Daily Market Highlights (21.01.11)

  • After three consecutive sessions of declines, the local equity market returns to positive territory. The MSE Share Index edged 0.1% higher today to close at 3,835.206 points on the back of increases in the share prices of HSBC and MIA which outweighed the marginal decline in BOV. Despite today’s upturn, the Index still ended the week 0.9% lower mainly due to the downturn in the two largest caps, HSBC and BOV. Download a copy of today’s Equity Market Summary.
  • Negative trend in Rizzo Farrugia MGS Index extends to the ninth consecutive session on intensified concerns on the sustainability of the eurozone’s sovereign debt. As a result, benchmark 10-year Eurozone yield pushed up to the 3.16% level resulting in another 0.7% drop in the MGS Index to a new 1-year low of 983.789 points (-0.9% year-to-date).
  • Volatile session for HSBC shares. Equity initially drops 0.5% to an intra-day low of €3.385 but subsequently moves higher to the €3.42 level. However share price drops back to the €3.405 level on fresh sell orders forcing the equity to close the day only 0.1% higher. 25,670 shares changed hands today with further bids unsatisfied at the last traded price whilst lowest offers pitched at the €3.43 level. Today’s marginal recovery was insufficient to help the equity recover from earlier losses this week with the share price ending the week 2.7% lower.
  • Meanwhile BOV eases minimally lower to close at the €3.135 level on volumes of almost 27,300 shares. Following yesterday’s 0.3% drop, BOV’s share price slipped 0.5% lower this week ahead of the imminent publication of the Bank’s Interim Directors’ Statement updating the investing public on its performance since the last financial year ended 30 September 2010.
  • MIA’s equity climbs 2.9% higher this morning to a fresh 56-month high of €1.75 on low volumes of 1,000 shares. On Wednesday the airport operator published its 2010 traffic statistics revealing a 12.8% rise in passengers to a record of 3.29 million mainly due to the 10.6% increase in seat capacity. Following this announcement, the share price of the airport operator advanced by 4.8% during the third week of 2011.
  • MaltaPost maintains last year’s 42.9% rise as a further 67,043 shares are exchanged at the €1.00 level. Other offers outstanding at the closing price with highest bids now placed at the €0.94 level.
  • IHI also unchanged at the €0.98 level as it trades for the first time this week. Three trades totalling 13,554 shares transacted today with offers already placed lower at €0.97 whilst best bids placed at the €0.95 level. Yesterday IHI announced that the London Hotel started accepting bookings for April. Further details available here.

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