Share Index at a 5-month low

The MSE Share Index retreated by 0.2% this morning to a new 5-month low of 3,461.067 points as most of the large caps traded lower with the exception of HSBC Bank Malta plc which maintained the €2.95 level. The local equity market has slipped 8.5% since the start of the year while the majority of indices in develop markets closed higher despite the crises in the Arab world and the natural disasters in Japan. The Dow Jones Industrial Average is up by 6.4%, Germany’s DAX shows a gain of 1.8% while UK’s FTSE 100 Index is marginally higher this year.

Back to the local market, this morning the share price of Bank of Valletta plc eased 0.3% to the €2.939 level on declining volumes amounting to 8,780 shares. Meanwhile HSBC Bank Malta plc recovered from an intra-day low of €2.93 to close unchanged at the €2.95 level on volumes of 12,100 shares.

The downward trend in the share price of GO plc continued as the equity dropped by a further 0.7% to a fresh 2-year low of €1.48. The market has reacted negatively to the recent financial performance of the Group and the 50% cut in dividend. The equity is still carrying the entitlement to the final net dividend of €0.05 per share and will turn ex-div as from 5 May.

The share price of Malta International Airport plc traded lower for the first time since turning ex-div on 1 April. MIA’s equity retreated by 0.6% to the €1.76 level on low volumes of 2,000 shares. The airport operator is scheduled to hold its Annual General Meeting on 5 May 2011. Meanwhile this week MIA is expected to publish its March 2011 traffic statistics.

The share price of Simonds Farsons Cisk plc dropped by 4% to €1.70 on low volumes totalling only 791 shares. The Farsons Group generally publishes its January full-year results by the end of April.

Moreover four companies, namely MIDI plc, RS2 Software plc, 6pm Holdings plc and GlobalCapital plc, have yet to publish their 2010 financial statements.