on average from Halloween to May Day, but has lost an average of 0.6% from May Day to Halloween – even including dividends. This is because in March & April lighter evenings and warmer days cheer us up, which makes us more willing to take risks such as buying shares. So prices rise to high levels, which are difficult to sustain over the summer. Likewise, in the autumn the darker nights make us gloomier, with the result that prices fall to low levels from which they recover.

Gibraltar Chronicle April 2021

Our latest article on the stock market, as published in the Gibraltar Chronicle.

Market Commentary April 2021

America’s financial titans are coming to a consensus: We are on the early edge of the biggest economic boom since World War II, with the promise of years of growth after the containment of the pandemic. They might be wrong, but all point to the same data – this expansion will be kickstarted by trillions in spending from Presidents Trump and Biden, the Fed’s easy money, and piles of cash that consumers and companies accumulated during the COVID shutdown. This is likely to be a global phenomenon, because the Biden administration’s spending will have ripple effects around the world. Governments’ actions in response to the pandemic has raised global GDP growth by a full six percentage points, estimates the IMF, adding that “the global growth contraction last year could have been three times worse than it was”. Still, total output shrank so much – by a stunning 3.3% in total – that there’s now an unprecedented amount of slack in the global economy. In other words: The world has more potential upside than ever.