Daily Market Highlights (11.03.11)

  • MSE Share Index down a further 0.3% today to 3,573.403 points as most active equities decline. The only other active equity, MIA, closed unchanged at the €1.80 level. Share Index minimally lower over the week as the declines in HSBC, GO, RS2, Lombard and Middlesea largely outweighed the weekly increases in the share prices of BOV and MIA. Foreign stockmarkets also in negative territory this week especially after this morning’s natural disaster in Japan which pushed all global equity markets sharply lower. Download a copy of today’s Equity Market Summary.
  • Meanwhile the Rizzo Farrugia MGS Index moved a further 0.2% up this morning to 978.897 points (a weekly increase of 0.3%) as benchmark eurozone yields plunged below the 3.20% level following the developments in Japan and fears over the political unrest in Japan.
  • Further selling pressure in HSBC shares. Equity sheds another 0.7% to a fresh 3-month low of €2.90. Over 6,600 shares exchanged today with further offers unsatisfied at the closing price whilst best bids now placed at the €2.86 level. Following this week’s 2% drop, HSBC’s share price is now 10.9% below its value at the beginning of the year. The final gross dividend of €0.077 per share will be paid on 21 April following approval by the shareholders at the upcoming Annual General Meeting to be held on 7 April.
  • In contrast to the three previous positive sessions, BOV edges minimally lower today to close at the €2.969 level on volumes of 7,413 shares. Despite last week’s rating downgrade by Fitch, BOV’s equity ended this week 2.4% higher. Fitch downgraded BOV’s long-term credit rating to ‘BBB+’ citing the concentration risk embedded in the Bank’s loan portfolio as the main reason for the downgrade. Further details available here.
  • Lombard’s share price closes 0.3% lower at the €3.00 level as all outstanding shares on offer at this level (totalling 13,414 shares) were snapped up. The 2010 financial statements published yesterday reveal a 12.9% increase in profit attributable to shareholders reaching €8.3 million mainly achieved due to the 10.1% rise in net interest income to €16.1 million as deposits continued to re-price in line with the current low interest rate environment. The Directors recommended a final gross dividend of €0.115 per share (+15%) to all shareholders as at the close of trading on 24 March. Unlike previous years, the Directors did not recommend a scrip option and therefore the dividend will be paid in cash. Further details available here.
  • A single trade of 1,699 FIMBank shares transacted at the US$0.90 level representing a 2.6% drop from the previous close. The trade finance specialist closed the week unchanged despite the recent results announcement which showed a significant improvement in profitability to US$6.7 million and a final net dividend of US$0.0248 per share. Further details of results available here.
  • RS2 Software shares hit a new all-time low after remaining inactive for almost two weeks. A single trade of 5,000 RS2 Software shares transacted at the €0.389 level, representing a 2.8% decline. Equity currently ranks as the worst performer this year with a loss of 19%.
  • On the other hand, MIA maintained this week’s earlier gains as it closed this morning’s session unchanged at the €1.80 level across three trades totalling 16,000 shares. Following this week’s 3.8% rise, the airport operator is again the top performer since the start of 2011 with a year-to-date increase of 8.4%. MIA is scheduled to announce its 2010 financial results next Thursday 17 March.

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