Farsons shares gain further ground

Renewed demand for Simonds Farsons Cisk plc shares lifts the equity 2.2% higher to reach a fresh 10-month high of €1.84 across 2,549 shares. Last week, the Farsons Group published its financial results for the year ending 31 January 2011 revealing a record revenue figure of €67.4 million and a 36.2% increase in net profit of €3.7 million. Given the improved performance of the Group, the Directors recommended a final net dividend of €0.0533 per share which together with the interim dividend (paid in October 2010) make up a record dividend of €0.0667 per share. Further details on results available at https://rizzofarrugia.com/news-events/2011/full-year-results-51/.

On the other hand, there continues to be an evident lack of support in GO plc as its share price sank a further 2.2% during this morning’s session to close at €1.36 after touching another all-time low of €1.35 across nine trades totalling just over 30,000 shares. The quad play operator’s share price has slumped almost 30% since the start of the year as investors factor in the risk inherent in the Group’s substantial investment in the Greek telecoms Group, Forthnet, which is currently seeking to restructure its debt. The equity turns ex-dividend as from Thursday 5 May ahead of the Annual General Meeting to be held on 8 June.

HSBC Bank Malta plc also in positive territory with its share price up by 0.7% to €2.97 across six trades totalling over 7,800 shares. Meanwhile Bank of Valletta plc eased from an intra-day high of €2.88 to close unchanged at the €2.85 level ahead of tomorrow’s half-year results publication. Over 10,200 BOV shares changed hands today.

On the bond market, the Rizzo Farrugia MGS Index moved into negative territory for the first time in four sessions. The local MGS benchmark retreated by 0.2% back to 975.063 points as Eurozone yields regained the 3.30% level.