Daily Market Highlights (01.06.11)

  • MSE Share Index up a further 0.1% to 3,354.470 points as the recoveries in BOV & MIDI outweighed the declines in HSBC, Middlesea and GO. The only other active equity, MIA, closed unchanged. Meanwhile the Rizzo Farrugia MGS Index slid another 0.2% lower to 975.02 points as benchmark Eurozone yields continued to recover as they reached the level of 3.07% this morning. Download a copy of today’s Equity Market Summary.
  • Second consecutive session of gains for BOV as its share price edged a further 1.1% higher to regain the €2.73 level across fifteen trades totalling over 16,000 shares. Further bids unsatisfied at the last traded price whilst lowest offers now placed at the €2.74 level. Last Thursday the Bank announced that it will be offering to buy-back the shares of the La Valette Multi Manager Property Fund. BOV is offering €0.75 per share to all investors as at 18 August 2008. The price is composed of €0.50 per share for the value of the Main Pool shares and the Side-Pocket shares and a further €0.25 per share as compensation for the fund’s underperformance in comparison to its peers. Shareholders of the Property Fund have until the 30 June 2011 to accept the offer. The Bank reserves the right to revoke the offer if acceptances received amount to less than 70% of the outstanding shares. If all investors accept the offer, the Bank will incur a charge of €14.5 million in its income statement.
  • HSBC shares active for the first time in a week. Share price eased 0.8% lower to €2.96 on low volumes of 2,600 shares. Best bids in the market at €2.95 whilst lowest offers pitched at the €2.985 level.
  • Share price of Middlesea Insurance drops 2.9% to close below the €1.00 level. The market continues to await the publication of information regarding Mapfre Internacional’s acquisition of Munich Re’s 19.9% shareholding and the subsequent mandatory bid for the remainder of the shares. BOV have already announced that they will not tender their shares.
  • GO’s equity touched an intra-day low of €1.32 before recovering to a close of €1.369 representing a minimal decline over the previous close. Nine trades totalling just over 8,500 shares transacted during this morning’s session with further offers unsatisfied at the closing price. GO is scheduled to hold its Annual General Meeting on 8 June.
  • MIDI recovered some of its recent declines as its share price was lifted 7.1% higher to regain the €0.439 level across seven trades amounting to 50,000 shares. No other bids in sight whilst lowest offers now placed at the €0.44 level. This afternoon, the Company is scheduled to hold its first Annual General Meeting since its listing in December 2010.
  • The only other active equity, MIA closed unchanged at the €1.70 level after failing to hold on to an intra-day high of €1.71 across two trades totalling 8,200 shares. Further bids outstanding at the closing price whilst lowest offers pitched at the €1.728 level.