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  • The local equity benchmark continued to build from last week’s 0.5% increase with a further 0.4% rise during this morning’s session to reach 3,047.170 points on the first day of the new Xetra system. Today’s positive performers were BOV, FIMBank and IHI. Meanwhile, the other active equity, Farsons, ended the session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index maintained its positive sting with a further 0.1% increase to a new 1-month high of 989.104 points reflecting the fourth consecutive day of declines in the benchmark Eurozone yields to around the 1.30% level, a 4-week low.  Today’s downturn mainly relates to the low expectations of further progress during a meeting of EU finance ministers scheduled to be held later on today in respect of the prevailing sovereign debt crisis. Moreover, Spain’s borrowing costs have spiralled back above the 7% level highlighting the limitations of the approved bailout package for the country’s banking system.  Locally, the 5.1% MGS 2029 traded for the first time at 102.07% with volumes of €99,000 (nominal) exchanged on the market. This represents a premium of 107 basis points from the recent primary offering price.
  • BOV’s share price up 1% higher to regain the €2.07 level across two trades totalling 2,344 shares.
  • Meanwhile HSBC remained inactive today ahead of the Bank’s interim results publication on 27 July. Fresh bids were placed at the €2.60 level with lowest offers during the session at €2.74.
  • A single trade of 6,500 FIMBank shares was transacted at the US$0.88 level representing a 3.5% jump from the previous close. Investors await further developments on the possible takeover by the Kuwaiti based Burgan Bank.
  • Also in positive territory was IHI which inched minimally higher to close at €0.85 on an insignificant trade of 70 shares. Further shares remain on offer at this level.
  • Meanwhile, the only other active equity, Simonds Farsons Cisk, ended the session unchanged at the €2.00 level on a single deal of 2,500 shares.

 

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