Daily Market Highlights (12.07.12)

  • MSE Share Index edged minimally lower to 3,052.492 points as the gains in HSBC were offset by the drops in the share prices of BOV and MIDI. Download a copy of the equity market summary here.
  • On the local bond market, the Rizzo Farrugia MGS Index edged 0.18% higher to a fresh 36-week high of 991.303 points reflecting the renewed downturn in the Eurozone yields which dropped to below the 1.25% level from yesterday’s close of 1.29%. During a bond auction held this morning, Italy sold its 1-year paper at an average yield of 2.697% compared to 3.97% fetched a month age. The country will also go to the bond market tomorrow when it is expected to sell bonds maturing in 3 years’ time.
  • HSBC was the only positive performer for the day as it advanced by 0.8% to a 33-week high of €2.67. A total of 6,377 shares changed hands across 7 deals ahead of the publication of the half year results on Friday 27 July.
  • A total of 540,000 shares of MIDI plc (representing 0.25% of the issued share capital) changed hands across 3 deals today. The share price shed 6.1% to its all-time low of €0.31. The property developer is expected to commence construction works on the T17 apartments later on this year but the company is not expected to launch any new apartments on the market before 2014.
  • The share price of Bank of Valletta eased by 0.5% to close at a 36-week low of €2.04. In a recent announcement the MFSA concluded its findings regarding the third and final investigation regarding the La Valette Multi Manager Property Fund. The bank commented that this will not material impact the financials of the bank for the current financial year ending 30 September 2012.
  • The other two active equities were those of MIA and IHI. Both equities closed unchanged at €1.75 and €0.85 respectively on low volumes. MIA will be announcing its half year results on Tuesday but IHI has not yet announced a date for the publication of the interim results.