Daily Market Highlights

Aug 28, 2009



  • MSE Share Index eases marginally lower to close at the 3,084.469 points level as BOV’s 1.7% rise was outweighed by drops in HSBC and MIA. Despite three consecutive negative sessions, the Index still ends the week 0.7% higher mainly due to the recovery staged by the two big banking equities in the first two sessions of this week. Low volumes of activity characterised the past week as interim results fail to generate trades. Download the latest copy of Equity Market Summary.
  • BOV recovers from yesterday’s drop to regain the €3.00 level and close the week as the best performer with a 3.5% increase. Just under 5,800 shares exchanged today with best bids now placed at the €2.90 level whilst further offers remain unchanged at the closing price.
  • Meanwhile HSBC slips a further 0.9% to €2.675 on eight trades totalling 3,184 shares. Equity erases almost all of the sharp rise registered on Tuesday to end this week only marginally higher.
  • MIA also continues to trade lower. Share price sheds a further 2.1% to €2.35 on a single trade of 1,000 shares. Few offers remain outstanding at the closing price with highest bids at the €2.20 level.
  • GO edges 0.2% higher to €1.799 on volumes of 3,500 shares ahead of the Group’s interim results publication next Monday 31 August. Today, the Greek telecoms company Forthnet announced its results for the three months ended 30 June 2009. The results showed an improvement in revenue and Group EBITDA with the EBITDA margin reaching 20.3%.
  • Lombard yesterday announced its 2009 interim results showing a 17% drop in pre-tax tax profits to €6.44 million. The decline in profitability was solely due to lower performance at the Group’s subsidiary MaltaPost plc. In fact, the banking operations of the Lombard Group saw its pre-tax profits rise by 5.7% to €5.41 million. Further details of results available here.
  • Middlesea Insurance published its 2009 interim results earlier this week showing a net loss for the period of €17.2 million mainly due to the continued material impact from the Group’s Italian subsidiary, Progress Assicurazioni Spa. In this regard, the Directors announced that they are determined to significantly curtail the level of business undertaken by this subsidiary. Following this loss, the Directors feel that it would be appropriate to strengthen the Group’s balance sheet through the raising of additional capital. Further details of results announcement available here.
  • Yesterday, 6pm also announced its financial results for the first half of 2009 showing a net loss of GBP38,011 compared to a net profit of GBP99,788 registered in the same period last year. Although the Group registered higher revenues and managed to control administrative costs, these were offset by considerable increases in cost of sales and finance costs. Copy of half-year results available here.