Daily Market Highlights (10.05.11)

  • MSE Share Index down 0.3% to 3,304.660 points as HSBC and BOV close lower offsetting the increases in the share prices of MIA and Middlesea. Meanwhile, on the bond market, the Rizzo Farrugia MGS Index moved higher for the third consecutive session with a further 0.1% rise to 975.296 points as the benchmark Eurozone yields sank to the 3.11% level. Download a copy of today’s Equity Market Summary.
  • Subscriptions for the two new fixed-rate Malta Government Stocks remain open until tomorrow. Both the 4.25% MGS 2017 (III) FI and the 5.25% MGS 2030 (I) FI are priced at 100.75%. The total aggregate amount on offer is of €100 million subject to an over-allotment option of up to a further €50 million. Subscriptions open on Monday 9 May and close on Wednesday 11 May for the General Public. Further details available here.
  • BOV share price retreats by 1.2% to the €2.805 level as the equity turns ex-dividend. Twelve trades totalling 10,480 shares transacted today with best bids already placed higher at the €2.81 level. The Bank is scheduled to pay the gross interim dividend of €0.0625 per share on 26 May.
  • HSBC also slips 0.3% lower to the €2.94 level on volumes of 10,700 shares. The Bank is shortly expected to publish its Interim Statement to update the investing public on its performance since the end of 2010.
  • On the other hand, Middlesea gained further ground in anticipation of the mandatory bid shortly expected to be launched by Mapfre Internacional. The latter is currently seeking regulatory approval to acquire Munich Re’s 19.9% shareholding which would place Mapfre as the single largest shareholder of Middlesea with a 50.98% stake. Further details available here. Share price of Middlesea advances by a further 1.3% to a 2-month high of €1.003 across four deals amounting to 5,846 shares. Bids already placed higher at €1.01 with lowest offers at the €1.05 level.
  • Fresh bids emerged late in today’s session to lift MIA’s share price 1.8% higher to the €1.68 level. Three trades totalling 8,900 shares transacted today with best bids in the market at €1.60 whilst lowest offers now placed at the €1.69 level. Last week, the airport operator held its Annual General Meeting during which shareholders approved all the resolutions including the final net dividend of €0.035 per share which will now be distributed on 17 May. Copy of the presentation given by the CEO of the Company may be viewed from the download section of MIA’s profile on our website at https://rizzofarrugia.com/security-quotes/equities/c1460e/.
  • RS2 Software maintained the €0.50 level across 10,000 shares on the last day for investors to gain entitlement to the net dividend of €0.032 per share. Equity turns ex-dividend as from tomorrow. RS2 is scheduled to hold its Annual General Meeting on 14 June.
  • GO unchanged at the €1.29 level for the third consecutive session as another 5,400 shares changed hands at this all-time low. Late last week, the Group published its Interim Statement revealing that its local operations have continued to grow helping the Group operating profit for the first quarter of 2011 to be marginally ahead of that registered during the same period in 2010. GO also confirmed that it maintained a healthy cash position. Nonetheless, GO failed to indicate the financial performance and position of the Greek telecom group Forthnet in which it has a significant investment. Further details available here.