Daily Market Highlights (02.05.11)

  • Local equity market in positive territory for the third successive session led by the recovery in the two large banks. The MSE Share Index moved 0.7% higher to 3,368.066 points as increases in the share price of HSBC , BOV and MSI offset the declines in GO and RS2. Meanwhile IHI traded unchanged at the €0.70 level. Download a copy of today’s Equity Market Summary.
  • Share price of Middlesea Insurance plc jumped 9.4% to €0.93 following last Friday’s announcement revealing Mapfre Internacional’s attempt to become the single largest shareholder in the local Insurance Group. Mapfre agreed to acquire Munich Re’s 19.9% shareholding at an undisclosed price. If this is approve by the regulator, Mapfre will own more than 50% of Middlesea triggering a mandatory bid for the remaining shares whereby all other shareholders in Middlesea will become entitled but not obliged to sell their shareholding to Mapfre at the Mandatory Bid price which still has to be determined. BOV, which currently holds 31.08% of Middlesea, has agreed with Mapfre that it will not tender its shares under the Mandatory Bid. The announcement also reveals that Mapfre is in discussions with the relevant authorities to allow the shares to remain listed on the Official List of the Malta stock Exchange.
  • Mild positive reaction to BOV’s half year results which were published last Friday. The financial statements for the six months ended 31 March 2011 revealed a net profit figure of €30.3 million, 3.8% higher than the €29.2 million recorded in the comparative period in 2010. The Directors declared an unchanged gross interim dividend of €0.0625 per share (net: €0.0406 per share) to those shareholders as at close of trading on Monday 9 May 2011. Further details on results are available here. Share price up 0.4% to €2.89 on volumes of just below 14,000 shares.
  • HSBC also kicked off this week in positive territory with a 1.3% increase to surpass the €3.00 level. Volumes of over 20,000 shares traded today with the price ending the day at €3.04.
  • Fourth consecutive session of declines for GO’s equity. Share price momentarily hits yet another all-time low of €1.325. Equity down a further 1.4% to close at €1.33 on volumes of just over 68,000 shares. Further offers unsatisfied at the closing price ahead of next Wednesday’s dividend cut off date.
  • RS2 Software also in negative territory despite still trading with the entitlement to the net dividend of €0.032 per share. Share price retreated by 3.7% back to the €0.50 level across four trades totalling 123,000 shares. Further bids unsatisfied at the closing price whilst lowest offers amounting to 100,000 shares placed at the €0.60 level.
  • Meanwhile low volumes of only 2,143 shares traded across IHI at the €0.70 level. Other offers amounting to over 107,000 shares outstanding at the last traded price whilst best bids in the market at the €0.65 level.
  • On the Alternative Companies List, a single trade of 1,231 Loqus Holdings shares was transacted at the €0.161 level, unchanged from the previous close.