Daily Market Highlights (09.09.11)

  • Following four consecutive weeks of declines, the local equity market ended this shortened week in positive territory despite today’s downturn. This morning the MSE Share Index eased 0.2% lower to 3,114.572 points as HSBC’s 1.1% drop offset the recovery in BOV and Lombard. Nonetheless, the local equity benchmark still ended the week 1.2% higher mainly due to the gains registered by the banks and MIA. Download a copy of today’s Equity Market Summary.
  • Today the Central Bank of Malta sharply raised its Malta Government Stock bid prices as Eurozone yields hit yet another all-time low of 1.81% as concerns on the future performance of the region’s economy persists. As a result the Rizzo Farrugia MGS Index jumped 0.3% to 996.028 points. Over this shortened week, the local MGS benchmark moved 0.4% higher despite last Wednesday’s sharp downturn following the credit rating downgrade of Malta from A1 to A2 by Moody’s.
  • BOV on a five-day positive run as its share price edged a further 0.4% higher to €2.59 during this morning’s session on volumes of 4,900 shares. Equity ended the week 2.8% higher but offers are already placed minimally below the last closing price at the €2.589 level.
  • On the other hand, HSBC slid 1.1% this morning to close at the €2.70 level but still ends the week with a rise of 1.1%.
  • Fresh bids helped Lombard Bank recover by 0.8% today to regain the €2.70 level across three trades totalling 4,000 shares. However offers are already placed lower than the last traded price whilst best bids still placed at the €2.60 level.
  • FIMBank active for the first time in almost two months as 1,400 shares changed hands at the US$0.77 level, unchanged from the previous close.
  • MIA failed to hold on to an intra-day high of €1.55 as it closed unchanged at the €1.54 level across three trades amounting to 1,170 shares. Earlier this week, 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.