Daily Market Highlights (24.06.11)

  • Local equity market closes in positive territory for the first time in five weeks. Today, the MSE Share Index advanced by 0.2% to 3,344.72 points as seven out of the ten active equities traded higher. Meanwhile HSBC’s share price was the only one to edge lower with BOV and IHI closing unchanged. Over the week, which was characterised by wide volatility in BOV’s share price as it moved between a high of €2.80 and a low of €2.601, the local equity benchmark edged 0.6% higher mainly reflecting BOV’s 3.9% weekly rise. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index ended this week marginally unchanged following this morning’s 0.2% rise to 977.232 points. Today’s upturn was in line with the dip in the benchmark Eurozone yields to the 2.87% level.
  • Following three sessions of intense volatility, BOV’s equity held on to the €2.70 level during this morning’s session across eight trades totalling 7,460 shares. Further offers unsatisfied at the closing price whilst best bids pitched at the €2.67 level. Equity ended the week 3.9% higher ahead of next week’s deadline for investors in the La Valette Multi-Manager Property Fund to accept the Bank’s buy-back offer of €0.75 per share.
  • Meanwhile, HSBC’s share price retreated by another 0.3% to €2.90 across seven trades totalling 15,410 shares. Overall, the equity closed this week 1% lower on low volumes.
  • A last minute trade lifted GO’s share price 2.2% higher to regain the €1.38 level across eleven trade totalling 8,860 shares. Following this morning’s upturn, GO ended the week 1.1% higher in contrast to the declines registered in the previous two weeks. Forthnet’s share price continued to recover from its-recent all-time low of €0.29 and is currently trading around the €0.45 level on volumes of over 1 million shares today.
  • Share price of Middlesea Insurance jumps 3% higher to €1.03. The market awaits the pricing details of the transaction involving Mapfre Internacional’s acquisition of Munich Re’s 19.9% shareholding and the subsequent mandatory offer to be launched by Mapfre to all other shareholders. Over 5,000 shares changed hands today with best bids placed at €1.01 whilst lowest offers pitched at the €1.05 level.
  • A single trade of 2,666 Simonds Farsons Cisk plc shares was executed at the €1.71 level representing a 0.6% rise on the previous close. However the equity still closed the week 2.3% lower. Yesterday the Farsons Group held its 64th Annual General Meeting during which shareholders approved all the items on the agenda including the final net dividend of €0.0533 per share which was paid today. During the meeting, Mr Bryan Gera announced that he will not be seeking re-election after 31-years as Chairman and the Board of Directors decided to elect Mr Louis A Farrugia in his post. A year ago Mr Farrugia had vacated his post as CEO which was filled by Norman Aquilina.
  • The share prices of MIA, Grand Harbour Marina, Crimsonwing and MaltaPost all closed higher during this morning’s session. Meanwhile IHI touched an intra-day low of €0.70 only to immediately recover to the €0.82 level.