Daily Market Highlights (04.07.12)

  • Local equity market back into positive territory for the first time in four session with the MSE Share Index rising 0.2% to 3,022.899 points. This follows the 1.2% increase in BOV’s equity which offset the 1.1% drop in MIA’s share price. Meanwhile the two other active equities, namely HSBC and IHI, ended the session unchanged. Shallow trading activity on the local equity market persists as only €24,277 worth of shares traded this morning representing the tenth consecutive session in which less than €100,000 worth of trades were executed on the local market. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to 985.622 points as Eurozone yields continue to ease moving below the 1.5% level for the first time this month. Eurozone yields dropped today following a successful 5-year German bond auction signalling the continued demand for safe haven assets as well as in anticipation of the expected rate cut by the European Central Bank tomorrow.
  • BOV’s share price regained the €2.075 level after new bids lifted the equity 1.2% higher across five trades totalling 5,376 shares. Further offers remained unsatisfied at the closing price with highest outstanding bids at the €2.05 level.
  • On the other hand, Malta International Airport eased once again after failing to hold on to its recent 2012 high of €1.78 as the equity dropped 1.1% today to the €1.75 level on volumes of 5,660 shares. However, this afternoon, MIA published the 2012 half year traffic results revealing a 1.6% increase in passenger movements during the period under review following record movements during the months of May (+5.8%) and June (+8.5%). The airport operator explained that this was a result of a 3.5 percentage point increase in the seat load factor which offset the 3.1% drop in seat capacity. The announcement also revealed that the German market was the main driver of growth with an 11.5% increase whilst Italy and Spain contracted by 7.5% and 7% respectively. Further details available here.
  • HSBC held on to the €2.51 level on a small deal of 188 shares. Other bids outstanding at the last traded price with lowest offers at the €2.53 level. The Bank is scheduled to publish its half-year results on Friday 27 July.
  • The only other active equity, IHI, also ended the session unchanged with 3,276 shares changing hands at the €0.85 level. Best bids in the market at €0.80 with further offers remaining unsatisfied at the closing price.