Daily Market Highlights (21.06.11)

  • Sharp recovery in BOV’s equity helps local equity market to register second consecutive positive performance. MSE Share Index up 1.1% to 3,363.657 points as the strong gain in BOV and a slight increase in MIA offset the declines in HSBC and MaltaPost. Meanwhile the other three active equities closed unchanged. On the bond market, the Rizzo Farrugia MGS Index eased a further 0.1% today to 975.390 points as the benchmark Eurozone yields regained the 2.97% level. However, the price of the 5.25% MGS 2030 bonds added 50 basis points to 102.50%. Download a copy of today’s Equity Market Summary.
  • BOV’s share price recovers strongly on sudden fresh demand for its shares. Share price rallies by 5.4% to €2.75 after hitting a high of €2.80 (the highest level since 26 May). High trading activity today with over 54,000 shares changing hands. During the past two days, BOV’s equity managed to recover all the losses sustained last week. 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.
  • MIA’s equity also in positive territory as its share price garnered a further 0.6% to regain the €1.74 level on a single trade of 2,000 shares. Bids totalling 15,000 shares remain unsatisfied at €1.73 with offers of the same amount in the market at the €1.75 level. During the first five months of the year the airport operator registered a 15.3% increase in passenger movements. By the second week of July, the Company will publish the June statistics and a revised forecast for 2011. At the beginning of the year MIA estimated that it will maintain the same record level of passengers registered in 2010 of 3.29 million.
  • Meanwhile HSBC’s equity eases by 0.3% to €2.92 on insignificant volumes of 700 shares. Best bids in the market at €2.91 whilst lowest offers pitched at the €2.939 level.
  • MaltaPost also in negative territory as its share price dropped 4.8% back to the €1.00 level for the first time since 31 January 2011. A single trade of just over 1,100 shares transacted this morning with further bids outstanding at the closing price whilst lowest offers placed at the €1.05 level.
  • No change in the share prices of IHI and GO. IHI maintained the €0.82 level across 3,100 shares with the quad play telecom operator holding on to the €1.36 level on low volumes of 1,000 shares.
  • RS2 Software also unchanged at the €0.53 level on a single trade of 2,600 shares. Best bids now placed at €0.50 whilst lowest offers pitched at the €0.54 level.
  • Middlesea Insurance inactive for the tenth consecutive session as investors await details on the acquisition price of Munich Re’s 19.9% shareholding by Mapfre Internacional and the subsequent mandatory offer to be launched by the Spanish company following yesterday’s approval by the Malta Financial Services Authority (MFSA).
  • On the Alternative Companies List, Loqus Holdings closed unchanged at the €0.161 level across two trades totalling 2,000 shares.