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  • Local equity market in negative territory during the last trading session of this week with the MSE Share Index sliding by 0.3% to a new 2012 low of 3,080.609 points on the back of a 1.3% drop in BOV. The other three active equities, namely HSBC, GO and MIA, closed unchanged. Download a copy of the Equity Market Summary. The local equity benchmark ended the week 0.8% lower mainly due to the weekly declines registered by the three largest equities by market capitalisation.
  • On the local bond market, the Rizzo Farrugia MGS Index closed the third week of 2012 in negative territory with a 0.1% drop reflecting the increase in Eurozone yields. This afternoon, benchmark yields shot up past the 1.90% level as the private holders of Greek debt edge closer to reach a deal in order to avoid a disorderly default. High trading activity took place in the longer-term MGS issues today.
  • GO’s share price tested a new all-time low of €0.865 before recovering in the last moments of this morning’s trading session to close unchanged at the €0.95 level. Significant volumes amounting to 218,200 shares changed hands today across sixteen trades. Last week, the shareholders of Forthnet S.A. (in which GO has an indirect investment) rejected all the resolutions presented to them during the Extraordinary General Meeting including a €30 million rights issue in line with the conditions of the restructured debt. Prior to the meeting, GO also announced that it was opposing these resolutions. The market now awaits further news on the future of Forthnet since according to the agreement with their bankers, the fresh capital injection of €30 million had to take place by end of January 2012.
  • Similarly, BOV’s equity stumbled to a new 2-month low of €2.20 before partially recovering to end today’s session 1.3% lower at the €2.22 level on volumes of over 35,500 shares. Today’s downturn follows yesterday’s media articles which revealed a reprimand by the Malta Financial Services Authority to a director of the La Valette Funds SICAV plc for disposing of his holdings in the La Valette Multi Manager Property Fund whilst in possession of sensitive information. Over the last five sessions, the Bank’s equity retreated by a total of 3.1%.
  • Meanwhile HSBC failed to hold on to an intra-day high of €2.57 as the equity closed unchanged at the €2.55 level. Seven trades amounting to 13,000 shares were executed during this morning’s session. Equity registered a weekly decline of 0.8%.
  • The only other active equity today was MIA with only 100 shares changing hands at the €1.75 level representing no change from the previous close. Further offers unsatisfied at the closing price with highest bids at the €1.70 level. This morning the airport operator announced that it will publish its 2011 financial results on 22 March 2012.

 

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