Daily Market Highlights (22.06.11)

  • Local equity market back into negative territory as BOV’s recovery is short-lived. MSE Share Index slips 1.6% lower to 3,311.197 points as five out of the six active equities closed today’s session lower led by BOV’s 5.3% decline. On the bond market, the Rizzo Farrugia MGS Index again closed marginally unchanged at 974.877 points as the benchmark Eurozone yields stabilised around the 2.97% level. The price of the 5.25% MGS 2030 bonds shed 100 basis points to 101.50%. Download a copy of today’s Equity Market Summary.
  • In contrast to yesterday’s strong recovery, BOV’s share price today tumbled 5.3% back to the €2.605 level across twenty four trades totalling 36,245 shares. At the start of today’s session, the share price initially held on to yesterday’s closing level of €2.75 but failed to maintain this level as additional offers entered the market as the session progressed. Other bids outstanding at the closing price with lowest offers in the market at the €2.75 level. Yesterday evening the Bank announced that it will not be extending the deadline of its offer relating to the La Valette Multi-Manager Property Fund beyond 30 June as initially suggested by the Chairman of the Malta Financial Services Authority. BOV is offering €0.75 per share to all investors in the fund.
  • HSBC continues to decline on low volumes. Equity eases by a further 0.3% to €2.91 across two trades amounting to 1,449 shares. Few other bids unsatisfied at the closing price whilst lowest offers still placed at the €2.93 level.
  • GO also in negative territory as the equity was pushed 1.5% lower to €1.34 on volumes of 5,000 shares. Other offers unsatisfied at the closing price whilst best bids now placed at the €1.325 level. Meanwhile, the share price of Forthnet has recovered strongly in the past few days and is currently 38% above its recent all-time low of €0.29.
  • Farsons shares active for the first time this week with the share price sliding 2.9% lower back to the €1.70 level. Three trades totalling 1,307 shares changed hands today with few bids remaining unsatisfied at the closing price whilst lowest offers now placed at the €1.80 level. The company s scheduled to hold its Annual General Meeting tomorrow afternoon together with an extraordinary general meeting to update the Memorandum & Articles of Association.
  • A single trade of 1,000 MIA shares transacted at the €1.70 level representing a 2.3% drop from the previous close. Bids already placed higher at €1.73 with offers also in the market at the same level.
  • IHI unchanged at the €0.82 level across two trades totalling 13,254 shares.