Daily Market Highlights (06.08.10)

  • Local equity market reverses most of the gains registered in the previous two weeks. MSE Share Index sheds 2.1% to drop back to 3,486.924 points as five equities, including BOV and HSBC, trade lower today outweighing the increases in Lombard and Medserv. Meanwhile GO, MIA and Farsons close unchanged. Index ends the week in negative territory for the first time in five weeks mainly due to the 6.7% drop in IHI. Download a copy of today’s Equity Market Summary.
  • HSBC slips 2% to the €3.00 level as the equity turns ex-dividend and closes the week unchanged. 11,115 shares change hands today with best bids now at €2.955 whilst further offers outstanding at the closing price. 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.
  • BOV’s share price also dragged 0.9% lower to €3.28 on low volumes of 3,578 shares. Best bids placed at €3.27 whilst other offers remained unsatisfied at the closing price. Despite today’s downturn the equity still ended the week 0.8% higher. 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.
  • IHI slumps 6.6% to drop back to the €0.84 level – wiping out almost all of the gains registered in the past two weeks. Over 13,000 shares exchanged during this morning’s session with lowest offers now placed at the €0.898 level. Following today’s drop, IHI closes the week 6.7% lower. The IHI Group is scheduled to convene an Extraordinary General Meeting on 27 August for shareholders to consider and approve the 1 for 25 bonus issue which was announced by the Group’s Chairman during the last Annual General Meeting. Further details on bonus issue available here.
  • FIMBank slips 2% lower to a fresh 5-year low of USD0.98 on a single trade of 150,000 shares. Yesterday, FIMBank published its half-year report revealing a 16.4% increase in profit after tax to US$3.39 million mainly due to growth in net fee and commission income as factoring activity picked up. In conclusion the Directors stated that FIMBank’s balance sheet is healthy and growing as is the general pipeline of business. Further details and copy of interim report available here.
  • Middlesea Insurance sheds a further 4.6% to close at the €1.05 level and ranks as the worst performing equity of the week with a 8.3% drop. Only 1,300 shares change hands today ahead of the half-year results due on 12 August.
  • Lombard edges 0.4% higher to €2.80 ahead of the interim results publication on 24 August. Four trades totalling 6,240 shares executed today with few other bids at the closing price whilst lowest offers now in the market at the €2.81 level.
  • Medserv closes 1.1% higher to regain the €4.28 level on a single trade of 1,546 shares. No bids in the market whilst further offers remained unsatisfied at the closing price.
  • GO recovers from an intra-day low of €1.86 to close unchanged at the €1.90 level. Almost 3,300 shares exchanged today with lowest offers now pitched at the €1.91 level.
  • MIA and Simonds Farsons Cisk both close the week unchanged. A single trade of 1,350 MIA shares transacted at the €1.62 level whilst just over 860 Farsons shares trade at the €1.80 level.
  • Application process for the new Malta Government Stock issues now closed. This afternoon the Treasury announced the results of these new MGS issues. Details of the statistics avilable here.

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