Daily Market Highlights (29.03.12)

  • MSE Share Index eased back for the fourth consecutive session with another 0.4% decline to 2,937.230 points following declines in the share prices of BOV, HSBC and Grand Harbour Marina. The only other active equity, GO, ended the session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to 982.124 points reflecting the decline in Eurozone yields back to the 1.82% level despite yesterday’s comforting comments by Germany’s Angela Merkel and Italy’s Mario Monti. The two EU leaders yesterday stated that the Eurozone is slowly resolving its sovereign debt crisis.
  • Tomorrow marks the deadline for submission of applications at the pre-placement stage (for a minimum of €100,000) in relation to the issue of the second series of Notes of BOV under its €125 million Debt Issuance Programme. The first tranche of this second series will encompass €40 million of Notes carrying a coupon of 4.25% and maturing in 2019. Further details on the new notes together with copies of the Final Terms and other relevant documentation available here.
  • BOV’s equity slipped a further 1.4% lower today dropping back to the €2.12 level across seven trades totalling just over 9,300 shares. Lowest offers still in the market at €2.19 whilst best bids pitched at the €2.10 level. This month marks the end of the bank’s half-year with the interim results generally published by the end of April.
  • Similarly, HSBC’s share price eased marginally lower to close at the €2.515 level across three trades totalling 5,800 shares. Other bids unsatisfied at the closing price whilst lowest offers pitched at the €2.52 level. The Bank is scheduled to hold its Annual General Meeting on 18 April.
  • Grand Harbour Marina shares also in negative territory today as the shares traded for the first time since early January 2012. Share price slumped 2.7% to a new one-year low of €1.898 on a single trade of 2,100 shares. No other bids in the market whilst lowest offers pitched at the €1.899 level.
  • The only other active equity, GO, held on to the €0.80 level across 2,500 shares. Best bids in the market at €0.772 whilst lowest offers pitched at the €0.84 level. The GO Group is scheduled to hold its Annual General Meeting on 9 May.