Daily Market Highlights (25.07.11)

  • Fifth consecutive session of declines as investor sentiment remains subdued. MSE Share Index drops another 0.5% today to a new 20-motnh low of 3,255.429 points as BOV and GO close in negative territory. Meanwhile the two other active equities , HSBC and MIA, closed unchanged after recovering from their respective intra-day lows. Download a copy of today’s Equity Market Summary.
  • Reassurances from last week’s agreement on a new bailout package for Greece fade away during the weekend as critics questioned the viability of the conclusions of the EU summit. As a result benchmark yields across the Eurozone dropped back below the 2.8% level triggering an upward movement in Malta Government Stock prices. The bid price of the 5.25% MGS 2030 (I) increased by 82 basis points to 101.56% recovering most of the declines of the previous two sessions. Overall the Rizzo Farrugia MGS Index jumped 0.4% today to 976.859 points.
  • Following last week’s 0.4% drop, BOV’s share price remained under pressure with another 1.9% slump to its 2011 low of €2.60 across thirty eight trades totalling almost 59,000 shares. Best bids now placed at €2.58 with lowest offers at the €2.65 level. Last Wednesday the Bank announced the issue of €40 million Notes carrying a coupon of 4.8% and maturing in 2018. Further details and copies of all the relevant documentation available here.
  • Meanwhile HSBC maintained last week’s 0.7% increase as the equity recovered from an intra-day low of €2.87 to close unchanged at the €2.89 level. 4,225 shares changed hands today ahead of the Bank’s 2011 half-year results publications scheduled for next Friday 29 July.
  • GO slides 2.3% to its all-time low of €1.27 on continued lack of support for the equity. Twelve trades amounting to just over 23,000 shares executed this morning with best bids in the market at €1.25 and lowest offers pitched at the €1.30 level.
  • MIA failed to recover from last week’s 2.5% drop as the equity closed unchanged at the €1.55 level after opening the day at a new 9-month low of €1.54. Few other offers unsatisfied at the closing price whilst best bids now placed at the 1.50 level ahead of next Wednesday’s half-year results publication. Last week the airport operator announced an improved 2011 passenger forecast of +3.2% to a new record of around 3.4 million passengers.