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  • Local equity market in negative territory for the second consecutive session as declines in the share prices of HSBC and BOV force the MSE Share Index 0.5% lower to 3,097.441 points. Meanwhile FIMBank jumped 6% higher on low volumes whilst MIA traded unchanged. Download a copy of today’s Equity Market Summary.
  • Various Malta Government Stocks again active today ahead of next week’s new stock issues announced last Friday. The two stocks are the 4.25% MGS 2017 (III) FI and the 5.2% MGS 2031 (I). Prices of both stocks will be determined on Thursday 10 November. Subscriptions open on Monday 14 November and close on Wednesday 16 November. Further details available here.
  • The Rizzo Farrugia MGS Index this morning minimally eased lower to 989.921 points as Eurozone yields moved higher this morning in an initial positive reaction towards yesterday evening’s decision by Italian Prime Minister to resign following the implementation of new austerity measures next week. However uncertainty soon re-emerged as reflected by the rising yields on Italian bonds which have now surpassed the unsustainable level of 7%.
  • On the local equity market, high trading activity in BOV shares was maintained with almost 90,000 shares changing hands today. Share price closes 0.8% lower at €2.40. Further bids unsatisfied at the closing price with lowest offers at the €2.44 level. Shareholders as at close of trading next Friday will be entitled to receive the final gross dividend of €0.08 per share. Equity turns ex-dividend as from next Monday. Further details on the September 2011 full-year results available here.
  • HSBC also in negative territory today but on much lower volumes than in BOV. Share price slips by 1.5% to €2.65 across six trades totalling 10,600 shares. The Bank is shortly expected to publish its Interim  Statement covering the performance during the third quarter of the year.
  • A single trade of 5,000 MIA shares was executed at yesterday’s closing price of €1.70 with offers already placed lower at the €1.69 level.  On Monday MIA announced that it will be refunding all landing fees during its winter schedule which spans from November 2011 to March 2012. The CEO of MIA explained that this action was taken in order to incentives all airlines to utilise the Maltese airport and thus try and maintain the growth in passenger numbers of recent years and months. It was subsequently revealed that this initiative will result in around €1.3 million loss in revenue for the airport operator.
  • FIMBank’s share price up 5.6% to US$0.76 on very low volumes of 650 shares.
  • This morning Lombard Bank published its Interim Statement updating the market since the half-year end. In this morning’s announcement the Directors explained that the Bank maintained its prudent and cautious stance. Moreover, the Directors stated that since Lombard has no exposure to countries affected by the sovereign debt problems in the euro zone, the Bank is safeguarded and therefore it can continue to operate through the prevailing crisis whilst maintaining a sound financial position. Lombard also noted that profitability levels are similar to those registered during the corresponding period last year despite profit margins remaining under pressure. During the year ended 31 December 2010, the Lombard Bank Group reported pre-tax profits of €13.9 million (+7.8%) while during the six months ended 30 June 2011, Group profitability edged 3.6% higher to €7 million.

 

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