Daily Market Highlights (04.04.12)

  • Local equity market closed in negative territory for the second consecutive session as the MSE Share Index slid another 0.5% lower to a new 33-month low of 2,933.452 points reflecting the declines in most of the six active equities. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index eased marginally lower to 982.315 points after Eurozone yields edged higher this morning. However the region’s yields dropped back to a low of 1.78% by the afternoon on renewed concerns over Spain’s ability to sustain its sovereign debt. Moreover, fears are also mounting over Portugal which may need to resort to further financial help in the future according to European Economic and Monetary Affairs Commissioner Olli Rehn.
  • As widely expected, the European Central Bank maintained its interest rate at the historically low level of 1% amid recession fears which offset pressures to combat rising inflation.
  • Yesterday BOV closed subscriptions in relation to the issue of €40 million of Notes carrying a coupon of 4.25% and maturing in 2019 since the issue was fully subscribed. The Bank is expected to publish the allocation policy in the coming days.
  • HSBC’s share price fell 1.6% to €2.51 across two trades totalling 15,000 shares. However best bids already placed at the €2.52 level whilst lowest offers pitched at the €2.54 level. The Bank is scheduled to hold its Annual General Meeting on 18 April.
  • Similarly, BOV’s equity eased 0.4% lower to €2.122 – just €0.01 above its 2012 low. Over 8,400 BOV shares changed hands today with bids already placed higher at the €2.131 level whilst lowest offers pitched at the €2.20 level.
  • Crimsonwing also in negative territory as the IT equity slumped 11.1% back to its all-time low of €0.16 across six trades totalling 74,750 shares. No other bids in sight whilst lowest offers placed at the €0.22 level.
  • The share price of MaltaPost also slid 1.1% lower to €0.93 on a single trade of 2,033 shares. Other bids unsatisfied at the closing price whilst lowest offers pitched at the €0.94 level.
  • Meanwhile, GO marginally recovered from yesterday’s 9.9% drop with a 1.2% rise during this morning’s session to close at the €0.765 level. 46,500 shares changed hands today across five trades.
  • The other active equity, RS2 Software, held on to the €0.55 level across three trades totalling 26,600 shares. Best bids in the market at €0.51 whilst lowest offers pitched at the €0.56 level.
  • IHI shares inactive today despite this morning’s 2011 full-year results publication. During 2011, the Group reported a 2.3% increase in revenue to €101.8 million as the drop in turnover from the Tripoli hotel was offset by growth in business at all of the other Group’s hotel properties. Overall, the Group reported a loss attributable to shareholders of €10.4 million compared to the €12.5 million loss recorded in 2010. Looking ahead, the Directors remain confident the Group will continue to improve its profitability given its ability to withstand adverse business and economic conditions (as proved in 2011) coupled with brand enhancement as well as sustained improvement in the operating performance of its properties.