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  • MSE Share Index up 0.47% to 3,053.837 points as HSBC and Plaza shares prices advance. Meanwhile, BOV closes the day unchanged at €2.05. Download a copy of the equity market summary here.
  • On the local bond market, the Rizzo Farrugia MGS Index edged marginally higher again to a new 1-month high of 989.540 points as the Central Bank of Malta increased the bid prices for the longest dated bonds. Eurozone yields remained hovering around the 4-week low of 1.30%. During this morning’s bond auction, Germany managed to sell its 10-year paper at an average yield of 1.31% which is the lowest ever paid during an auction on this maturity. Furthermore, the yield on Spanish 10-year debt dropped to 6.68% from yesterday’s high of 7.016%. The drop in yield reflected the announcement by the Spanish prime minister of reductions in spending cuts and a hike in VAT to 21% from the previous level of 18%. These new austerity measures will reduce the budget deficit by a further €65 billion.
  • HSBC’s share price continued to advance ahead of the interim results which are due to be published on Friday 27 July. The equity edged 1.5% higher to close at an 18-week high of €2.64 on volumes totalling 15,525 shares.
  • Following yesterday’s 5.8% decline to a 16-month low of €0.565, Plaza’s equity partly recovered by 2.5% to €0.579 on a single deal of 3,000 shares. Plaza Centres is scheduled to announce its interim results on 31 July.
  • The only other active equity was Bank of Valletta plc. After touching an intraday high of €2.065, BOV dropped back to the €2.05 level as all outstanding bids in the market were satisfied. Volumes increased to 51,379 shares today.
  • The local interim reporting season is set to kick off next week with MIA’s results on 17 July followed by Middlesea Insurance on 23 July. Subsequently, HSBC will present its number for the first six months of 2012 on 27 July whilst Plaza will be publishing its half-year financial figures on 31 July.

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