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  • Following the declines in each of the first three quarters of 2011, totalling 17.8%, the local equity market commenced the fourth quarter of 2011 with a negative performance. MSE Share Index eased marginally lower during this morning’s session to 3,107.795 points as declines in BOV and Lombard offset the increase in the share price of GO. Meanwhile HSBC closed unchanged. Download a copy of today’s Equity Market Summary.
  • Eurozone yields dropped back towards the 1.80% level this morning following yesterday’s news that Greece will be unable to meet its deficit targets. Inspectors from the IMF, the EU and the European Central Bank were in Athens over the weekend to review the country’s performance and to decide on an additional disbursement of the bailout. The negative news from Greece reignited concerns on the impact of a Greek default on European banks. In line with the drop in benchmark yields, the Central Bank of Malta raised its Malta Government Stock bid prices leading to a 0.4% rise in the Rizzo Farrugia MGS Index to 992.685 points.
  • BOV’s share price eased minimally lower to €2.50 across twelve traded totalling 8,455 shares. BOV generally publishes its full-year results by the end of October.
  • Fresh sale orders forced Lombard’s share price 2.2% lower to €2.62 on volumes of 2,000 shares. Bids now placed at €2.61 whilst lowest offers pitched at the €2.64 level.
  • Meanwhile HSBC closed unchanged at the €2.63 on very low volumes of 741 shares.  Few other bids unsatisfied at the closing price whilst lowest offers outstanding at the €2.65 level.
  • GO, the only other active equity, partially recovered from its recent declines as the equity edged 1.8% higher to regain the €1.14 level. Three trades totalling 3,500 shares executed today. GO still ranks as the worst performing equity with a year to date drop of over 40% reflecting the rising concerns with respect to Forthnet’s widening losses and its ability to sustain its debt obligations.
  • Tomorrow marks the last trading day during which investors can gain entitlement to the Farsons Group’s net interim dividend of €0.0133 per share which will subsequently be paid on 21 October. The Farsons Group’s interim results covering the six months ended 31 July 2011 revealed a 20.8% rise in profitability to €2.6 million. This growth was due to the stable sales performance of locally manufactured beverages, improved results from the importation segment and franchised food business, the non-recurrence of an impairment of assets as well as a continuous effort to contain overheads and rightsizing operations. Further details on results available here.

 

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