Daily Market Highlights (19.07.10)

  • Local equity market in positive territory for the third consecutive session. MSE Share Index up 0.1% today to close at 3,485.501 points as the increases in BOV and MIA offset the declines in HSBC, IHI and GO. No other equities active today as the market awaits the interim reporting season to kick off. Download a copy of today’s Equity Market Summary.
  • Following last week’s 5.6% jump, BOV continued to benefit from the recent reassuring comments made by the Chairman and CEO claiming that the Bank will comfortably pass the EU bank stress tests. The results of these stress tests are expected to be published next Friday 23 July. Share price climbed a further 0.9% to regain the €3.27 level on low volumes of 5,485 shares.
  • HSBC also seemed to be heading for a positive performance as the equity opened higher at €3.05. However fresh sell orders pushed the share price back to the €3.02 level representing a marginal drop from the previous close. Six trades totalling 8,700 shares changed hands today with further offers remaining unsatisfied at the closing price. HSBC is expected to report its interim financial statements for the six months ended 30 June 2010 on 30 July.
  • Renewed investor interest helps MIA’s share price rise a further 0.6% today to regain the €1.59 level. Almost 22,000 shares exchanged with best bids now placed at €1.58 whilst lowest offers pitched at the €1.60 level. Last Thursday the airport operator published its traffic results for the first six months of 2010. The figures revealed a 10.3% increase in passenger movements during the period under review mainly due to the increased seat capacity following the introduction of new routes by various airlines. Moreover, for the second time this year, the Company revised upwards is 2010 passenger growth forecast to 8%. Further details on passenger numbers available here.
  • GO reversed some of last week’s 1.6% increase as its share prices eases by 0.5% to the €1.92 level. 8,800 shares trade this morning with best bids now at €1.801 and further offers outstanding at the last traded price. GO is currently the worst performer among the larger cap stocks year-to-date possibly due to the investors’ concerns with respect to the Group’s investment in the Greek telecoms company Forthnet.
  • IHI also edges minimally lower to close at the €0.799 level on volumes of 10,850 shares. Next Friday, IHI will be holding its Annual General Meeting during which shareholders will be asked to approve a number of resolutions. One of the resolutions empowers the Directors to issue 200 million new shares of a nominal value of €1.00 at a price not less than the nominal value. Moreover the Directors can issue the shares without first offering them to the existing shareholders.
  • The price of newly listed 6.2% Tumas Investments plc 2017 – 2020 bonds adds a further 50 basis points to 103%. Fact sheet on this bond is available here.
  • Meanwhile the allocation policy with respect to last week’s bond offering by Mediterranean Investments Holding plc is expected to be announced shortly.

Comments are closed.