Daily Market Highlights (06.09.11)

  • Large banks’ equities lead local equity market into positive territory for the fourth consecutive session. MSE Share Index up 0.7% to 3,114.152 points as HSBC, BOV and MIA trade higher to offset the minimal decline in Lombard. Download a copy of today’s Equity Market Summary.
  • Eurozone yields slipped lower to the 1.86% level on the back of economic woes in Europe and the United States. This triggered a further sharp upward revision of the Central Bank’s Malta Government Stock bid prices resulting in another 0.2% rise in the Rizzo Farrugia MGS Index to close at a new 9-month high of 997.165 points. Following today’s upturn, the bid price of the 4.25% MGS 2017 (III) hit an all-time high for the second time in a row of 104.92% with volumes reaching over €660,000 (nominal) changed hands today in this stock and the respective fungible issue. High volumes also recorded in the 5.25% MGS 2030 (I) with almost €1 million (nominal) traded and €789,000 (nominal) exchanged in the 3.75% MGS 2015 (VI).
  • Sustained demand for HSBC helped the equity higher for the fourth successive session as its share price climbed by a further 1.5% to regain the €2.729 level. 7,000 shares changed hands today with best bids now placed at €2.70 whilst lowest offers pitched at the €2.73 level.
  • BOV also maintained its positive run as the equity garnered a further 0.8% today to close at the €2.56 level across fourteen trades totalling just under 10,400 shares. Best bids in the market at €2.551 whilst lowest offers now placed at the €2.58 level.
  • On the other hand, Lombard Bank’s share price eased minimally lower to €2.679 on volumes of 7,400 shares. Offers already placed minimally lower at €2.678 whilst best bids now pitched at the €2.60 level.
  • MIA edged 1.3% higher during this morning’s session to regain the €1.54 level on low volumes of 4,700 shares with further bids unsatisfied at the closing price. Yesterday afternoon, the airport operator issued the August 2011 traffic statistics revealing a minimal decline of 0.1% from the all-time monthly record of 427,924 passenger movements recorded in August 2010. Following the August results, MIA registered an 8.5% increase in passenger movements to just under 2.4 million since the start of the year. Further details available here. MIA is scheduled to pay its recently declared net interim dividend of €0.03 per share on 15 September.
  • Still no trades affected in IHI shares following the announcement made recently with respect to the Corinthia Hotel in Tripoli. Further details available here. Meanwhile, Mediterranean Investments Holding plc bonds continued to recover with their respective prices edging closer to the par values after the company revealed the potential pipeline of business as Libya returns to normality. Further details available here.