Daily Market Highlights (23.04.12)

  • MSE Share Index reversed last week’s 0.2% drop with an equivalent increase during this morning’s session on the back of a 1% increase in BOV’s share price. The only two other active equities, namely HSBC and Middlesea, closed unchanged in a session characterised by very low trading activity. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged marginally higher to 986.09 points as eurozone yields slid to 1.651% – close to its all-time low of 1.637% (registered on 10 April 2012). Today’s downturn follows fresh concerns over the sustainability of the region’s sovereign debt fuelled by the outcome of the French Presidential election as well as the political instability in the Netherlands after the Dutch government failed to ratify budget cuts in a bid to improve the country’s financial position. The latter also pushed the spread of Dutch debt over the benchmark German bund to the highest in the last three years.
  • BOV’s share price back into positive territory today ahead of the Bank’s interim results publications on Friday 27 April. The Bank’s equity ended today’s session at the €2.12 level representing a 1% increase over the previous close. Over 48,700 shares exchanged today with best bids in the market at €2.10 and lowest offers at the €2.20 level.
  • Meanwhile HSBC held on to the €2.52 level on a single trade of 1,350 shares. Other offers unsatisfied at the closing price whilst best bids placed at the €2.50 level. Last week, HSBC Malta held its Annual General Meeting during which all resolutions were approved including the final gross dividend of €0.072 per share which will now be paid on Friday 27 April.
  • Similarly, 2,420 Middlesea Insurance shares traded unchanged at the €0.70 level. Best bids in the market at €0.69 whilst lowest offers placed at the €0.72 level.
  • This morning International Hotel Investments issued an announcement to update the market with developments in respect of its plans to raise new equity capital. The Company explained that since the prevailing challenging economic conditions of financial markets impede it to successfully raise new equity capital through a public offering, IHI will be inviting a number of potential investors to participate in the subscription of new shares through a private placement. No trades were executed in the market with best bids at the last closing price of €0.74 and lowest offers at the €0.80 level.