Daily Market Highlights (11.10.11)

  • Local equity market back into positive territory mainly due to the rise in the share prices of HSBC, BOV and MIA. MaltaPost also traded higher whilst IHI moved lower. The only other active equity, Lombard, closed unchanged. This resulted in a 0.6% rise in the MSE Share Index to 3,113.043 points. Download a copy of today’s Equity Market Summary.
  • On the bond market, eurozone yields were lifted higher this morning albeit concerns on whether Slovakia will approve the expansion of the European Financial Stability Fund. The rising yields resulted in a further reduction of the Malta Government Stock bid prices by the Central Bank of Malta. This resulted in a further 0.3% drop in the Rizzo Farrugia MGS Index which now lies at a new 2-month low of 984.996 points.
  • Over €110,000 (nominal) traded in the 7% GAP Developments plc with fourteen trades taking place between the 99.60% and par levels. Since May 2011 the Company has bought back and subsequently cancelled over €1 million from its outstanding bonds which now amount to just under €33.9 million.
  • Fresh demand for MIA shares emerged during this morning’s session helping the equity jump 4.5% higher to close at a 3-month high of €1.64 across four trades amounting to over 5,600 shares. Other offers unsatisfied at the last traded price whilst best bids now in the market at the €1.60 level. Over the past three weeks, the share price of MIA rose by 8.6% possibly as a result of the record number of passenger movements registered in September. During the first nine months of the year, MIA’s passenger movements have increased by 7.9% to 2,781,802.
  • BOV recovered most of yesterday’s 1.9% drop as the equity recovered by 1.8% to close at the €2.495 level. Eight trades totalling 9,000 shares transacted during this morning’s trading session with best bids in the market at €2.48 whilst lowest offers pitched at the €2.499 level. BOV generally publishes its preliminary full-year results by the end of October.
  • HSBC also edged 0.2% higher to €2.655 but on much lower volumes totaling 600 shares. Few other offers unsatisfied at the closing price whilst best bids now placed at the €2.65 level.
  • MaltaPost also in positive territory today as the shares of the postal operator edged 0.1% higher to close at the €0.98 level. High volumes amounting to 68,800 shares traded today with best bids still outstanding at €0.92 whilst lowest offers pitched at the €0.99 level.
  • On the other hand, IHI eased minimally lower to close at the €0.791 level on volumes of just over 8,400 shares. Other bids unsatisfied at the closing price whilst lowest offers still pitched at the €0.82 level.