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  • During the last session of this shortened week, the MSE Share Index tumbled 0.9% to 3,022.168 points as most of the active equities traded lower. Most notably, BOV and IHI dropped on low volumes to offset the increases in the share prices of HSBC, MIA and Farsons. Download a copy of the Equity Market Summary. Today also marks the end of the first half of 2012 during which the local equity benchmark slid by 2.4% mainly due to the year to date declines in BOV (-7.3%) and HSBC (-2.7%).
  • On the bond market, the Rizzo Farrugia MGS Index edged marginally lower to 984.535 points this week as the Central Bank of Malta lowered its bid prices for the long-term paper on Monday and Wednesday. Trading activity across the local bond market was also weak mainly as a result of last week’s new Malta Government Stock issues when the Treasury raised a total of €180 million. Markets are now awaiting feedback from the summit of EU leaders which is expected to start today. During the meeting, EU leaders will discuss ways how to tackle the prevailing sovereign debt crisis in the region as well stronger financial and banking integration. Nonetheless, Germany’s Angela Merkel maintained its opposing stance in respect of the introduction of Eurobonds.
  • BOV slid 1% back to the €2.06 level on a single trade of 2,813 shares. As a result, the equity ended the week 0.4% lower with further bids unsatisfied at the closing price and lowest offers at the €2.08 level.
  • Meanwhile HSBC ended the week 0.4% higher after recovering by 1.2% during this morning’s session to regain the €2.51 level on volumes of 5,600 shares. This afternoon, HSBC announced that the publication of their half-year results have been moved forward to Friday 27 July.
  • Further demand for Farsons shares helps the equity advance by a further 2.4% to yet another 42-month high of €2.15 on a single deal of 10,560 shares. Equity ranks as the best performer of the week with a 7.5% rise.
  • MIA regained its 2012 high as 11,400 shares changed hands at the €1.78 level representing a 0.6% increase from the previous close. Today’s upturn follows this week’s earlier approval of Air Malta’s restructuring which was already underway. In fact, Finance Minister Tonio Fenech stated that no further route changes from current operations will be required.
  • Middlesea Insurance reversed some of yesterday’s 3.2% rise to drop back to the €0.64 level on volumes of 8,500 shares but still ended the week 1.6% higher. Further offers remaining unsatisfied at the closing price with best bids at the €0.62 level.
  • On the IT front, 6pm slumped 5% to GBP0.32 (compared to the post bonus issue price of GBP0.337) as the equity traded for the first time since the shares turned ex-bonus on 26 April. A single trade of 1,000 shares transacted today with no bids in sight and lowest offers at the GBP0.319 level.
  • Crimsonwing also dropped 7.1% on a single deal of 36,335 shares to the €0.26 level despite a recent announcement of an upcoming issuance of 2,940,000 new shares at €0.30 per share in part settlement of the remaining 49% shareholding in Promentum Holdings BV. Similarly no bids are placed in the market with further offers remaining outstanding at the last traded price.
  • Meanwhile RS2 Software held on to the €0.50 level across three trades totalling 21,000 shares. Other offers in the market at the closing price with highest bids placed at the €0.45 level.
  • The next trading session on the Malta Stock Exchange will be held on Monday 2 July.

 

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