Daily Market Highlights (11.04.11)

  • Local equity market in positive territory for the first time in five sessions. MSE Share Index up 0.2% to 3,444.176 points as HSBC and BOV trade higher. Meanwhile Middlesea and MaltaPost close lower with the only other active equity, MIDI, unchanged. Download a copy of today’s Equity Market Summary.
  • Eurozone yields on the increase for the fifth time in a row as they hit a high of 3.507% (the highest level since August 2009), following last week’s 25 basis point interest hike by the ECB and indications of further potential increases during the course of 2011. In turn, the Central Bank of Malta Stockbroker reduced its MGS bid prices which was reflected in a further 0.2% decline in the Rizzo Farrugia MGS Index to a new 22-month low of 970.537 points.
  • Fresh bids lifted HSBC’s share price 0.7% higher to regain the €2.95 level on volumes of 32,994 shares. Further bids unsatisfied at the closing price whilst lowest offers now placed at the €2.98 level. Last week, the Bank held its Annual General Meeting during which shareholders approved all the items on the agenda including a final gross dividend of €0.077 per share which will now be paid on 21 April.
  • Likewise BOV’s equity edged 0.7% higher to close at the €2.92 level on lower volumes of 8,045 shares. Further offers outstanding at the last traded price whilst best bids now in the market at €2.902. The Bank is expected to publish its half-year results to 31 March by the end of April.
  • Share price of Middlesea Insurance retreats by almost 6% for the second consecutive session to drop to a new 11-month low of €0.80 across three trades totalling just over 3,100 shares. Last week the company announced details of the proposed set-off between the accumulated losses on the Profit & Loss Account and parts of the Share premium Account and the Issued Share Capital. The set-off will result in a reduction of the nominal value of the shares from €0.60 to €0.21 per share. Further details available here.
  • MaltaPost eases minimally lower to €1.089 on a small trade of 760 shares. Other offers in the market at the last closing price whilst best bids still placed at the €1.00 level. The postal operator generally publishes its half-year results by mid-May.
  • Thin volumes of only 200 shares traded in MIDI at an unchanged price level of €0.45. The company is scheduled to publish its 2010 financial results on 28 April.
  • Other financial results announcements are due on 12 April by RS2 Software, on 20 April by Simonds Farsons Cisk and GlobalCapital. 6pm still has to reveal the date of the 2010 results announcement.
  • Today marks the opening of the rights issue offer by 6pm Holdings plc. The IT Company is issuing 10,788,000 new ordinary shares at the price of GBP0.25 per share. Shareholders are entitled to subscribe to 1.4384 new shares for every share held. The rights issue will remain open until Friday 29 April at 14.00 hours. Further details available here.