Daily Market Highlights (03.06.11)

  • Local equity market closes the final session of the week in negative territory as the share price of the two large banks retreat. MSE Share Index edges minimally lower today to 3,377.710 points as the declines in HSBC and BOV offset the increases in the share prices of IHI, MIA and GO. The other four active equities closed unchanged. The Share Index ended this week marginally lower as the weekly declines in six equities, including BOV and HSBC, offset the recoveries in IHI, GO, MIA and MIDI. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index also closed the week marginally lower at 975.502 points as benchmark Eurozone yields closed the week just above the 3% level following news that the European Union and the International Monetary Fund are in the final stages to complete the second bail-out for Greece.
  • Mediterranean Bank plc issued a Formal Notice announcing that it will be issuing €5 million in 6.25% bonds maturing in 2015 via two financial intermediaries. These new bonds will be fungible with the existing bonds in issue increasing the outstanding amount of Mediterranean Bank bonds to €30 million.
  • Volatile week for BOV’s shares as the mid-week recovery was wiped out by today’s 1.1% drop. Equity opened the week 4% lower at €2.64 as investors shunned the equity on the back of the Bank’s Property Fund buy-back offer. Share price however recovers to the €2.77 during the next three sessions but renewed selling pressure today pushed BOV’s share price back to the €2.74 level to end the week 1.2% lower. 15,300 shares changed hands today with other bids outstanding 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.
  • HSBC also edged 0.3% lower during this morning’s trading session to €2.95 on very low volumes of 100 shares. Few other bids unsatisfied at the last trading price whilst lowest offers pitched at the €2.98 level. Equity registered a 1.2% weekly drop thus wiping out the increases of the previous three weeks.
  • FIMBank failed to recover from this week’s earlier declines as a further 9,000 shares traded at its multi-year low of US$0.80 to rank as the worst performing equity this week with a 5.9% weekly drop. No bids in the market whilst lowest offers still placed at the US$0.86 level. This afternoon the trade finance specialist announced that its Board of Directors is scheduled to meet on 10 August to consider and approve the Group’s half-year results.
  • MIA’s share price lifted 1.8% higher today to a new 3-week high of €1.73 across five trades totalling 7,800 shares to end the week with a gain of 1.2%. Yesterday 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.
  • GO also on the rebound as its share price inched a further 0.7% higher to regain the €1.379 level on volumes of just over 4,000 shares. However offers already placed lower at €1.37 whilst best bids still pitched at the €1.325 level. The Group is scheduled to hold its Annual General Meeting on 8 June.
  • A single trade of 1,200 IHI shares transacted at the €0.83 level representing a 1.2% rise from the previous close. Best bids placed at €0.82 whilst further offers unsatisfied at the last trading price. Equity ended the week 3.8% higher.
  • A further 4,710 Grand Harbour Marina shares change hands at its 13-month high of €1.98 with further offers unsatisfied at the closing price whilst best bids now placed at the €1.70 level. The Company is scheduled to hold its Annual General Meeting on 28 June.