Daily Market Highlights (03.09.10)

  • Further losses in the equity market. MSE Share Index down a further 1% during this morning’s session to a new two month low of 3,395.120 points on declines in HSBC, IHI and Lombard. Index closes the week 2.4% lower on losses in all Index heavyweights. Download a copy of today’s Equity Market Summary.
  • Malta Government Stock prices retreat further as the benchmark 10-year Eurozone yield regained the 2.3% level. The 20-year Government paper reversed most of its recent gains as the price dropped from a high of 104.66% to today’s close of 103%.
  • HSBC drops back to its 2010 low of €2.82. Over 11,800 shares exchanged with further bids unsatisfied at the closing price whilst lowest offers in the market at the €2.84 level. Equity closed the week 1.7% lower.
  • BOV unchanged at the €3.20 level after failing to hold on to an intra-day high of €3.23. Twelve trades amounting to 10,371 shares change hands today with further bids outstanding at the last traded price whilst lowest offers now pitched at the €3.25 level. Equity dropped 3% this week.
  • IHI down 4.6% during this morning’s session to close at the €0.84 level on volumes of over 11,800 shares. IHI’s 2010 interim results, published last Tuesday, show 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. IHI was the worst performing equity this week amongst the large caps with its share price sliding 5.6% lower.
  • GO unchanged at the €1.87 level, representing a 1.1% weekly drop. 2,000 shares exchanged this morning with further offers remaining unsatisfied at the closing price. GO issued its 2010 interim results on Tuesday 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.
  • Low volumes traded in Lombard and Simonds Farsons Cisk. Lombard slumped 1.1% to a fresh 10-month low of €2.77 on just 820 shares. Meanwhile Farsons edged minimally higher to €1.801 on a single trade of 500 shares.

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