Daily Market Highlights (11.05.10)

  • BOV’s sixth consecutive decline forces MSE Share Index marginally lower to close at 3,504.002 points. Middlesea Insurance the only positive performer today with the rest of the active equities closing unchanged. 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 13 May. Copy of Prospectus available here.
  • BOV edges a further 0.3% lower to close at the €3.26 level on declining volumes of 4,771 shares. Best bids now placed at €3.25 with further offers remaining unsatisfied at the closing price. 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.
  • Meanwhile HSBC closes unchanged at the €3.02 level on just 1,000 shares. This afternoon HSBC published its Interim Directors’ Statement covering the period from the start of their new financial year on 1 January 2010. HSBC explained that during this period, the Bank performed strongly and made further progress in improving revenues and controlling costs, while loan impairments weakened modestly as expected. Further details available here.
  • Middlesea trades higher for third successive session with its share price edging a further 1.4% higher to regain the €0.75 level. Best bids still in the market at €0.70 whilst further offers remaining unsatisfied at the closing price. Recently Middlesea 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.
  • A further 11,230 MIA shares traded at the €3.201 level. Best bids now placed at €3.14 with offers already placed below the last traded price. Last Friday MIA published the April 2010 traffic results revealing a 6.6% decline in passenger departures during the month due to the volcanic ash disruption. 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. Yesterday shareholders approved all the items on the agenda at the Annual General Meeting including a 2-for-1 share split which will be effected on 1 June.
  • 6pm shares trade for the first time in almost a month. Equity closes unchanged at the GBP0.48 level but bids already placed higher at the GBP0.51 level. Yesterday the 6pm Group announced that it has deployed an Electronic Document Management System (EDMS) at NHS Haringey in the UK which will support around 600 users. During a stockbrokers’ meeting held this morning, 6pm’s CEO Mr. Alan West Robinson indicated the potential for similar contracts to come on board later on during 2010.
  • RS2 Software also unchanged at the €0.48 level after touching an intra-day low of €0.47. Over 28,000 shares changed hands this morning with best bids still at €0.45 whilst lowest offers now pitched at the €0.52 level.
  • Two trades amounting to 4,682 MaltaPost shares transacted at its 2010 high of €0.86 – unchanged from the previous close. Further bids outstanding at the closing price with lowest offers still pitched at the €0.87 level. The postal operator is expected to publish interim results next Thursday 13 May.
  • GO also traded unchanged at the €2.12 level on volumes of over 9,400 shares. The telecoms Group is scheduled to hold its Annual General Meeting next Monday 17 May. Last week GO 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.
  • Loqus Holdings slumps 7% to its ‘limit-down’ price of €0.186 level on a single trade of 2,000 shares. Best bids now in the market at €0.15 whilst further offers remain outstanding at the close price.

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