Daily Market Highlights (06.05.10)

  • MSE Share Index sheds 0.3% to 3,518.487 points as BOV shares drop for the third successive session. Meanwhile, MIA and MaltaPost close higher while GO and Crimsonwing close unchanged. On the bond market, Malta Government Stock prices continue to climb as European yields drop to 2.9%. Download a copy of today’s Equity Market Summary.
  • The European Central Bank (ECB) today confirmed unchanged benchmark interest rates at the historically low level of 1% for the twelfth consecutive month. The ECB is currently facing pressure to consider unprecendented emergency action in order to restore confidence in Europe’s monetary union.
  • Further selling pressure pushes BOV’s share price lower for the third time this week despite still trading with the entitlement to the declared interim dividend. Equity slips a further 1.5% back to the €3.35 level. Just over 14,000 shares exchanged this morning with best bids now placed at €3.30 whilst further offers remain unsatisfied at the closing price. 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.
  • Meanwhile, HSBC shares inactive today with best bids already placed 0.8% higher than the last closing price of €3.00 whilst lowest offers pitched at the €3.08 level.
  • Further demand for MaltaPost shares help the equity rise 1.2% to a fresh 25-month high at €0.86. Over 16,500 shares exchanged today with few other bids outstanding at the closing price whilst lowest offers now pitched at the €0.869 level. The postal operator is scheduled to publish its interim results for the six months ended 31 March 2010 on 13 May.
  • MIA recovers from an intra-day low of €3.14 to close 1.6% higher at the €3.25 level – marginally below its 2010 high of €3.26. Three trades amounting to 1,600 shares traded today with further offers remaining unsatisfied at the last traded price. The airport operator is scheduled to hold its Annual General Meeting on 10 May.
  • GO again closes unchanged at the €2.12 level on lower volumes of 5,000 shares. This afternoon GO published its interim Directors’ statement covering the first quarter of 2010. During this period the telecoms Group registered growth in Group turnover and profitability over the comparative period last year from its operations in Malta. The GO Group also confirmed that it is reaping the benefits of the restructuring carried out in the past years which resulted in significant cost reductions. The Directors reported that although Average Rate Per User (ARPU) levels dropped the Group’s customer connections in mobile, broadband and television services are growing at a faster rate than the corresponding figures in the first three months of 2009. Further details available here.

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