Daily Market Highlights (16.09.11)

  • Large banking equities drag MSE Share Index 0.8% lower to 3,133.498 points. Despite today’s downturn, the local equity benchmark still ended the week 0.6% higher on the back of IHI’s 9.6% jump registered during yesterday’s session. Download a copy of today’s Equity Market Summary.
  • On the bond market, eurozone yields recovered for the fourth successive day following yesterday’s announcement by the European Central Bank that in a co-ordinated action with another four central banks, it will be providing US Dollars to European Banks until the end of the year. After slumping to an all-time low of 1.706% on Monday, Eurozone yields slowly recovered during the remainder of the week to reach the 1.90% level today. The Rizzo Farrugia MGS Index followed a similar path as it hit a 10-month high of 998.762 points on Monday before easing 0.9% lower to 989.911 points.
  • BOV’s share price suffered a decline of a further 2.3% today on increased volumes amounting to over 58,000 shares. After opening the day slightly lower at the €2.55 level, a sudden bout of further selling pressure mid-way during the session satisfied all outstanding bids at the €2.50 level. Equity ended the week as the worst performing with a 3.5% weekly drop mainly due to the declines in the last two trading sessions of the week following a fresh judicial protest submitted yesterday by circa 40 investors against the bank with respect to alleged mis-selling of investments. Yesterday the MFSA confirmed that it is currently investing a number of complaints in this regard.
  • HSBC in negative territory for the first time this week on lack of further support at the €2.73 level. The equity slid 1.1% lower to close the week unchanged at the €2.70 level across eight trades totalling 10,420 shares. Other offers unsatisfied at the closing price whilst best bids now placed at the €2.69 level.
  • This morning, GO initially eased 0.8% lower to a new all-time low of €1.19 before recovering to close unchanged at the €1.20 level. Seven trades totalling 13,700 shares transacted today with other offers outstanding at the last closing price. GO’s equity ranks amongst the worst performing equities since the start of the year with a 38% reflecting the worrying developments at the Greek company Forthnet.
  • A single trade of 1,000 Lombard shares was executed at the €2.70 level, unchanged from the previous close. However, offers are already placed lower at €2.68 whilst best bids placed at the €2.60 level.
  • This afternoon Medserv announced that following a renewed demand for its services from the Malta base, this base will revert to operating on a five-day week basis with a full complement of staff with effect from next Monday 19 September. Equity has been inactive since 22 July 2011 with offers just below the last closing price of €3.84 whilst best bids pitched at the €3.35 level.