Daily Market Highlights (01.11.10)

  • MSE Share Index regains the 3,500-point level as BOV’s strong financial results help investor sentiment leading to a rally in the share prices of BOV, HSBC and Lombard Bank . Index registers highest daily increase this year with a rise of 4.6% to 3,528.344 points. Download a copy of today’s Equity Market Summary.
  • Last Friday’s positive results lift BOV’s share price to €4.00 at the opening of this morning’s trading session. However as the session progressed, the equity reversed some of the initial strong gains to close at €3.70 representing a 10.5% increase over last week’s close. 47 deals executed today amounting to 55,490 shares. The financial results published last Friday show a 20.9% increase in pre-tax profits to €98.9 million –  just €2.8 million below the Group’s record of €101.7 million recorded in the financial year ended 30 September 2007. The directors recommend a final gross dividend of €0.16 per share and a 1 for 5 bonus share issue for approval at the upcoming Annual General Meeting on Thursday 16 December. Further details available here.
  • HSBC share price also lifted by positive sentiment surrounding BOV. Equity climbs 7.1% to regain the €3.00 level also on increased volumes of 51,260 shares. Further offers remain unsatisfied at the closing price whilst best bids now placed at the €2.95 level.
  • Lombard Bank also in positive territory. Share price recovers some of its recent declines closing the day 10% higher at the €2.75 level across seventeen trades totalling 48,943 shares. The Lombard Group published its Interim Directors’ Statement this morning revealing that the Group is on track to achieve another set of positive results for the year ending 31 December 2010. Further details available here.
  • GO also issued its Interim Directors’ Statement explaining that due to continued rise in revenue coupled with cost savings measures, the Group achieved a positive performance during the third quarter. Further details available here. The share price of the quad play telecom operator closed unchanged at the €1.87 level after recovering from an intra-day low of €1.87 across five trades amounting to 6,300 shares.
  • Meanwhile IHI drops 2.5% to €0.78 on volumes of over 25,000 shares. Best bids still placed at €0.72 whilst lowest offers now pitched at the €0.799 level.
  • MaltaPost maintains the €0.91 level on a single trade of over 2,000 shares. Further bids unsatisfied at the closing price whilst no offers available in the market.
  • Middlesea Insurance also unchanged at the €1.00 level across two trades totalling 6,750 shares. Further offers outstanding at the last trading price whilst best bids now in the market at the €0.95 level.
  • Early last week, the Treasury announced two new Malta Government Stock issues. The 2 new stocks are: (i) 3.75% MGS 2015 (VI) (Fungible Issue) and (ii) 5.25% MGS 2030 (I) (Fungible Issue). Prices will be determined on Thursday 4 November 2010 and the subscription period will take place between 8 and 10 November. Further details available here.

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