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  • During this morning’s trading session, the MSE Share Index declined by 0.6% to 3,146.545 points following drops in the share prices of HSBC and GO on shallow trading activity. Meanwhile BOV closed marginally higher also on declining volumes. The only two other active equities, MIDI and MaltaPost, ended this morning’s session unchanged. Download a copy of today’s Equity Market Summary.
  • On the bond market, Eurozone yields continued to edge higher this morning as investors remain wary of the region’s sovereign debt crisis. As a result, the Rizzo Farrugia MGS Index dropped by a further 0.1% to 977.895 points. This afternoon Eurozone yields surpassed the 2% level after the Bundesbank (the German Central Bank) had to acquire more than one third of this morning’s €6 billion bond sale by the German Government as investors’ demand only reached €3.89 billion. This reflects the increasing investor concern with respect to the impact on Germany emanating from the region’s crisis.
  • Further demand for BOV shares helps the equity edge 0.4% higher to a November high of €2.53 on volumes of just over 2,000 shares. Few other offers unsatisfied at the closing price whilst best bids now placed at the €2.522 level. The Bank is scheduled to hold its Annual General Meeting on 16 December during which shareholders will be asked to approve a number of resolutions including the recommended final gross dividend of €0.08 per share and a 1 for 8 bonus share issue.
  • Meanwhile HSBC’s share price slips by 2.2% to the €2.63 level on very low volumes of 293 shares. Other bids outstanding at the last closing price with lowest offers pitched at the €2.669 level. In the Interim Statement published last week, the Directors revealed that trading conditions remained challenging and a more difficult 2012 is expected. In response to this, the Directors approved a cost-savings plan which will result in a one-off charge of approximately €10 million for the 2011 financial year. Further details available here.
  • GO also eased 1.9% lower to €1.04 on a single trade of 3,000 shares. Best bids in the market at €1.02 whilst lowest offers pitched at the €1.05 level.
  • A single trade of 20,000 MIDI shares was transacted at the €0.39 level representing no change from the previous close. In its latest communication with the market, MIDI confirmed that the Group financial performance during the current year to 31 December 2011 is expected to be in line with expectations. Further details available here.
  • MaltaPost also unchanged at the €0.98 level on one trade of just over 2,000 shares. Lowest offers now placed at €0.99 with best bids at the €0.95 level. On Thursday 1 December, the postal operator is scheduled to publish its preliminary results for the financial year ended 30 September.

 

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