Daily Market Highlights (08.03.11)

  • Recovery in BOV lifts MSE Share Index 0.4% higher to 3,569.136 points. FIMBank also in positive territory whilst GO’s share price retreats. The only other active equity, MIA, closed unchanged. Download a copy of today’s Equity Market Summary.
  • The Rizzo Farrugia MGS Index moved back into negative territory as it eased marginally lower to 976.819 points as Eurozone yields this morning hit the 3.29% level. Last Friday the benchmark Eurozone yields climbed to 3.32% following comments by the President of the European Central Bank that an interest rate hike is possible in April due to increasing inflationary concerns.
  • BOV reverses yesterday’s drop after recovering from a new 4-month intra-day low of €2.849. Share price up 1.7% this morning to the €2.899 level across fifteen trades totalling over 111,000 shares. Further offers unsatisfied at the closing price whilst best bids pitched at the €2.82 level. Last week, Fitch downgraded BOV’s long-term credit rating to ‘BBB+’ citing the concentration risk embedded in the Bank’s loan portfolio as the main reason for the downgrade. Further details available here.
  • Meanwhile HSBC inactive today with offers already placed minimally below the last closing price of €2.94 and best bids placed at the €2.92 level. The final gross dividend of €0.077 per share will be paid on 21 April following approval by the shareholders at the upcoming Annual General Meeting to be held on 7 April.
  • FIMBank active for the first time since last Thursday’s publication of the Group’s 2010 full-year results. 10,400 shares trade today at the US$0.925 level, representing a 2.8% rise over the previous close. However offers already placed below the last traded price at US$0.924 whilst no bids in sight. The trade finance specialist revealed a significantly improved profit figure of over US$6.7 million for the financial year ended 31 December 2010 as business activity increased. The Directors recommended a final net dividend of US$0.0248 per share which may be taken up in cash or in new shares. Shareholders as at close of trading on 25 March will be entitled to this dividend. Further details on results available here.
  • GO succumbs to selling pressure as the equity slips another 1.1% lower to the €1.75 level – the lowest closing price in the last 16 months. 18,080 shares exchanged this morning with further offers unsatisfied at the closing price whilst best bids in the market at the €1.70 level. Following today’s downturn, the equity is now 9.6% below its value at the beginning of the year.
  • Meanwhile MIA held on to yesterday’s 0.9% rise as a further 2,400 shares change hands at the €1.75 level. Lowest offers now pitched at €1.80 whilst best bids still placed at the €1.71 level. Yesterday the airport operator announced that during February 2011 passenger movements grew by 17.8% to 174,877 including 5,500 passenger movements generated from the Libyan-related evacuation flights during the final week of February. Further details available here. MIA is scheduled to publish its 2010 full-year results on 17 March.

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