Daily Market Highlights (09.04.10)

  • MSE Share Index slumps 1.8% to close at 3,523.598 points as the four largest equities close the last trading session of the week in negative territory. Meanwhile, Medserv plc climbs 5c1 to a record €4.30 after announcing excellent full year results. Following today’s downturn, Index ends the week 1.5% lower mainly due to the 3% decline in HSBC. Download a copy of today’s Equity Market Summary.
  • On the bond market, following this week’s announcement of an imminent bond issue by Simonds Farsons Cisk plc, Eden Finance plc yesterday announced that it has applied to the Listing Authority to be granted approval for a €15 million bond issue guaranteed by the parent company Eden Leisure Group Ltd.
  • HSBC shares slip 2.8% to close at a fresh 2010 low of €3.15 on volumes of over 20,000 shares. Best bids now placed at €3.10 whilst lowest offers now placed at the €3.18 level. The shares ended the week 3% lower on intensified selling pressure. Yesterday, HSBC held its Annual General Meeting during which shareholders approved all the resolutions on the agenda including the final gross dividend of €0.08 which will be paid on 20 April.
  • Following three sessions of inactivity, IHI sheds 5.8% to drop back to the €0.801 level and close the week unchanged. Two trades totalling 5,800 shares executed today with best bids now placed at €0.80 whilst few offers in the market at the €0.83 level. Last Thursday, IHI announced the allocation policy with respect to its recent €25 million 2017-2020 bond issue. Further details available here.
  • Meanwhile, Medserv’s share price jumps 1.2% to close at a new all time high of €4.30 following the publication of record results. The 2009 Preliminary Profit Statement shows that the Medserv Group achieved a record pre-tax profit of €3.1 million as turnover grew by 12.6% to €17.5 million. Medserv explained that the Group companies operating from the Malta and Libyan bases were successful in servicing a number of rigs and other specialised vessels and supported various off-shore exploration operations. The Directors recommended a final net dividend of €0.135 per share (2008: €0.039) to those shareholders as at close of trading on Tuesday 20 April. With respect to the outlook for the current financial year, the Directors stated that they expect positive results should all projects in the pipeline materialise and commence according to the dates forecasted. Further details available here.
  • BOV edges minimally lower to close at the €3.298 level, representing a 1% weekly decline. Just under 17,900 shares changed hands today with best bids still placed at €3.29 whilst further offers remain unsatisfied at the closing price.
  • GO also eases marginally lower to close the week at the €2.175 level. Three trades amounting to 11,000 shares transacted today with best bids now pitched at €2.10 whilst further offers remain outstanding at the close price.
  • Simonds Farsons Cisk opens at a fresh 2010 low of €1.63 before recovering to close at the €1.72 level, 1.2% higher than the previous close. 5,000 shares exchanged today with lowest offers now placed at the €2.00 level. The Farsons Group is scheduled to publish its financial results for the year ended 31 January 2010 next Wednesday 14 April. On Monday, the Farsons Group announced that it has submitted an application to the Listing Authority requesting the approval of a new 10-year €15 million unsecured and unsubordinated bond issue. The proceeds will be used to finance the redemption of the existing 6.6% Bonds and to satisfy the general requirements of the Farsons Group including the construction of a new brewhouse. Further details available here.
  • MIA maintains the €3.15 level during this morning’s session on volumes of 3,400 shares. Equity closes the week 1% higher following last Wednesday’s announcement revealing that passenger departures increased by 10.8% in March 2010 to 101,147 passengers. MIA registered an average increase of 8.9% in passenger movements for the first three months of 2010. Further details available here.
  • A single trade of 50,000 MaltaPost shares exchanged today at the €0.765 level, unchanged from the previous close. Best bids still placed at €0.76 whilst lowest offers in the market at the €0.769 level. The postal operator ends the week 2.1% higher.

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