Daily Market Highlights (22.02.11)

  • Local equity market again in negative territory on weak investor sentiment due to the political unrest in Libya. MSE Share Index down a further 1.3% to 3,718.961 points as HSBC, BOV, IHI and GO all trade lower. Following the declines registered during the first two sessions of this week, the Share Index is now 1.7% below its value at the beginning of the year. Download a copy of today’s Equity Market Summary.
  • Rising concerns on the developments in Libya force flight to safety in the bond market with the Eurozone benchmark yields dropping back to the 3.14% level. As a result, the Rizzo, Farrugia MGS Index climbed 0.2% to 984.205 points. Meanwhile the corporate bond prices of IHI continued to move lower with the 6.8% IHI 2013 bond plunging 600 basis points to the 95% level. Offers in the 3 bonds of Mediterranean Investments Holding plc are available at the 95% level.
  • HSBC share price again pushed lower despite trading with the entitlement to the recommended final gross dividend of €0.077 per share. Equity slips by a further 1.9% to €3.239 on volumes of 9,850 shares. The equity has shed 6.1% since last Friday’s publication of the Bank’s full-year results revealing a 16.7% increase in pre-tax profit to €83.1 million. Further details available here.
  • Sentiment towards BOV also negatively impacted as its share price drops 1.6% to revert back to the €3.00 level. Over 38,400 shares changed hands today with further bids unsatisfied at the closing price.
  • IHI also in negative territory as fresh sell order emerge in the market following the increased tensions in Libya. Share price slips 1.2% to the €0.929 level with offers already placed at the €0.90 level.
  • GO slumps 3.2% lower to a fresh 15-month low of €1.799 across six trades totalling 13,200 shares. No bids in the market whilst further offers outstanding at the last traded price. Equity now ranks as the worst performer since the start of the year with a plunge of 7% as Group still fails to provide information with respect to its Greek investment strategy.

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