Daily Market Highlights (02.06.11)

  • Third consecutive positive performance for the local equity market. MSE Share Index advances by 0.7% to 3,379.15 points followings gains in the equities of BOV, IHI, GO and GHM. Meanwhile the only other active equity, MaltaPost, closed unchanged at the €1.02 level. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index also closed in positive territory today as it climbed 0.2% higher to 976.797 points. This reflects the sharp downturn in the benchmark Eurozone yields back to below the 3% level as Moody’s downgraded Greece’s rating from B1 to Caa1. Moreover Moody’s increased the probability of a Greek default to 50%.
  • Positive run for BOV’s equity continues as its share price was lifted another 1.5% higher to the €2.77 level. Ten trades totalling 6,421 shares transacted today with other offers unsatisfied at the closing price. Last week the Bank offered €0.75 for each share in the La Valette Multi Manager Property Fund. Eligible investors have until the 30 June to respond to this offer. If all investors accept this offer, BOV’s income statement will be hit with a €14.5 million impairment charge.
  • Significant volumes of 114,000 shares traded in GO. Share price closes the day minimally higher at the €1.37 level. GO is scheduled to hold its Annual General Meeting on 8 June.
  • A small trade of 900 IHI shares executed at the €0.82 level representing a 2.5% rise over the previous close. Other bids unsatisfied at the last traded price with lowest offers at the €0.83 level.
  • GHM opened at a new 13-month low of €1.949 before recovering to close at the €1.98 level representing a 0.7% rise from the last traded effected on 13 May. A total of 15,290 shares changed hands today with further bids unsatisfied at the closing price whilst lowest offers now placed at the €2.00 level. The Company is scheduled to hold its Annual General Meeting on 28 June.
  • MaltaPost unchanged at the €1.02 level on a small deal of 277 shares. Other bids outstanding at the closing price whilst lowest offers in the market at the €1.06 level.
  • This afternoon MIA announced that its Board of Directors is scheduled to meet on 27 July to consider and approve the Group’s financial statements for the six months ending 30 June 2011. The Directors will also consider the payment of an interim dividend. MIA, which was inactive today, is the first company to make such an announcement from amongst the listed equities with a December year-end.