Daily Market Highlights (08.11.10)

  • Local equity market in negative territory for the fourth consecutive session. MSE Share Index drops 1.6% this morning to close at 3,416.674 points as HSBC, BOV, IHI and Lombard trade lower. Meanwhile GO, Farsons and Medserv close unchanged. Following today’s drop, the Index is now 1.3% below its value at the start of the year. Download a copy of today’s Equity Market Summary.
  • Subscriptions for the two new Malta Government Stock issues open between today and next Wednesday. The two new stocks are the 3.75% MGS 2015 at 103.50% and the 5.25% MGS 2030 at 101.50%. Further details available here.
  • Last week MIDI plc announced that it has been granted approval by the Listing Authority of the MFSA to issue 44,444,444 shares at a price of €0.45 per share with an over-allotment option of up to a further 22,222,222 shares. Further details available here.
  • BOV share price drops 4.2% to €3.45 as equity turns ex-dividend. Trading activity remains high with over 60,000 shares changing hands. Best bids already placed marginally higher at €3.451 whilst lowest offers now pitched at the €3.49 level. Although BOV shares are no longer trading with the entitlement to the final gross dividend investors acquiring BOV shares until 7 January 2011 will still be entitled to the 1 for 5 bonus issue. Details of September 2010 financial results available here.
  • Negative run in HSBC now reaches its fourth successive session as the equity edges another 1% lower to the €2.87 level. Low volumes of only 700 shares traded today with further bids unsatisfied at the closing price whilst lowest offers still placed at the €2.89 level.
  • Lombard Bank also erases some of last week’s gains as the equity sheds 0.7% to €2.75 on a single trade of 1,500 shares. Few other offers outstanding at the last trading price whilst best bids still pitched at the €2.505 level.
  • Continued selling pressure in IHI forces equity to drop another 1.3% to close at the €0.77 level on volumes of 15,000 shares. Last Friday, the IHI Group published its Interim Directors’ Statement explaining that despite the forecasted improved performance in the second half of 2010, the Group expects operating results for full-year 2010 to be below the level registered in 2009. Conversely, forecasts for the first quarter of 2011 suggest an improved performance over the corresponding quarter of 2010. Further details available here.
  • GO maintains the €1.88 level on volumes of 5,600 shares. Last week the telecoms Group issued its Interim Directors’ Statement revealing that due to the continued rise in revenue coupled with cost savings measures, the Group achieved a positive performance during the third quarter of 2010. Further details available here.
  • Simonds Farsons Cisk and Medserv also close unchanged. Farsons retains the €1.75 level across 2,930 shares whilst Medserv held on to the €4.27 level also across low volumes of 1,160 shares.

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