Daily Market Highlights (04.07.11)

  • Negligible volumes across the local equity market. MSE Share Index eases minimally lower to 3,333.478 points following MaltaPost’s 1.5% decline. Meanwhile the only other active equity, BOV, closed unchanged. Download a copy of today’s Equity Market Summary.
  • On the other hand, the Rizzo Farrugia MGS Index moved marginally higher to 972.902 points. This was in line with the decline in the benchmark Eurozone yields back to the 3% level as various commentators and analysts downplay the effectiveness of the austerity measures to be implemented by Greece (approved last week) and as such continue to expect some form of default by this Eurozone country.
  • MaltaPost’s equity dropped 1.5% lower to the €1.00 level across five trades totalling almost 7,900 shares.  No other bids in sight with lowest offers at €1.015. The share price of the postal operator lost most of the 10.1% rise registered during the first quarter of 2011.
  • Share price of BOV unchanged at the €2.70 level across three deals amounting to 2,135 shares. Other offers unsatisfied at the closing price with few bids in the market at the €2.699 level. In last week’s announcement the Bank indicated that the amounts due to investors which accepted its buy back offer (representing 95.2% of the total shares) of the La Valette Multi-Manager Property Fund will be settled by next Wednesday.
  • Meanwhile HSBC inactive today with best bids placed at €2.90 and lowest offers outstanding at €2.94 compared to the last closing price of €2.92. The Bank generally publishes its half year results by the end of this month.
  • Three weeks ago Mapfre Internacional obtained the approval from the Malta Financial Services Authority (MFSA) to acquire the 19.9% shareholding in Middlesea Insurance plc which is owned by Munich Re. Following the completion of this transaction, Mapfre will become the single largest shareholder in the local insurer with a 50.98% shareholding and is therefore obliged to launch a bid for the remaining shares. However no further announcements have been published yet.
  • Market also awaiting MIA’s revised passenger forecast for 2011 which should be issued by mid-July. Equity inactive today with offers already placed marginally below the last closing price of €1.70.