Daily Market Highlights (19.07.11)

  • Volatility persists across the local equity market on low volumes. MSE Share Index slips 0.2% lower to 3,293.909 points following sharp declines in the share prices of Lombard Bank and 6pm Holdings. Meanwhile the other three active equities, namely BOV, GO and RS2 closed unchanged. Download a copy of today’s Equity Market Summary.
  • No clear trend also in international bond markets as investors weigh the repercussions of the prevailing European sovereign debt crisis. Eurozone yields today regained the 2.69% resulting in a 0.3% drop in the Rizzo Farrugia MGS Index to 979.184 points.
  • Shortly after the closure of today’s trading session FIMBank issued an announcement revealing that the “share-for-share exchange” with FIM Holdings will lapse on the closing date of 22 July as the 80% acceptance threshold is not going to be reached. This is due to the fact that FIMBank has been notified that the support of certain of its shareholders cannot be secured since the “share-for-share exchange” could prejudice the position of such shareholder/s at this point in time. No trading in FIMBank plc shares for the fourth consecutive session ahead of the Group’s 2011 half-year results publication on 10 August.
  • Lombard’s share price plunges 6% to €2.67 as it traded for the first time since 6 June. A single trade of just over 1,000 shares with few other bids unsatisfied at the closing price whilst lowest offers now pitched at the €2.69 level. The Bank is scheduled to publish its 2011 half-year results on 23 August.
  • Share price of 6pm also slumps by 12.5% to its all-time low of GBP0.28 across two trades amounting to 2,877 shares. Further bids outstanding at the closing price whilst lowest offers now in the market at the GBP0.29 level. Today’s closing price strongly contrasts the GBP0.46 level at which Alan West Robinson and Stephen Wightman sold a total of 850,609 shares to Ivan Bartolo in terms of the Rights Issue Prospectus dated 28 March 2011.
  • Meanwhile RS2 Software continues to be well supported as a further 7,000 shares changed hands at the equity’s 8-month high of €0.54. Best bids still placed at €0.53 whilst lowest offers now placed at the €0.55 level.
  • BOV also maintained yesterday’s gains as another 2,100 shares trade at the €2.70 level. However offers already placed minimally lower at €2.699 whilst best bids now placed at the €2.67 level.
  • GO again recovers from an intra-day low of €1.325 to close unchanged at the €1.36 level across four trades totalling 6,600 shares. Offers already placed lower at €1.358 whilst best bids now placed at the €1.30 level.

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