Daily Market Highlights (23.05.11)

  • Trading volumes continue to shrink with investors preferring to remain on the side-lines as the European sovereign debt crisis unfolds and on further developments on the Libya front. MSE Share Index closed this morning’s session marginally higher at 3,400.252 points as increases in the share prices of BOV and MIA offset the downturn in GO and MIDI. Meanwhile the two other active equities, HSBC and Island Hotels, closed unchanged. Download a copy of today’s Equity Market Summary.
  • Benchmark Eurozone yields slump back to a 5-month low of 3.02%. This follows a cut in Greece’s rating from BB+ to B+ by Fitch Ratings amid concerns on the country’s ability to repay its debt. Markets are also concerned following the news by Standard & Poor’s that it is considering downgrading Italy. Despite the drop in yields to a 5-month low, the Rizzo Farrugia MGS Index inched 0.1% higher to 976.048 points.
  • BOV’s share price recovered from its 7-month low of €2.79 to regain the €2.829 level across six trades totalling 2,491 shares. Nonetheless, offers already placed below the last closing price at €2.82 whilst best bids now placed at the €2.81 level. The Bank is scheduled to pay the recently announced net interim dividend of €0.0406 per share on 26 May.
  • Meanwhile HSBC maintained last week’s 0.7% rise as a further 5,500 shares change hands at the €2.98 level. Other bids unsatisfied at the last traded price whilst lowest offers still in the market at the €3.00 level.
  • GO again in negative territory as the equity reversed last week’s 2.2% rise. Share price drops back to the €1.35 level. Almost 13,000 shares exchanged today as investors eagerly await the publication of Forthnet’s first quarter results to gauge the overall effect on GO’s financial performance and position.
  • Share price of MIDI drops 4.6% to a new all-time low of €0.42 across one deal of 1,000 shares. Other offers unsatisfied at the closing price whilst best bids pitched at the €0.40 level. The Company is scheduled to hold its first Annual General meeting as a listed entity on 1 June.
  • Meanwhile MIA continued to build on last week’s 1.8% rise as its share price edged another 0.6% higher to reach the €1.72 level also on a single trade of 2,000 shares. Lowest offers now placed at the €1.73 level with few other bids unsatisfied at the closing price.
  • IHG Holdings trades again at the €0.895 level. The company recently announced that it acquired 50% of Buttigieg Holdings Ltd which in turn owns 100% of R.J.C. Caterers – a catering company operating in the retail and contract catering sector. Further details available here.