Daily Market Highlights (02.03.11)

  • Further declines across the local equity markets as volumes shrink amid the Libyan political unrest. MSE Share Index down for the ninth successive day, with another 0.2% decline to 3,582.472 as BOV, MIA and GO all trade lower. Meanwhile HSBC recovers some of its recent losses. Download a copy of today’s Equity Market Summary.
  • Similar trend observable across local corporate bonds especially in the Mediterranean Investments Holding plc bonds.  In fact, the 7.5% MIH 2015 shed 950 basis points to the 80% level. Moreover the 7.5% MIH 2014 eased 100 basis points to 88% and the USD tranche of the 7.15% 2017 bonds edged another 200 basis points lower to 88%. In the 2010 Annual Report, the Directors of MIH stated that it is difficult to gauge the adverse effects of the current political turmoil in Libya on its operations and financial position but noted that its clientele have significant vested interests in Libya. Further details available here. In contrast, two of the International Hotel Investments plc bonds recovered some of the recent decline particularly the 6.3% IHI 2013 up 489 basis points to the 95% level.
  • The Rizzo Farrugia MGS Index edged 0.2% higher to 982.670 points as the benchmark Eurozone yields this morning eased back to the 3.16% level. The recent MGS issues are expected to be shortly admitted to listing.
  • BOV back into negative territory on volumes of just over 9,500 shares. Share price down 0.3% to the €2.97 level. Other offers remain unsatisfied at the closing price whilst best bids now pitched at the €2.95 level. Earlier this month BOV’s Directors revealed that the Group’s net profit for the three months ended 31 December 2010 was in line with that reported in the previous comparable quarter but below expectations mainly due to fair value markdowns.
  • Meanwhile HSBC marginally recovers by 0.7% to regain the €2.95 level on volumes of 6,000 shares. Further offers also outstanding at the close price whilst best bids placed at €2.931. Tomorrow is the last trading day during which HSBC shares trade with the entitlement to the final gross dividend of €0.077 per share. The equity turns ex-dividend on Friday.
  • GO succumbs to selling pressure as the equity retreats by 2.2% this morning to close at the €1.76 level on volumes of 2,160 shares. The quad-play operator still has to announce the date of the 2010 full-year results publication. Likewise, GO’s Greek investment, Forthnet, still has to announce the date of the release of its financial results.
  • After holding on to the €1.75 level for four consecutive sessions, MIA’s equity slips 2.9% lower to the €1.70 level. Nine trades totalling just over 8,200 shares executed with further bids remaining unsatisfied at the last traded price whilst lowest offers now placed at the €1.735 level. The airport operator is shortly expected to publish the February passenger numbers ahead of the 2010 full-year results publication on 17 March.

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