Daily Market Highlights (03.05.10)

  • Following last week’s 0.4% rise, the MSE Share Index recovers by a further 1.5% during this morning’s session to 3,556.984 points led by BOV’s 4% jump. HSBC, IHI and Simonds Farsons Cisk also in positive territory whilst GO and Crimsonwing traded lower. Download a copy of today’s Equity Market Summary.
  • Positive reaction towards BOV’s results helps its share price jump 4% higher. Equity initially rises to an intra-day high of €3.588 before easing lower to close at the €3.50 level. Just over 31,000 shares exchanged today with best bids now at €3.40 whilst further offers remain unsatisfied at the closing price. Last Friday, the Bank published its 2010 Half-Year results revealing a pre-tax profit of €47.5 million, substantially higher than the €6.3 million recorded in the comparative 6-month period to 31 March 2009. The Directors declared a gross interim dividend of €0.075 (net: €0.049) per share to shareholders as at close of trading on Friday 7 May 2010. This dividend will be paid on 28 May 2010. Further details available here.
  • Spill-over effect from BOV, helps HSBC’s share price close marginally higher at the €3.062 level. Just over 6,000 shares traded today with further bids remaining unsatisfied at the closing price whilst lowest offers now pitched at the €3.07 level.
  • Demand for Simonds Farsons Cisk shares help the equity climb 4.1% to a new 2010 high of €1.80. Just under 6,000 shares exchanged today with further offers unsatisfied at the last trading price. Recently the Farsons Group published its financial results for the year ended 31 January 2010 showing a substantial improvement in pre-tax profits to €3.1 million from the €0.9 million registered in the year ended 31 January 2009 despite a 2% decline in turnover. The Directors recommended a final net dividend of €0.05 per share subject to approval at the next Annual General Meeting to be held on 24 June 2010. Shareholders as at close of trading on 25 May will be eligible for this dividend. The Group also recently announced a new bond issue which, subject to regulatory approval, will serve to finance the redemption of the existing 6.6% bonds and the €14 million investment in a new brewhouse and water treatment facility. Further details available here.
  • IHI also rises by 3.5% to close at the €0.83 level on a single trade of 20,000 shares. Recently the IHI Group published its 2009 full-year results showing a 19.3% drop in turnover to €103.3 million as a consequence of the slowdown in the hospitality industry witnessed during the year which was somewhat contained through the Group’s geographical diversification of its property portfolio. The Group incurred a pre-tax loss of €1.6 million compared to the pre-tax profit of €22.3 million registered in 2008. Similar to previous years the Directors did not recommend the payment of a dividend. Further details available here.
  • Meanwhile GO slumps 2.7% lower to close at €2.11 on a thin trade of 400 shares. Best bids still placed at €1.99 whilst lowest offers in the market at the €2.12 level. The telecoms Group is scheduled to hold its Annual General Meeting on 17 May.
  • Crimsonwing also closes 2.2% lower at the €0.45 level after opening at a fresh 2010 low of €0.39. Two trades amounting to 3,500 shares executed today with best bids still pitched at €0.252 whilst further offers remain unsatisfied at the closing price.
  • Middlesea Insurance’s shares trade for the first time since the Group’s 2009 results publication last Tuesday. Equity closes unchanged at the €0.70 level on volumes of over 28,000 shares. The 2009 full-year results revealed that the Group incurred a pre-tax loss of €54.4 million during the year. This loss reflects the full impairment of the investment in Progress Assicurazioni SpA of €63.1 million following the decision to place the Italian company in administration. Further details available here.
  • MaltaPost also closes unchanged at the €0.848 level on volumes of 2,770 shares. The postal operator is scheduled to publish its half-year results on 13 May.

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