Daily Market Highlights (08.02.11)

  • Local equity market in positive territory for third successive session. MSE Share Index up another 0.1% to 3,869.756 points as the increase in the share prices of HSBC, BOV and Farsons outweigh the decline in IHI. The Rizzo Farrugia MGS Index also moved 0.1% higher to 982.757 points as the benchmark yield eased back to the 3.22% level. Download a copy of today’s Equity Market Summary.
  • Tomorrow, the Treasury is expected to establish the prices of the two new Malta Government Stock issues. The two new MGS’s are the 4.25% MGS 2017 (III) and a fungible issue of the 5.25% MGS 2030 (I). Subscriptions are open between Monday 14 February and Wednesday 16 February. Further details available here.
  • BOV’s share price edges higher following yesterday’s 2.9% drop in reaction to last Friday’s Interim Directors Statement. The Directors explained that during the three months ended 31 December 2010, the BOV Group generated a net profit in line with that reported during the comparative period. However the profitability which has not been disclosed is below expectations mainly due to the fair value markdowns incurred by the Bank on its international bond portfolio. Further details available here. Support for the equity re-emerged today lifting the share price 0.3% higher to the €3.05 level on continued high volumes amounting to almost 108,000 shares across 51 deals. Media reports this morning revealed that the Bank has 30 days to reply to a report drawn by the MFSA following its first investigation into the property fund.
  • HSBC also edged 0.3% higher to regain the €3.51 level on volumes of over 40,800 shares. Best bids still placed at €3.48 whilst lowest offers in the market at the €3.52 level. The Bank is due to publish its 2010 full-year results on Friday 18 February.
  • On the other hand, IHI closed 0.5% lower at the €0.97 level after failing to hold on to its recent high of €0.98. Nine trades totalling over 103,000 shares executed this morning with further bids outstanding at the last traded price whilst lowest offers now placed at the €0.98 level.
  • The other mover today was Simonds Farsons Cisk as its share price inched minimally higher to close at €1.801. A single trade of 1,000 shares transacted today with bids already placed higher at €1.81 whilst lowest offers pitched at the €1.90 level.
  • MIA unchanged at the €1.80 level across two trades totalling 4,000 shares. Last Friday the airport operator revealed a 14.9% increase in passenger movements during the month of January to a new record high of 169,673 passengers. Further details available here.
  • Lombard Bank and Middlesea Insurance also held on to their respective price levels. Lombard maintained the €3.00 level on volumes of 3,350 shares while a single trade of 1,000 Middlesea shares was executed at the €1.07 level.

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