Daily Market Highlights (23.06.11)

  • MSE Share Index up 0.8% today to 3,339.275 points as BOV returns to positive territory. GO also trades higher whilst the other active equity, Middlesea, closed unchanged. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index inched 0.1% higher to regain the 975.795 points level as the benchmark Eurozone yields eased back to the 2.95% level. The recently issued fungible tranches of the 5.25% MGS 2030 (I) were today merged with the original tranche and now form one stock.
  • Further volatility in BOV’s share price as investors digest the various media articles relating to the La Valette Multi-Manager Property Fund. Following the 5.4% rally on Tuesday’s which was subsequently wiped out by a similar drop during yesterday’s session, the equity returned to positive territory today. Fresh demand for BOV shares helped the equity advanced by 3.7% higher to regain the €2.70 level across six trades totalling over 8,000 shares.
  • Meanwhile, the lack of trading activity across HSBC shares persists as the equity was inactive for the second time this week. Highest bids totalling 27,150 shares are placed at €2.90 with offers of 5,400 shares at €2.92.
  • GO recovered some of yesterday’s 1.5% decline, as it share price moved 0.8% higher to the €1.35 level. Two deals of 6,750 shares transacted today with best bids placed at €1.325 and lowest offers pitched at the €1.355 level.
  • A single trade of 1,000 Middlesea Insurance affected at the €1.00 level, unchanged from the previous close. Few other offers unsatisfied at the closing price whilst best bids still in the market at the €0.99 level. The market is still awaiting details on the transfer of shares between Mapfre Internacional and Munich Re as well as the mandatory offer to be launched by Mapfre.
  • Earlier this week, Island Hotels published its half-year financial results for the six months ended 30 April 2011. The results revealed a turnover of €10.6 million which is 1.1% higher than that generated in the comparable period last year. EBITDA dropped by 17.8% to €0.37 million and the Group incurred a net loss for the period under review of €2 million compared to a loss of €2.2 million registered in the same period during 2010. With respect to the outlook for the second half of their financial year, the Directors stated that they see no dramatic changes to the trading patterns registered last year when the Group incurred a loss of €0.7 million for the full-year to 30 October 2010. Further details available here. Results failed to generate any trades in Island Hotels shares with offers outstanding at the closing price of €0.85 and best bids still placed at the €0.701 level.