Daily Market Highlights (02.05.12)

  • MSE Share Index up a further 0.5% to a new 7-week high of 2,983.407 points on the back of increases in the share prices of HSBC, BOV, MIA and Lombard. Meanwhile the two other active equities, namely IHI and GO, closed unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to a new 2-month high of 988.351 points reflecting this morning’s dip in eurozone yields. By the afternoon, Eurozone yields slumped to a fresh all-time low of 1.617% on the back of weak manufacturing data which indicated that the problems in the peripheral countries are now spreading onto the region’s strongholds, namely France and Germany.
  • Following last Monday’s 1.9% rise, BOV’s share price edged minimally higher during this morning’s trading session to close at the €2.151 level. Over 48,900 shares changed hands today with best bids in the market at €2.15 and lowest offers at the €2.17 level. The Bank published its interim results last Friday revealing an 8.7% increase in pre-tax profits to €49.1 million. The Board of Directors declared a gross interim dividend of €0.06 per share (8% above last year’s interim) payable to those shareholders as at close of trading on Monday 7 May. Further details available here.
  • HSBC also traded higher for the second successive session with another 0.8% rise to regain the €2.52 level on very low volumes of 400 shares. Last Friday the Bank paid out the final gross dividend of €0.072 per share.
  • Also in the banking sector, the share price of Lombard edged 0.8% higher to close at the €2.42 level. Only two trades amounting to 100 Lombard shares were transacted during this morning’s session. As approved in the recent Annual General Meeting, Lombard paid out the final gross dividend of €0.115 per share also last Friday 27 April.
  • MIA’s equity jumped 4.2% today to offset last week’s 2.9% decline and regain the €1.719 level across two trades totalling 6,000 shares. The airport operator is scheduled to hold its Annual General Meeting on 10 May. During the meeting shareholders will be asked to approve a number of resolutions including the final gross dividend of €0.0615 per share.
  • On the other hand, GO closed unchanged at €0.75 after it failed to hold on to an intra-day high of €0.76 across two trades totalling 2,000 shares. GO will be holding its Annual General Meeting on 9 May during which shareholders will be asked to approve the customary resolutions as well as a number of special resolutions as put forward by some shareholders.
  • MIDI shares remained inactive today despite last Monday’s 2011 full-year results publication of the annual financials revealing a significant improvement in profits to €1.76 million compared to €779,494 in 2010. Despite the improvement in profitability the Directors did not declare the payment of a final dividend to counteract the tight liquidity conditions and remain in a position to meet its short term obligations.