Daily Market Highlights (07.05.10)

  • MSE Share Index rises 0.5% to close the week at 3,537.603 points level as HSBC’s recovery offsets further declines in BOV. Middlesea also in positive territory whilst IHI eases minimally lower. Index ends the week 0.9% higher as various equities, including HSBC and IHI, register gains outweighing weekly declines in BOV, GO and Crimsonwing. Download a copy of today’s Equity Market Summary.
  • This morning the Treasury announced 3 new Malta Government Stock issues for a total aggregate amount to €100 million subject to an over-allotment option of up to a further €50 million. The three new stocks available for subscription between Monday 17 May and Wednesday 19 May 2010 are a new 20-year bond at a rate of 5.25%; a fungible issue of the 3.75% MGS 2015; and a fungible issue of the 4.6% MGS 2020. Although the Treasury gave details of the stocks being issued, the pricing will not be announced before Thursday 17 May.
  • BOV in negative territory for the fourth consecutive session. Share price slips a further 0.6% lower to €3.33 on volumes of almost 30,000 shares. Equity turns ex-dividend as from next Monday. BOV shares close the week 1% lower as the selling pressure in the last four trading sessions wiped out the gains registered during Monday’s session. 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) which will be paid on 28 May 2010. Further details available here.
  • Meanwhile, HSBC regains the €3.06 level as fresh bids lift the equity 2% higher during this morning’s session. Over 23,000 shares change hands today with further offers remaining unsatisfied at the closing price. Following today’s upturn, HSBC shares ended the week 0.3% higher.
  • IHI trades minimally lower to close at the €0.849 level on a single trade of just 299 shares. IHI is the best performing equity this week with an increase of 5.9%. This afternoon International Hotel Investments plc announced that Libyan Foreign Investment Company (LFICO) acquired 11% of the issued share capital of IHI (61,113,332 shares) from Istithmar Hotel FZE at the nominal value of €1 per share. Further details available here.
  • A miniscule trade of 300 Middlesea shares transacted at the €0.73 level representing a 4.3% increase over the previous close. Recently the Insurance Group published its 2009 annual results revealing a a pre-tax loss of €54.4 million following the full impairment of the investment in Progress Assicurazioni SpA of €63.1 million. Further details available here.
  • MIA again recovers from an intra-day low of €3.201 to close unchanged at the €3.25 level. Equity closes the week 1.6% higher. Shortly after today’s trading session, the airort operator published the April 2010 traffic results. The statistics show a 6.6% decline in passenger departures during the month of April to 116,625 passengers due to the Volcanic Ash disruption over European Traffic. Despite the downturn in April, the first four months of 2010 still registered an increase of 3.6% in passenger movements over the comparative period. Further details on traffic results available here.
  • MaltaPost maintains its 2010 high of €0.86 level on volumes of over 10,400 shares. Further bids remain unsatisfied at the closing price with lowest offers at the €0.869 level. The postal operator ended the week 1.4% higher ahead of the interim results publication scheduled for 13 May.

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