Daily Market Highlights (16.08.11)

  • MSE Share Index kicked off this shortened week unchanged at 3,159.190 as the only three active equities, namely HSBC, BOV & GO, closed unchanged. Local trading sessions still characterised by shallow trading activity as local investors remain on the side-lines amid the prevailing political and economic crises. Download a copy of today’s Equity Market Summary.
  • European stock markets traded lower today as the German economy almost stalled between April and June. The DAX index in Germany is currently 2.3% lower and the FTSE 100 is declining by 1%.
  • On the bond market, the Rizzo Farrugia MGS Index eased 0.1% lower to 987.771 points as Eurozone yields regained the 2.30% level. The largest drop was in the 5.25% MGS 2030 (I) as the Central Bank of Malta Stockbroker lowered its bid price with respect to this stock by 39 basis points to 102.12%. On 5 August, this stock was priced at a high of 103.44% representing the volatility experienced in recent weeks. Large trades continued to take place in a number of Malta Government Stocks. This morning the most widely traded were those stocks maturing in 2012 and in 2017.
  • BOV’s equity unchanged at the €2.61 level after it recovered from an intraday low of €2.60 across six trades amounting to 4,128 shares. Best bids now in the market at €2.60 whilst lowest offers placed at €2.617.
  • HSBC also maintained its previous closing price of €2.76 on volumes of 4,540 shares. Other bids unsatisfied at the last traded price with lowest offers at the €2.80 level. The Bank is scheduled to pay its recently declared interim gross dividend of €0.082 per share on 24 August.
  • GO again recovered from an intra-day low of €1.25 to close unchanged at the €1.26 level. Two trades amounting to 2,468 shares transacted today with other bids and offers outstanding at the closing price.
  • This afternoon Grand Harbour Marina announced that it will be reporting its half-yearly figures on 30 August. Medserv will also publish its interim report on 30 August whilst Lombard bank and MIDI will do so on 23 August and 29 August respectively. Meanwhile another five companies with a December year end, namely IHI, GO, RS2 Software, GlobalCapital and 6pm Holdings still have to reveal the date of their respective half-year results publication.
  • Last week, Mapfre Internacional published its Offer Document in relation to the Mandatory Bid to the shareholders of Middlesea Insurance plc following the acquisition of a controlling interest in the company, in terms of Chapter 11 of the Listing Rules. The Offeror (Mapfre) has offered to purchase all the issued shares in Middlesea Insurance plc at the Offer Price of €0.965 per share. Shareholders of Middlesea Insurance plc who were on the Company’s books as at close of business on Friday 29 July 2011 have the option of selling their holding in Middlesea Insurance plc by completing the Acceptance Form during the acceptance period which runs from 29 August 2011 to Monday 26 September 2011. Further details including a copy of the offer document available here.