Daily Market Highlights (11.05.11)

  • MSE Share Index up 0.2% to 3,310.205 points following share price increases by BOV, Middlesea and GO. Meanwhile the two other active equities, namely HSBC and IHI, closed unchanged. On the bond market, the Rizzo Farrugia MGS Index eased minimally lower to 975.032 points as the benchmark Eurozone yields edged higher to the 3.13% level. Download a copy of today’s Equity Market Summary.
  • This afternoon marks the closure of subscriptions for the two new fixed-rate Malta Government Stocks. Subscriptions by tender will be accepted until noon on Friday. Further details available here.
  • Sustained demand for Middlesea Insurance shares helps the equity to close in positive territory for the fourth consecutive session. Share price up another 2.7% to a new 2-month high of €1.03 across two trades amounting to 8,000 shares. Middlesea has recently been in the limelight in anticipation of the mandatory bid shortly expected to be launched by Mapfre Internacional. The latter is currently seeking regulatory approval to acquire Munich Re’s 19.9% shareholding which would place Mapfre as the single largest shareholder of Middlesea with a 50.98% stake. Further details available here.
  • BOV also in positive territory today as its share price edges 0.2% higher to regain the €2.81 level. However offers are already placed minimally below today’s closing price. Over 21,000 shares change hands during this morning’s session. The Bank is scheduled to pay the net interim dividend of €0.0406 per share on 26 May.
  • Meanwhile HSBC trades unchanged at the €2.94 level across six trades amounting to 26,750 shares. Further bids unsatisfied at the closing price whilst lowest offers still pitched at the €3.00 level. The Bank is shortly expected to publish its Interim Statement to update the investing public on its performance since the end of 2010.
  • GO recoups from a new all-time low of €1.27 to close 0.8% higher at the €1.30 level. Over 8,750 shares change hands today with few other offers outstanding at the last traded price whilst best bids in the market at €1.272.
  • A single trade of 1,000 IHI shares executed at the €0.70 level. Further offers unsatisfied at the closing price whilst best bids still pitched at the €0.65 level. This morning the IHI Group published its Interim Directors’ Statement revealing a continued positive performance across all of its properties with the exception of the Corinthia Hotel in Tripoli which is being impacted by the political turmoil in the country. The Group is also attaining positive results from the new global distribution system. The Directors also stated that in April 2011 the Corinthia Hotel in London received its first guests. Further details available here.
  • This morning the Malta Stock Exchange confirmed that the new 10,788,000 shares of 6pm Holdings plc created through the rights issue have been admitted to the Official List. As such the new total issued share capital of the IT Group is now 18,280,000 shares with a nominal value of GBP0.20 per share. The new shares are expected to commence trading as from tomorrow, 12 May.