Daily Market Highlights (28.06.11)

  • Local equity market again in negative territory on dwindling trading activity. MSE Share Index eases 0.1% lower today as the only two equities are active. Both BOV and MIA trade lower. Download a copy of today’s Equity Market Summary.
  • The Rizzo Farrugia MGS Index also dropped 0.2% lower to 976.163 points as the benchmark Eurozone yields regained the 2.91% level. The largest drop was in the bid price of the 5.25% MGS 2030 which was reduced by 50 basis points to 101.10%. Nonetheless, trading on the secondary market continues to take place at a premium to the bid price of the Central Bank.
  • No trades were affected during this morning’s session in the newly listed €5 million 6.25% Mediterranean Bank plc bonds which mature in 2015. This second issue will be merged with the first tranche of bonds issued in late 2010 on the next interest payment date which is 30 October 2011.
  • BOV’s share price initially gains 0.7% to €2.70. However, as the session progressed, fresh sale orders emerged forcing the share price to drop back to the €2.68 level, representing a minimal decline from the previous close. Investors in the La Valette Multi-Manager Property Fund have until next Thursday 30 June to reply to the Bank’s buy-back offer of €0.75 per share.
  • A single trade of 1,000 MIA shares transacted at a 6-week low of €1.68 representing a 1.8% drop from the previous closing price. This morning’s activity is in sharp contrast to the high volumes of almost 65,000 shares.
  • This morning, Grand Harbour Marina plc held its Annual General Meeting during which shareholders approved all the items on the agenda. The CEO of Camper & Nicholsons Mr. Nick Maris revealed during the same meeting that the super-yacht berth sale concluded in March related to a 30-metre berth which was sold for around €400,000.
  • Still no trades affected in Island Hotels Group shares following the publication of the Group’s financial results for the six months ended 30 April 2011. During the period under review the Group generated €10.6 million in turnover which is 1.1% higher than the turnover recorded in the comparable period last year. However EBITDA fell by 17.8% to €0.37 million. Further details available here.