• Following last week’s 1.6% increase, the MSE Share Index advanced by a further 1.3% today to a new 8-month high of 3,129.612 points on the back of increases in the share prices of HSBC, BOV and MIA. On the other hand, GO and Middlesea Insurance slipped lower whilst FIMBank ended the session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index advanced by 0.2% to a 9-month high of 994.429 points as Eurozone yields reached a new all-time low of 1.126%. This reflects renewed fears over the possible need of a bailout for Spain as its economy contracted by a further 0.4% in the second quarter of this year and sovereign yields spiralled to euro-era highs of over 7.5%. The focus is now placed on tomorrow’s bond auction by Spain to gauge the country’s ability to continue borrowing from the markets. Moreover, talks about a euro exit for Greece resurfaced following comments by the Greek Prime Minister on Sunday stating that Greece was in a severe recession similar to that experienced by the US in the 1930’s.
  • The share price of HSBC closed higher for the third consecutive session with a further 1.4% rise to a new 50-week high of €2.89 across nine trades totalling 27,165 shares. HSBC’s equity jumped by 16.5% this month ahead of the Bank’s interim results publication scheduled for next Friday 27 July. Moreover, HSBC’s shares now rank as the second best performing equity since the start of 2012 with a year-to-date gain of 12.1%.
  • Likewise BOV ended in positive territory today to recover from last week’s 2.7% drop with a 4.5% jump to regain the €2.09 level on increased volumes totalling 33,117 shares.
  • Another positive performing equity today was MIA with a 1.7% rise to the €1.78 level. 5,200 shares changed hands today with strong demand building up at the €1.75 level. The airport operator recently reported a record financial performance with profits rising by 13% to €4.48 million. The equity will continue to trade with the entitlement to the net interim dividend of €0.03 per share until next Wednesday 25 July. Further details on the results available here.
  • Meanwhile GO failed to hold on to an intra-day high of €1.09 to close 2.8% lower at the €1.05 level across four trades totalling 8,730 shares.
  • Middlesea Insurance also traded lower hitting a new 31-month low of €0.62 representing a 3.1% drop from the previous close on a single deal of 1,500 shares. The company is scheduled to publish its half-year results later on today.
  • Today marked the opening of subscriptions in respect of the new share issue by Malita Investments plc. The company is issuing a total of 20,000,000 new ‘B’ shares for general public subscription at the nominal value of €0.50. Malita Investments will have a market capitalisation of €69 million representing a 2.5% weighting in the MSE Share Index. Further details on this IPO available here.

 

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