Daily Market Highlights (05.05.11)

  • Sell-off across local equity market persists. MSE Share Index slips a further 0.7% lower to 3,326.416 points representing a 12% drop since the beginning of the year. During this morning’s trading session, BOV, HSBC, MIA and GO all closed in negative territory whilst the only other active equity, Farsons, closed unchanged. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index eased marginally lower to 972.454 points ahead of this afternoon’s publication of the new Malta Government Stock prices by the Treasury. The Government is issuing two new fungible fixed-rate stocks and a floating rate stock which is only available to institutional investors.
  • BOV’s equity sheds 1.4% today to a new 6-month low of €2.84 despite still trading with the entitlement to the interim gross dividend of €0.0625 per share. Twenty seven trades totalling 32,452 shares executed today with further offers unsatisfied at the closing price whilst best bids now placed at the €2.80 level. Last Friday the Bank published the financial statements for the six months ended 31 March 2011 revealing a net profit figure of €30.3 million, 3.8% higher than the €29.2 million recorded in the comparative period in 2010. The Directors declared an unchanged gross interim dividend of €0.0625 per share (net: €0.0406 per share) to those shareholders as at close of trading on Monday 9 May 2011. Further details on results are available here.
  • HSBC also in negative territory as its share price declined by 0.3% to the €2.99 level on volumes of 12,200 shares. Lowest offers pitched at €3.00 whilst best bids in the market at the €2.97 level. The Bank is shortly expected to publish its Interim Directors Statement to update the investing public on its performance since the end of 2010.
  • GO slumps a further 3% to yet another all-time low of €1.29 as the equity turned ex-dividend. Seven trades totalling 15,800 shares transacted today. Following today’s downturn, the equity now ranks as the worst performer since the start of the year with a 33.3% plunge. GO is scheduled to hold its Annual General Meeting on 8 June.
  • MIA’s share price forced 2.9% lower back to the €1.65 level despite yesterday’s announcement revealing a 25.3% increase in passenger movements during April. This growth in passengers was mainly due to a record seat capacity which reached 400,000 seats – a 13.3% increase over the same month in 2010. Further details on the traffic statistics is available here. A total of 8,890 shares changed hands today with other offers unsatisfied at the last traded price and no bids in sight. This morning the company held its Annual General Meeting during which shareholders approved all the items on the agenda including the final net dividend of €0.035 per share which will now be paid on 17 May.
  • Simonds Farsons Cisk maintained the €1.80 level on a single trade of 1,167 shares. Lowest offers now in the market at €1.85 whilst best bids pitched at the €1.75 level. Farsons’ shares turn ex-dividend as from 20 May.