Daily Market Highlights (04.12.09)

  • MSE Share Index retreats by 0.3% to 3,339.482 points as declines in HSBC and Middlesea outweighed upturns in GO and MaltaPost. Index ends the week 0.4% lower mainly due to the declines in BOV and IHI which offset further increases in HSBC and GO. MaltaPost was the only other positive performer this week whilst Middlesea, Plaza Centres and Lombard trade lower. Download a copy of today’s Equity Market Summary.
  • Yesterday the European Central Bank announced that it will hold its benchmark rate at a record low of 1% and that it will scale back its emergency financing operations next year as the euro region starts an uneven recovery. The ECB President explained that the improved conditions in the financial markets have indicated that not all liquidity measures are needed to the same extent as in the past.
  • HSBC reverses some of this week’s losses as the share price drops 0.9% to the €3.22 level. Low volumes of 2,475 shares exchanged today with best bids now placed at the €3.20 level whilst further offers remain unsatisfied at the closing price. Despite today’s downturn, equity still ends the week as the best performer with a 5.2% increase.
  • Meanwhile BOV maintains the €3.70 level also on low volumes of just over 4,700 shares. Equity fails to recover from the declines registered in the earlier part of the week and closes the week 2.6% lower. On Monday BOV published the agenda for the forthcoming Annual General Meeting scheduled for 16 December. Amongst the resolutions, shareholders will be asked to approve the final gross dividend of €0.215 per share and a 1 for 4 bonus issue.
  • Middlesea’s share price edges 0.9% lower to €0.634 on two trades amounting to 2,500 shares. The equity of Middlesea Insurance ranks as the worst performing equity with a 9.4% drop on lack of visibility with respect to the Group’s strategy following the Rights Issue which closes on 14 December. Further details available here.
  • GO edges a further 1% higher to a fresh 13-month high of €1.99 on volumes of 6,000 shares. Best bids still pitched at the €1.95 level with few other offers outstanding at the closing price. Equity advances by a further 2.6% this week following last Tuesday’s announcement that GO has secured exclusive local broadcasting rights for England’s Premier League for the three football seasons 2010/11, 2011/12 and 2012/13.
  • MaltaPost jumps 2.4% to regain the €0.65 level as it trades for the first time this week. Volumes of over 2,500 shares change hands this morning with few other bids at the last trading price and lowest offers still in the market at the €0.70 level.
  • Following today’s trading session, Simonds Farsons Cisk published its Interim Directors’ Statement revealing that the Group’s performance in the third quarter was satisfactory as most business segments are performing well. In line with the Group’s strategy to cut costs and eliminating loss making areas, Simonds Farsons Cisk has successfully concluded the sale of the Italian subsidiary, Vita Sana s.r.l. In conclusion the Directors stated that the Group’s results for the current financial year will show an improvement in profitability over those for the year ended January 2009, and the Directors believe that the Company remains well positioned to handle the challenges ahead and improve the profitability further going forward. Moreover the Group is preparing itself for potential investments that will continue to keep Farsons at the forefront of the industry. Equity still inactive in over three weeks with best bids at €1.535 whilst lowest offers placed 3.6% higher than the last closing price of €1.65.
  • The Mizzi Organisation Finance €30 million bond issue is shortly expected to commence trading following last Monday’s allocation policy. Further details on allotment policy available here.

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