Daily Market Highlights (13.09.11)

  • Local equity market still characterised by shallow trading activity amidst the prevailing uncertain global economic conditions. MSE Share Index sheds 0.3% today mainly due to the 1.2% drop in BOV. GO also in negative territory today whilst HSBC and MIA closed unchanged. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index also slipped 0.3% lower to 996.251 points as Eurozone yields this morning recovered from yesterday’s all-time low of 1.706%. This followed reports that Italy was in discussions with China for the latter to acquire Italian Government bonds in a bid by the Italian Government to suppress increased concern over the sustainability of its debt which lifted yields on yesterday’s Treasury Bill auction from 2.959% last month to 4.153%.
  • BOV’s share price closes lower for the first in seven sessions. Equity down 1.2% to €2.59 across fourteen trades totalling just under 11,200 shares. Other bids unsatisfied at the closing price with lowest offers at the €2.60 level.
  • Meanwhile HSBC maintained the €2.73 level across three trades amounting to only 2,264 shares. Few other bids outstanding at the last traded price whilst lowest offers placed at the €2.74 level.
  • GO eased minimally lower to close at its all-time low of €1.20 on volumes of 3,200 shares. GO ranks as one of the worst performing equities in the local equity market with a 38% slump since the start of the year. This reflects the losses being recognised from its indirect investment in the Greek telecommunications company, Forthnet S.A., which is offsetting the profitable local operations.
  • Only 500 MIA shares changed hands today as the equity closed unchanged at the €1.51 level. Other bids unsatisfied at the closing price with lowest offers at the €1.54 level. Last 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.
  • Last Friday, Island Hotels Group published its Interim Statement covering the three months ended 31 July. During this period, the overall performance of the Group was satisfactory despite the volatility and competition inherent in the tourism industry. The Directors expect the results for the financial year ending 31 October 2011 to be similar to those registered in the previous financial year when a loss of €0.65 million was registered. Further details available here. Equity remains inactive with offers already placed below the last closing price of €0.895.