Daily Market Highlights (03.09.12)

  • MSE Share Index in positive territory for the third consecutive session with a further 0.8% rise to 3,115.688 points. BOV, GO and MIA traded higher today whilst the other four active equities, including FIMBank and MaltaPost, ended the session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.1% lower to 996.258 points as Eurozone yields regained the 1.34% level this morning. Benchmark 10-year German Bund yields were marginally unchanged during the day as investors await the publication of the European Central Bank (ECB) bond-buying plans following Thursday’s monetary policy meeting.
  • Following the 11.4% rally during the month of August, further demand for BOV’s equity emerged during this morning’s trading session. The Bank’s share price advanced by another 2.6% to a new 13-month high of €2.35 across twelve trades totalling 56,628 shares.
  • Meanwhile HSBC shares inactive today with offers outstanding at the last closing price of €2.75 whilst best bids only placed at the €2.60 level.
  • GO recovered some of 19.1% drop registered last month on fresh demand for the shares of the telecom company following last Friday’s interim results revealing a pre-tax profit of €20.4 million compared to the €14.1 million pre-tax loss registered during the first six months of 2011. The turnaround was due to the €11.4 million gain registered on the exchange of properties between the Group and the Government of Malta in May 2012 and a substantial decline in the impairment from Forthnet. Further details available on results available here. GO’s equity gained 5.8% today to regain the €0.899 level on volumes of 21,100 shares. In the meantime, investors await the Directors’ decision on whether to participate or not in Forthnet’s upcoming €30 million rights issue.
  • MIA also closed in positive territory today with a 0.3% increase to the €1.745 level across nine trades totalling 50,000 shares. The airport operator is expected to publish its August traffic figures later on this week.
  • Over 6,400 FIMBank shares changed hands at the US$0.80 level as investors await further developments on the possible takeover by Burgan Bank.
  • A single trade of 1,050 Simonds Farsons Cisk shares was executed at the €2.08 level with support remaining unsatisfied at this level. The Group’s half-year results are generally published by the end of September.
  • The recently listed Malita Investments held on to the €0.52 level across two trades totalling 3,230 shares.
  • MaltaPost shares also closed unchanged today as 71,000 shares were traded at the equity’s 3-year low of €0.63. The equity of the postal operator currently ranks as the worst performer of the year with a 37% drop. This sharp decline materialised after the Company announced that the downward trend in profitability registered during the first half of its financial year is expected to continue and may worsen in future financial periods until such time as the regulatory framework within which the Company operates is adequately revised.