Daily Market Highlight (16.05.12)

  • The MSE Share Index reversed yesterday’s gains as the index retreated by 0.3% to close at 2,983.37 points. The slight gain in HSBC shares was offset by the losses in BOV, Middlesea and Lombard Bank. Download a copy of the equity market summary here.
  • On the local bond market, the Rizzo Farrugia MGS Index edged marginally lower to 990.722 points as the Central Bank of Malta revised the bid prices for the local paper lower. These movements reflect the marginal increase in the Eurozone 10-year yields to the 1.492% level as German and French leaders agree to discuss ways of how to generate economic growth in Europe.
  • Middlesea Insurance was the worst performer of the day as the equity shed 5.8% to close at a new 2012 low of €0.65. A total of 5,566 shares changed hands across 3 deals. In the Interim Statement issued last Friday, Middlesea reported improved performances across both in its life and non-life insurance businesses on the back of the recovery in international stockmarkets.
  • Bank of Valletta fails to hold on to the €2.12 level as the equity shed 0.9% to €2.101 on volumes of 7,851 shares
  • Lombard Bank also closed lower as a single trade of 936 shares send the equity to a new 76+month low of €2.349.
  • The only positive performer of the day was HSBC with a marginal rise to to €2.551 on a single trade of 3,000 shares. In last Friday’s Interim Statement HSBC announced that since the beginning of the year the HSBC Malta Group delivered a solid financial performance on the back of improved profitability in the life insurance business following the rally across global investment markets. Further details available here.
  • GO closed the day unchanged at the €0.76 after it recovered from an intra-day low of €0.74. Volumes remained high with a total of 44,222 shares changing hands across 10 trades.
  • High volumes were also registered in IHI following the 168,000 shares that traded last Monday. The equity held on to the €0.84 level on activity of 107,063 shares. Last week IHI issued its Interim Statement covering the first 3 months of the year where the Group reported improvements in the hotel performance mainly due to the recovery in the Tripoli Hotel as well as the London Hotel.