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  • Following three consecutive sessions of increases, the MSE Share Index edged 0.3% lower during this morning’s session to close at 3,144.541 points. HSBC, BOV and Middlesea all traded lower today whilst GO edged 1.9% higher. Download a copy of today’s Equity Market Summary.
  • On the bond market, Eurozone yields stabilised around the 1.80% level although concerns surrounding the Greek bailout remain. The Rizzo Farrugia MGS Index only edged 0.1% higher today to 990.273 points. High volumes were traded in the 5.25% MGS 2030 as a total of €753,100 (nominal) were exchanged at today’s CBM bid price of 102.33%.
  • BOV’s share price sheds a further 1.2% to the €2.50 level across sixteen trades totalling just over 18,900 shares. Last Friday, the Bank published its September 2011 financial results which revealed a 34.3% drop in profitability to €41.7 million. The downturn in the Bank’s profits during the financial year ended 30 September 2011 was mainly due to a €24.9 million fair value markdown in its investment portfolio and a €15 million one-off loss arising from the buy-back of shares from investors in the La Valette Multi-Manager Property Fund.  The Directors are recommending a final gross dividend of €0.08 per share to shareholders as at close of trading on 11 November 2011. The Directors also recommended a 1 for 8 bonus issue to shareholders as at close of trading on 9 January 2012. This bonus issue will be funded through the capitalisation of €30 million of reserves. Further details available here.
  • After two consecutive sessions of gains, HSBC’s equity moved into negative territory during this morning’s session. A single trade of 900 shares was executed today with best bids placed at €2.69 and lowest offers at the €2.72 level. During the second week of November, the Bank generally publishes its Interim Statement covering the third quarter of 2011.
  • Also in the financial sector, Middlesea Insurance slipped 2.2% to a new 2-month low of €0.90 on volumes of 1,364 shares. Further offers unsatisfied at the closing price whilst best bids in the market at the €0.85 level.
  • The only other active equity, GO, edged 1.9% higher to close at the €1.07 level on volumes of 1,800 shares. However offers already placed minimally below the last closing price. This morning, Forthnet announced that the recent Extraordinary General Meeting (EGM) was postponed due to the current political and economic developments taking place in Greece. The Directors explained that the postponement of the EGM, which was set to approve a number of changes to the company’s share capital and a €30 million rights issue, may be in conflict with certain contractual obligations under the company’s ‘Bond Loans’. Nonetheless, the Directors reassured shareholders that such conflicts would not impede on the company’s ability to operate.

 

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