Daily Market Highlights (10.05.10)

  • Local equity market back into negative territory as declines in the two big banks’ equities drag the MSE Share Index 0.9% lower to 3,505.316 points. MIA and Lombard also register declines whilst Middlesea was the only positive performer this morning. On the bond market, Malta Government Stock prices slumped today as the benchmark 10-year eurozone yield almost touched the 3% level following the €750 billion emergency rescue package announced by the European Union last night. Download a copy of today’s Equity Market Summary.
  • Last Friday the Treasury announced 3 new Malta Government Stock issues for a total aggregate amount of €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 (VI); and a fungible issue of the 4.6% MGS 2020 (II). Although the Treasury gave details of the stocks being issued, the pricing will not be announced before Thursday 17 May. Copy of Prospectus available here.
  • BOV’s negative run now in its fifth consecutive session as the equity turns ex-dividend today. Share price slips 1.8% lower to close at the €3.27 level on 29,815 shares. Best bids now placed at €3.262 whilst lowest offers pitched at the €3.30 level. Recently 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.
  • In contrast to last week’s 0.3% rise, HSBC sheds 1.3% to drop back to the €3.02 level on lower volumes of 10,350 shares. Best bids already placed minimally higher than the last closing price with lowest offers pitched at the €3.08 level.
  • Downward pressure also evident in Lombard shares. Equity closes 1.7% lower to €2.90 over just under 11,000 shares. Best bids still in the market at €2.85 whilst lowest offers now pitched at the €2.94 level.
  • MIA’s equity reverses almost all of last week’s gains as the share price slipped 1.5% lower to close at the €3.201 level on 5,000 shares. The share price fell possibly in reaction to last Friday’s traffic results publication which revealed a 6.6% decline in passenger departures during the month of April 2010 following 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.
  • Middlesea’s share price edges 1.4% higher to regain the €0.74 level on two trades amounting to 1,000 shares. Recently the Insurance Group published its 2009 annual results revealing 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.
  • GO closed unchanged at the €2.12 level on low volumes of 5,613 shares. Best bids still placed at the €1.99 level whilst lowest offers now pitched at the €2.17 level. Last week the telecoms Group published its interim Directors’ statement covering the first quarter of 2010. During this period the GO Group registered growth in turnover and profitability over the comparative period last year from its operations in Malta. Further details available here.
  • MaltaPost continues to trade at its 2010 high of €0.86 as a further 6,440 shares changed hands during this morning’s session. Further bids outstanding at the closing price with lowest offers now pitched at the €0.87 level. The postal operator is expected to publish interim results next Thursday 13 May.
  • A single trade of 1,000 Crimsonwing shares transacted at the €0.45 level, unchanged from the previous close.

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