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Telenor ASA Stock Volume Soars amid Expansion of Mobile Services in India

03/25/2014 | 09:05am US/Eastern

Norwegian mobile-phone service provider Telenor ASA (OTCPINK: TELNY) stock volume shot through the Stratosphere Mar. 24, with 625,344 shares changing hands, 25 times its three-month average of 25,623.

The surge in Telenor's volume could be tied in part to recent news that the company purchased a substantial amount of spectrum in India, which included 1800 MHz band in four of its six existing circles - Uttar Pradesh East, Uttar Pradesh West, Bihar and Jharkhand and Andhra Pradesh.

Telenor Group is one of the world's major mobile operators with 166 million mobile subscriptions. It currently has mobile operations in 13 markets and in additionally 17 markets through its ownership in VimpelCom Ltd.

Telenor Group includes:

- Strong footprint in Central and Eastern Europe and Asia
- Leading Nordic position in mobile, broadband and TV services
- Substantial activities in subsidiaries and joint venture operations
- One of the top 500 global companies by market value *
- Among the top performers on Dow Jones Sustainability Indexes
- 33,000 employees worldwide
- Revenues 2013: NOK 104 billion

On Mar. 24, TELNY's share price closed at $64.58, up 58 cents from its closing price of $64.00 the previous day.

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Fannie Mae's Share Slide and Volume Surge Slow Down

In other news, a senate bill that would scrap Fannie Mae and replace it with a new entity is has been hurting its share value for the last month, however the downward slide appears to be losing momentum.

On Mar. 24, Fannie Mae's (OTCQB: FNMA) stock value closed at $3.55, down 3 cents, from its close of $3.55 the previous day, with a stock volume of 13,993,285, half than its three-month average volume of 28,291,512 shares.

Just a month ago, FNMA share price was $4.04. Industry experts contend that Fannie Mae?s continuing share-value slide is being fueled by new legislation being proposed in the Senate.

Higher Down Payments and Greater Bank Liability

If passed, the bipartisan measure would replace the Fannie Mae and Freddie Mac with a newly- created government reinsurer called the Federal Mortgage Insurance Corp. The new entity, funded by user fees, would then issue a federal guarantee for mortgage bonds that would go into place only after private creditors had taken a minimum 10% hit.

The bill that was drafted by Senate Banking Committee Chairman Tim Johnson and Senator Mike Crapo would require most borrowers to pony up down payments of at least 5 percent.

Currently, Fannie Mae and Freddie Mac own or guarantee 60 % of all U.S. home loans. They provide a steady source of mortgage funds by buying loans from lenders and packaging them into securities they sell to investors with a guarantee.

However, their central role in the mortgage market also led to the horrendous mortgage meltdown and forced the U.S. government o bail them out in the amount of $187.5 billion in the middle of the 2007?2009 financial crisis.

Economic Optimism

However, new economic optimism is in the air that could nullify the negative effect of the proposed legislation that is unlikely to be passed in this election year.

Despite deterioration in economic activity at the end of 2013 that has continued through the first quarter of this year, growth is expected to pick up in the second quarter and build throughout the summer, firming to approximately 2.7 percent for all of 2014, according to Fannie Mae's (Economic & Strategic Research Group. The near-term outlook remains somewhat clouded due in part to an unsustainable build-up in inventory in the second half of last year and as downside effects from the winter have yet to fully materialize. However, the return of weather to seasonal norms should help boost growth in the second quarter, supported by consumer spending, business investment, and housing starts.

"For our March forecast, we expect economic and housing growth to emerge from the tough winter weather and gain momentum into the spring and summer seasons," said Fannie Mae Chief Economist Doug Duncan. "Fiscal and monetary policy jitters appear to have waned and the most recent employment numbers came in at reasonable levels, helping to ease concerns of a significant slowdown or risk of recession," he added.

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No Current News or Financials on China Construction Bank Corp.

Meanwhile, China Construction Bank Corp. (OTCPINK: CICHY) share volume skyrocketed Mar. 24, with 3,039,526 shares changing hands, more than 13 times its three-month average volume of 226,077 shares.

What is behind this unusual surge in volume is anybody?s guess. There is absolutely no current information, financials or news on the company, other than a press release from 2010. Its Web site is in Chinese.

Here is what we do know:

China Construction Bank Corp is a commercial bank in China providing a comprehensive range of commercial banking products and services. Its business consists of corporate banking, personal banking, and treasury operations.

On Mar. 24, CICHY's share price closed at $13.26, up 22 cents from its closing price of $13.04 the previous day.

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© Accesswire 2014
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