Daily Market Highlights (03.11.11)

  • MSE Share Index unchanged at 3,144.541 points as the only two active equities, namely HSBC and BOV, ended the session at their respective previous closing prices. Download a copy of today’s Equity Market Summary.
  • On the bond market, Eurozone yields remained well below the 2% level as markets await developments from the G20 summit. Prior to the summit, the European Union (EU) and the International Monetary Fund (IMF) announced that they have withheld the latest tranche of bailout money to Greece, amounting to €8 billion, pending the referendum called by the Greek Prime Minister. The two institutions also stated that the funds will only be released if the Greeks accept the latest bailout fund offered to them at last weeks’ EU summit.
  • This afternoon, the European Central Bank announced a 25 basis point cut to its benchmark interest rate back to 1.25% in response to rising borrowing costs for Italy and Spain after euro-zone leaders raised the probability of a Greek exit. Although the Bank was under pressure to reverse the recent hikes, no cuts were expected as early as this month.
  • The share price of BOV was heading for a 2% decline until a final trade of 2,000 shares helped the equity recover from an intra-day low of €2.45 to close unchanged at €2.50. Volumes remain high and healthy with a total of 38,683 shares changing hands today. The Board of the bank recently recommended a final gross dividend of €0.08 per share to shareholders as at close of trading on 11 November 2011. The Board  also recommended a 1 for 8 bonus issue to shareholders as at close of trading on 9 January 2012. This bonus issue will be funded through the capitalisation of €30 million of reserves. Further details available here.
  • HSBC Bank Malta plc also trades unchanged at  €2.70 across two trades totalling only 1,100 shares. Further offers unsatisfied at the closing price whilst best bids pitched at the €2.69 level.
  • By mid-November all fifteen listed companies having a December year end are expected to publish their respective Interim Directors’ Statements to update the market on their performance since the half-year end.


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