Daily Market Highlights (10.04.12)

  • Following last week’s 0.4% rise, the MSE Share Index edged marginally higher today to close at 2,951.015 points as HSBC’s 0.4% rise offset the declines in GO and GHM. Meanwhile, all other active equities, including BOV, Farsons and Medserv, ended this morning’s session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index rose 0.2% to a one-month high of 983.766 points reflecting the further drop in Eurozone yields which touched a fresh 28-week low of 1.674%. The downturn in benchmark yields since last Friday follows the publication of weak economic data by the US which ignited fresh economic growth concerns as well as rising concerns over Spain’s sovereign debt crisis.
  • BOV is expected to publish its allocation policy tomorrow with respect to last week’s fully subscribed issue of €40 million of Notes.
  • GO’s share price tumbled a further 2.6% to a new all-time low of €0.75 across three trades totalling 8,450 shares. The value of GO’s equity is now 23.5% below 2011-year end figure reflecting the significant negative impact of the Group’s substantial investment in Forthnet which culminated in a €62.3 million impairment in respect of the 2011 financial year. The quad play telecom operator is scheduled to hold its Annual General Meeting on 9 May.
  • Similarly, Grand Harbour Marina eased by 0.4% to a new 2-year low of €1.89 on a small deal of 100 shares. Further offers unsatisfied at the closing price with no bids in the market. The Company will be publishing its 2011 full-year results on 18 April.
  • Meanwhile, HSBC edged a further 0.4% higher to regain the €2.55 level on a single trade of 1,200 shares. However offers are already placed lower at €2.54 with best bids placed at the €2.52 level. The Bank is scheduled to hold its Annual General Meeting on 18 April.
  • On the other hand, BOV’s share price closed the day unchanged at the €2.14 level on volumes of 13,500 shares. Few other offers are unsatisfied at the last traded price with best bids at the €2.13 level. The Bank generally publishes its half-year results (covering the six months ended 31 March) by the end of April.
  • The equity of Simonds Farsons Cisk also traded unchanged at the €1.77 level across two trades totalling 12,550 shares. Investors await the publication of the Farsons’ Group’s financial statements for the year ended 31 January 2012 which are generally reported by the end of April.
  • Only 600 Medserv shares trade on the last day for the entitlement to the final net dividend of €0.03 per share. The share price was unchanged at the €3.95 level with further offers unsatisfied at the closing price and no bids in sight. Equity turns ex-dividend as from tomorrow.
  • An insignificant deal of 63 Middlesea Insurance shares was executed at the €0.70 level, unchanged from the previous close. The equity is still trading with the entitlement to the final gross dividend of €0.01 per share. The equity will turn ex-dividend as from 19 April.