Daily Market Highlights (22.08.11)

  • Following last week’s 1.1% drop, the MSE Share Index kicked-off this week also in negative territory. The local equity benchmark shed another 0.6% to a new 22-month low of 3,104.216 points as BOV, IHI, MIDI and Lombard traded lower. On the other hand, GO edged marginally higher whilst GlobalCapital traded unchanged. Download a copy of today’s Equity Market Summary . In contrast to the local market, most major European stockmarkets have rebounded this morning after dropping to two year lows last week. Currently, the FTSE 100 is 2.5% up and the DAX gained 1.7% over last Friday’s close.
  • High trading activity across Malta Government Stocks sustained as a further €3.8 million (nominal) changed hands during this morning’s session with the bulk of trading executed in the 5% MGS 2021 (I), 5.7% MGS 2012 (III) and the 6.6% MGS 2019. The Rizzo Farrugia MGS Index retreated back from its 7-month high of 993.652 points as Eurozone yields regained the 3.12% level.
  • BOV’s share price closed 0.6% lower to €2.55 across three trades totalling only 1,726 shares. Other bids outstanding at the last traded price whilst lowest offers now placed at the €2.58 level. No trades were effected today in the recently issued €40 million 4.8% BOV notes maturing in 2018 following its listing last Friday. In the meantime, BOV this morning announced that it will be offering a second tranche of these Notes to those investors who applied for the Tranche 1 Notes but who were not allotted in full as well as to credit institutions and insurance companies. Further details available here.
  • IHI dropped 2.7% back to the €0.73 level following last Friday’s interim results publication. The 2011 half-year accounts show a drop in turnover and EBITDA due to the poor performance by the hotel in Tripoli in light of the political uprising in Libya. The downturn in the Corinthia Bab Africa Hotel offset the improvements reported by the other Group properties situated in Europe. Overall, the IHI Group reported a loss attributable to shareholders for the period of €10.8 million. Further details on results available here.
  • Lombard Bank failed to hold on to the €2.70 level after fresh sell order forced the equity 0.7% lower to €2.68 on a single trade of 10,500 shares. The Bank is scheduled to publish its half-yearly financial statements next Tuesday 23 August.
  • MIDI also in negative territory as its share traded for the first time in two weeks. Equity slips 2.3% lower to €0.43 on a single deal of 1,000 shares. Further offers unsatisfied at the closing price ahead of the company’s 2011 interim results publication on 29 August.
  • Meanwhile GO recovered most of last week’s decline as its share price moved 0.3% higher to regain the €1.259 level. 2,000 shares changed hands today with further offers unsatisfied at the closing price. GO and Forthnet (the Greek telecommunications company in which GO has an indirect investment) still have to publish their respective interim results.
  • On the corporate bond market, there were some erratic movements in the prices of some of the bonds issued by International Hotel Investments plc and Mediterranean Holdings Investment plc as further developments in Libya unfold.