Daily Market Highlights (05.07.11)

  • MSE Share Index up 0.1% during this morning’s trading session on the back of a positive performance by GO and FIMBank. Meanwhile the other three active equities (BOV, HSBC and IHG) closed unchanged. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index was practically unchanged at 972.863 points as the benchmark Eurozone yields hovered around the 3% level. Next Thursday the European Central Bank is scheduled to hold its monthly monetary policy meeting during which the Bank is expected to raise interest rates as the euro-region inflation rate exceeded the 2% ceiling for seven consecutive months.
  • GO plc this morning announced the complete takeover of the companies which form the Bell Med Group. GO had acquired 60% of these companies for €9.5 million back in April 2009. The Group is now acquiring the remaining 40% shareholding for €8 million. Therefore the total consideration amounts to €17.5 million. On the secondary market, GO’s share price moved 1.5% higher to regain the €1.40 level on low volumes of 1,600 shares.
  • FIMBank’s share price also edged 1.3% higher to regain the US$0.78 level on a single trade of 795 shares. Best bids still in the market at US$0.772 whilst lowest offers are now pitched at the US$0.819 level. Shareholders have until 22 July to reply to the Exchange Offer which FIM Holdings plc is making to shareholders of FIMBank plc pursuant to the Prospectus dated 6 April 2011.
  • BOV held on to the €2.70 level after recovering from an intra-day low of €2.68 across 26 trades amounting to over 39,000 shares. Other offers unsatisfied at the closing price whilst best bids are now placed at the €2.67 level.
  • HSBC also recovered from an intra-day low of €2.90 to close unchanged at the €2.92 level. Over 12,500 shares changed hands today with further bids outstanding at the last closing price whilst lowest offers still pitched at the €2.94 level. The Bank generally publishes its half-year results by the end of July.
  • The only other active equity was Island Hotels Group which traded unchanged at the €0.85 level over a miniscule trade of 200 shares. Further offers unsatisfied at the closing price whilst bids in the market at the €0.701 level.