Daily Market Highlights (25.02.11)

  • Sixth successive session of declines as local investors retreat due to the political turmoil in Libya. MSE Share Index down a further 0.5% this morning to 3,609.639 points as HSBC, BOV, Middlesea, MaltaPost and RS2 all trade lower offsetting the minimal increase in Crimsonwing. Meanwhile MIA unchanged at 1.75. Share Index ends the week in negative territory with a 5.1% decline mainly attributable to HSBC’s 13.6% drop. Download a copy of today’s Equity Market Summary.
  • Sell-off also persists across local corporate bonds especially those associated with the Corinthia Group. Today’s highest decline was in the 7.5% Mediterranean Investments Holding plc 2015 which slumped 11 percentage points to the 90% level. Similarly the 6.25% International Hotel Investments plc 2019 slipped 10 percentage points to 90%.
  • The Rizzo Farrugia MGS Index dropped 0.2% back to the 982.561 points as the benchmark Eurozone yield recovered to the 3.17% level. The price of the 5.25% MGS 2030 dropped 35 basis points to 102.45%. New MGS’s expected to be listed shortly.
  • HSBC‘s share price closes below the 3.00 level on a fresh bout of selling pressure. Equity closes the day 0.7% lower at the €2.98 level representing a 13.6% plunge over the week. HSBC is the worst performing equity this week. Over 24,500 shares trade today with few other offers unsatisfied at the closing price and best bids pitched at the €2.95 level. HSBC’s equity will continue to trade with the entitlement to the final gross dividend of €0.077 per share until next Thursday 3 March.
  • BOV closes minimally lower at the €2.99 level after touching an intra-day low of €2.96 across eleven trades amounting to 16,271 shares. Further offers remain unsatisfied at the closing price with best bids pitched at the €2.965 level. Equitysthis week 0.3% lower.
  • Middlesea Insurance also succumbs to selling pressure as its share price slips 3.8% lower to the €1.01 level on volumes of 4,572 shares. Bids already placed minimally higher at €1.011 with lowest offers in the market at the €1.03 level. The company is scheduled to report its 2010 financials on 14 March.
  • Share price of MaltaPost also in negative territory as sell-off in local equity market spreads. The share price of the postal operator drops 5% to the €1.04 level across four trades totalling just over 7,000 shares.
  • RS2 slumps 11.1% to a new all-time low of €0.40 as it trades for the first time this month. Two trades amounting to 4,500 shares executed today with lowest offers outstanding at €0.429 whilst best bids pitched substantially lower at the €0.31 level.
  • Meanwhile Crimsonwing edges 1.1% higher to €0.379 on a single trade of 13,000 shares. Further offers unsatisfied at the last traded price whilst best bids placed at the €0.35 level.
  • The only other active equity, MIA, again trades unchanged at the €1.75 level on one deal of 2,800 shares. The airport operator is due to publish its 2010 financial results on 17 March.

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