Daily Market Highlights (03.07.12)

  • The MSE Share Index eased a further 0.1% today to 3,016.882 points following declines in MIA and MaltaPost. Meanwhile the other three active equities, including HSBC and BOV, ended the session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to 985.079 points as Eurozone yields tumbled from yesterday’s 1.6% level following disappointing economic data issued by the United States which revealed an unexpected contraction in the manufacturing sector during the month of June for the first time since July 2009. Markets are now awaiting Thursday’s monetary policy meetings of the European Central Bank (ECB) and the Bank of England as both are expected to announce further measures to stimulate economic growth. Moreover, various analysts are now predicting that the ECB will lower its reference rate by 25 basis points from the historically low level of 1%.
  • MaltaPost’s equity sheds 1.7% during this morning’s session to a new 21-month low of €0.89 on a single trade of only 2,000 shares. Further offers unsatisfied at the closing price with no bids in sight. The postal operator’s equity dropped by 7.3% since the publication of its interim results on 8 May. The half-year financial statements revealed a 54.5% plunge in net profits to €0.5 million mainly due to changes in the tariff structure imposed by the Universal Postal Union.
  • MIA retreated by 0.6% to €1.77 from its 2012 high on a small deal of 390 shares. Few other offers unsatisfied at the last traded price with best bids in the market at the €1.75 level. The airport operator is shortly expected to publish the June traffic results and possibly revise the initial forecast of a 2.8% decline in passenger numbers for 2012.
  • Initially BOV’s share price edged minimally higher but eventually eased back to the €2.05 level representing no change from the previous close. Sixteen trades totalling 32,677 shares were transacted today with few other offers unsatisfied at the closing price and highest bids now at the €2.045 level.
  • Similarly, HSBC maintained the €2.51 level on lower volumes of 4,935 shares. Bids already placed minimally higher at €2.511 with lowest offers in the market at the €2.53 level. Last week, HSBC announced that the publication of their half-year results has been moved forward to Friday 27 July.
  • The only other active equity, IHI, also ended the session unchanged with 3,124 shares changing hands at the €0.85 level. Best bids in the market at €0.80 with lowest offers placed at the €0.885 level.