Daily Market Highlights (22.12.10)

  • Recovery in BOV shares helps local equity market to return to positive territory. MSE Share Index closes the day 0.6% higher this morning to 3,622.123 points as BOV, MIA and IHG advance outweighing the minimal decline in HSBC. Meanwhile Medserv and Middlesea close unchanged. Download a copy of today’s Equity Market Summary.
  • Central Bank of Malta Stockbroker minimally raises its Malta Government Stock bid prices as the benchmark Eurozone yield stabilised at the 2.98% level.
  • BOV up 1.9% today to close at €3.679 thus reversing part of the 5.2% drop recorded on Monday and Tuesday. Volumes increase to over 32,000 shares today on renewed buying interest. Shareholders on the register as at close of trading on Friday 7 January 2011 will be entitled to the 1 for 5 bonus issue which was approved by shareholders during the recent Annual General Meeting.
  • On the other hand, HSBC closed lower for the third consecutive session. The Bank’s equity slipped to an intra-day low of €3.06 before recovering to close at €3.08, minimally below yesterday’s level.
  • Another positive performance by MIA. Share price up 0.6% this morning to regain the 2010 high of €1.66. High volumes sustained in this equity with another 15,000 shares changing hands during this morning’s session. The airport operator recently published its November traffic results revealing yet another double digit growth in passenger numbers lifting the growth in passengers during the first eleven months of the year to 13% compared to the forecasted 8% rise. Further details available here.
  • A deal of 1,000 Island Hotels Group shares transacted at the €0.899 level representing a 12% recovery from its all-time low of €0.80.
  • Medserv trades again at the €4.27 level. During today’s session 3,470 shares trade at this level following the high activity of 25,640 shares yesterday. Further shares on offer at this level with highest bids at €4.25.
  • Middlesea Insurance also unchanged at the €1.015 after recovering from an intra-day low of €1.00 on volumes of 10,687 shares.
  • Following the 18.9% rise in IHI shares during the first two sessions of the week, IHI’s equity was inactive today. Last Friday IHI issued an announcement explaining that in anticipation of the new public offering and listing of the company’s shares on a major international stock exchange, senior executives of the company are currently meeting international institutional and high net worth investors. IHI’s objective is to conclude share participation agreements at a price superior to the nominal value of €1.00 per share in order to raise additional capital to take advantage of current acquisition and development opportunities in key cities. More details available here.
  • GO’s equity also failed to trade this morning. Yesterday the Group announced that Forgendo Limited (the joint venture company between GO and its majority shareholder Emirates International Telecommunications) increased its shareholding in Forthnet through an acquisition of a further 32,296 shares. Further details available here.

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