Daily Market Highlights (27.06.11)

  • MSE Share Index down 0.7% during this morning’s session to 3,322.712 points as BOV, Middlesea Insurance, FIMBank, Farsons and GlobalCapital all traded lower. Meanwhile the three other active equities, namely HSBC, GO and MIA closed unchanged. On the bond market, the Rizzo Farrugia MGS Index moved higher for the third consecutive session with another 0.1% rise to 978.118 points as the benchmark Eurozone yields eased to the 2.87% level. Download a copy of today’s Equity Market Summary.
  • High volumes amounting to almost 65,000 MIA shares changed hands today across 13 deals. Equity maintains the €1.71 level after touching an intra-day low of €1.70 with other offers unsatisfied at the closing price. The airport operator is expected to update its 2011 passenger forecast by mid-July. During the first five months of 2011, MIA reported a 15.3% increase in passenger movements.
  • Volatility in BOV’s share price persists as the equity eases by 0.7% today to the €2.681 level. Just over 8,000 shares changed hands today with further bids outstanding at the closing price whilst lowest offers now pitched at the €2.69 level. Next Thursday marks the deadline for investors in the La Valette Multi-Manager Property Fund to accept the Bank’s buy-back offer at €0.75 per share.
  • Meanwhile, HSBC held on to the €2.90 level across four trades totalling 4,687 shares. Other bids in the market at the last traded price whilst lowest offers still placed at the €2.939 level.
  • Other declines across the other active financial equities. Middlesea Insurance retreated by 1.9% back to the €1.01 level on just 50 shares. 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.
  • Insignificant volumes of 180 GlobalCapital shares force the equity 50% lower to a new all-time low of €0.50. Other bids unsatisfied at the closing price whilst lowest offers now pitched at the €0.75 level.
  • FIMBank fails to hold to the US$0.82 level as its equity tumbles 6.1% to the US$0.77 level across 7,589 shares. Recently the trade finance specialist announced that the acceptance period with respect to the share for share exchange with FIM Holdings plc has been extend to 22 July. Further details available here.
  • A small trade of 300 GO shares transacted at the €1.38 level, unchanged from the previous close. However offers already placed lower at €1.375 whilst best bids placed at the €1.34 level.
  • Low volumes also evident in Simonds Farsons Cisk shares as the equity retreated by 1.8% back to the €1.68 level on just 209 shares. Bids already placed higher at €1.71 whilst lowest offers pitched at the €1.80 level. Late last week Farsons paid out the final net dividend of €0.0533 per share following approval by shareholders at the 64th Annual General Meeting. During the same 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.