Daily Market Highlights (01.09.10)

  • Trading activity on the local equity market remains generally low as last wave of interim results fails to lift volumes. MSE Share Index retreats by 0.5% back to the 3,442.110 point level as the declines in BOV, HSBC and GlobalCapital outweigh the recovery in MIA and MaltaPost. Meanwhile GO closed unchanged. Download a copy of today’s Equity Market Summary.
  • Longer-dated Malta Government Stock prices decline. Nonetheless relatively high volumes persist in the 5.25% MGS 2030 (I) and the respective fungible issue amounting to over €1 million (nominal).
  • HSBC share price down 1.4% during this morning’s session to drop back to the 2010 low of €2.82 across eighteen trades totalling just over 19,900 shares. Best bids now placed at €2.801 whilst lowest offers pitched at the €2.84 level.
  • BOV eases marginally lower to close at €3.285 on low volumes of 1,500 shares. Further offers remained unsatisfied at the closing price whilst best bids still placed at the €3.25 level.
  • GO unchanged at the €1.87 level after recovering from an intra-day low of €1.85. Four trades transacted this morning amounting to 3,900 shares. Yesterday evening, GO issued its 2010 interim results showing an improved operating profit of €11.24 million on the back of higher revenues as well as lower costs. The Group however incurred a €7.03 million loss from its share of results of its investment in Forthnet SA resulting in a loss after tax of €5.22 million. Further details on results available here.
  • MIA edged 1.3% higher to regain the €1.58 level on increased volumes of 79,100 shares. Further offers remain unsatisfied at the closing price.
  • MaltaPost was today’s best performer with a 7.8% jump to regain its 2010 high of €0.90 on volumes of 15,164 shares. Other offers in the market at the closing price whilst best bids still pitched at the €0.85 level.
  • GlobalCapital share price slumps 14.7% to €1.28 on just 240 shares. Offers already placed below the last closing price at €1.26 with best bids pitched at the €0.70 level. The Group recently published its 2010 interim results showing an after-tax loss of €1.4 million compared to the €2.3 million loss reported in the comparable period last year. Further details available here.
  • Yesterday, IHI published its 2010 interim results revealing a 3.8% drop in revenues to €49.4 million mainly due to the performance of the Corinthia Tripoli Hotel which was negatively impacted by increased competition and the dispute between Switzerland and Libya. IHI’s performance was further hit by a decline in finance income as the Group continued to invest in its properties and higher finance costs following a new bond issue last September. IHI also incurred €1.1 million in fair value movements on the Group’s interest rate swaps and a €1.4 million share of loss from the London project which mainly comprises pre-opening and marketing costs. Overall, the Group incurred a loss after tax of €9.19 million during the period under review compared to a loss of €2.81 million incurred during the first half of 2009. Further details of results available here.

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