Daily Market Highlights (05.08.10)

  • Low volumes transacted this morning with the MSE Share Index easing by 0.1% to 3,562.263 points as BOV’s 1.1% decline offsets GO’s 2.2% rise. Meanwhile the two other active equities, HSBC & MIA, close unchanged. Download a copy of today’s Equity Market Summary.
  • This afternoon the European Central Bank (ECB) announced that it will keep its reference rate at the historic low of 1% for the sixteenth consecutive month as policy makers are still tackling the crisis which started two years ago. Moreover analysts do not expect the European rate to rise before the third quarter of 2011.
  • BOV’s share price loses some of its recent gains. Equity sheds 1.1% to the €3.31 level on low volumes of 2,482 shares. Few other bids outstanding at the €3.31 level whilst lowest offers now pitched at the €3.39 level. In last Friday’s Interim Statement, the Directors explained that between April and June 2010 BOV’s operational results are strong. However the third quarter saw a reversal of the modest fair value gains reported at the half-year period. The Directors stated that the results for the full-year will be influenced by the outcome of the credit markets in the last quarter. Further details available here.
  • Meanwhile HSBC maintains the €3.06 level on just two trades amounting to 1,070 shares. Today was the last day for investors to gain eligibility to the net interim dividend of €0.051 per share. Last Friday the Bank published its interim results revealing a 21.4% increase in pre-tax profits to €42.2 million on the back of growth in revenues whilst keeping its costs flat. Further details and copy of interim results available here.
  • MIA also unchanged at the €1.62 level on a thin trade of 850 shares despite turning ex-dividend. Lowest offers already placed at the €1.60 level. Earlier this week the airport operator announced a 15.8% increase in passenger movements during July 2010 to a record high of 401,952 passenger movements. As a result the growth in passenger movements during the first seven months of the year now reads 11.5%. The net interim dividend of €0.03 per share will be paid on 15 September. Further details of results available here.
  • GO jumps 2.2% higher to regain the €1.90 level on volumes of just over 1,000 shares with other offers remaining unsatisfied at the last traded price. The telecoms Group still has to announce the date of its interim results publication.
  • Subscription period for the new Malta Government Stock issues now closed while tenders for amounts in excess of €100,000 will be accepted until noon on Friday. A total aggregate amount of €100 million is being issued subject to an over-allotment option of up to a further €50 million. The 3.75% MGS 2015 (VI) (FI) s being offered at 102.50% and the 5.25% MGS 2030 (I) (FI) at par (100%). The Treasury is also offering €30 million in a new fungible stock linked to the 6-month Euribor.

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