Daily Market Highlights (04.04.11)

  • MSE Share Index kicks off the second quarter on a positive note on a gain of 0.1% to 3,468.528 points. Today’s upturn was due to HSBC’s 0.7% rise which offset the declines in BOV, GO and MaltaPost. Meanwhile, MIA and Middlesea traded unchanged. Similarly, the Rizzo Farrugia MGS Index edged minimally higher today to regain the 973.380 points level. Download a copy of today’s Equity Market Summary.
  • HSBC’s share price continued to build on last week’s 0.3% rise as it climbed a further 0.7% this morning to regain the €2.95 level. Seven trades totalling just over 29,800 shares transacted today with best bids in the market at €2.925 whilst lowest offers pitched at the €2.96 level.
  • Meanwhile, BOV closed minimally lower at €2.949 after fresh sell orders pushed the share price from an intra-day high of €2.96 on volumes of 29,182 shares. Offers already placed lower at the €2.945 level whilst best bids now placed at the €2.912 level. Half-year results to 31 March expected to be issued by the end of April.
  • GO’s equity lost further ground in addition to the 22.4% drop registered in the past ten weeks. Share price down another 1% to a new 2-year low of €1.49 on volumes of 16,370 shares. Following today’s decline, GO’s share price is now 23% below its value at the beginning of the year reflecting shareholders’ disappointment with respect to the €19.2 million loss for 2010 and the 50% cut in net dividends to €0.05 per share. GO’s equity will trade with the entitlement to the recommended dividend until 4 May. Further details on results available here.
  • MaltaPost also in negative territory as the equity retreated by 1% back to the €1.09 level on a single trade of 1,000 shares. Further offers outstanding at the last traded price whilst best bids now placed at the €1.00 level. Despite today’s downturn, the postal operator still ranks as the best performing equity since the start of the year with a 9% rise.
  • MIA again closed unchanged at the €1.77 on a single trade of 2,000 shares. Offers already placed lower at the €1.759 level. The airport operator is scheduled to hold its Annual General Meeting on 5 May.
  • Middlesea Insurance plc also unchanged at its 9-month low of  €0.90 on a small deal of 303 shares.  Few other offers unsatisfied at the closing price whilst best bids now pitched at the €0.89 level. Details on the 2010 financial results of Middlesea available here.
  • No trades effected in IHI today. The 2010 accounts revealed a 1.4% drop in turnover to €101.8 million and a 15.6% decline in EBITDA to €47.6 million (2009: €56.4 million). This was mainly due to the subdued performance of the Group’s hotel in Tripoli, increased costs and net impairment reversals. After accounting for finance costs, loss from the London property and tax the Group reported a loss after tax of €13.1 million (2009: loss of €1.6 million). Similar to previous years the Directors did not recommend the payment of a dividend. In the Profit Statement, the Directors explained that during 2010 the Group benefitted from a slow but steady recovery in business and this trend is expected to continue during 2011. However, the Group believes that the events in Libya will affect the Company’s current year performance and may also adversely affect its future performance and financial position. Further details available here.
  • Last week 6pm Holdings plc announced that it published a Prospectus with respect to a rights issue of 10,788,000 new ordinary shares at the price of £0.25 per share. Shareholders are entitled to subscribe to 1.4384 new shares for every share held. The rights issue opens on Monday 11 April and closes on Friday 29 April at 14.00 hours. Further details available here.