Daily Market Highlights (20.06.11)

  • Local equity market in positive territory for the first time in five sessions. MSE Share Index edged marginally higher to 3,328.391 points as the increases in the share prices of BOV and Plaza offset GO’s minimal decline. Meanwhile the other active equity, MIA, closed unchanged at the €1.73 level. Meanwhile the Rizzo Farrugia MGS Index eased minimally lower today to close at 976.65 points as the benchmark Eurozone yields recovered towards the 2.93% level. Download a copy of today’s Equity Market Summary.
  • This morning, Middlesea Insurance announced that the Malta Financial Services Authority (MFSA) granted approval for Mapfre Internacional to acquire Munich Re’s 19.9% shareholding in Middlesea and effectively increase its own shareholding to 50.98%. However the announcement again failed to provide the price at which such a transaction will take place. In terms of the Listing Rules, Mapfre will proceed to issue a mandatory offer to the remaining shareholders following the conclusion of the transaction with Munich Re. No trades affected in Middlesea shares during this morning’s session as the market awaits the details of the transaction between the two insurance giants and the subsequent price of the mandatory offer.
  • Following last week’s 5.1% drop, BOV’s share price marginally recovered by 0.4% during this morning’s trading session to €2.61 across twenty eight trades totalling over 46,000 shares. Bids already placed higher at €2.62 whilst lowest offers pitched at the €2.65 level. Last week the Malta Financial Services Authority imposed an administrative penalty on the Bank and its wholly owned subsidiary, Valletta Fund Management Ltd, amounting to just under €350,000 relating to the La Valette Multi-Manager Property Fund. BOV announced that it will be appealing the decision. Further details available here.
  • HSBC shares inactive for the second consecutive session with offers outstanding at the last closing price of €2.93 whilst best bids now placed at the €2.91 level.
  • GO’s equity drops back to the €1.36 level  on volumes of 9,140 shares.
  • Plaza share price advances by 0.6% to regain the 2011 high of €1.80. All offers in the market at this level amounting to 4,500 shares snapped up this morning.
  • Sustained demand for MIA shares at the €1.73 level as a further 20,645 shares change hands today. Moreover, other bids remain unsatisfied at today’s closing price with lowest offers at the €1.74 level.