Daily Market Highlights (05.05.10)

  • MSE Share Index retreats by 1% to close today’s session at 3,527.810 points as the share prices of the two large banks decline. Meanwhile Lombard Bank trades higher while Middlesea and GO closed unchanged. Download a copy of today’s Equity Market Summary.
  • BOV in negative territory for the second consecutive session despite the strong interim financial results published last Friday afternoon. Although the shares are still trading with the entitlement to the interim dividend, the price slipped a further 1.5% lower to the €3.40 level on low volumes of 5,270 shares. 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.
  • Fresh sell orders push HSBC 2.1% lower to €3.00 – a new 2010 low. Increased volumes of 25,000 shares changed hands this morning with best bids already placed higher at the €3.021 level.
  • GO closes unchanged at the €2.12 level on high volumes of 23,000 shares. Best bids still in the market at €2.10 whilst further offers remain unsatisfied at the closing price. The telecoms Group is scheduled to hold its Annual General Meeting on 17 May.
  • A miniscule trade of 96 Lombard share transacted at the €2.95 level with further offers at this level. Recently 479,111 new Lombard shares were admitted to the Official List following the scrip dividend issue representing an acceptance rate of 62.9%. As a result, the total number of shares in issue increased to 36,092,692.
  • Middlesea maintains the €0.70 level on a single trade of 1,472 shares. Recently the Insurance Group announced the 2009 results revealing a pre-tax loss of €54.4 million compared to a pre-tax loss of €29.8 million in 2008. 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 into administration. Further details available here.
  • A single trade of 1,000 Loqus Holdings shares executed at the €0.20 level, unchanged from the previous close. Lowest offers already placed below the last closing price at the €0.15 level. This afternoon Loqus published its Interim Directors’ Statement. In the announcement the Directors confirmed the continued adverse effects from the international economic scenario. Nonetheless the Directors explained that the Group managed to maintain its client base and it commenced works on the Government Property Division contract. Moreover the Group was been awarded another contract by MITA. Further details available here.

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