Daily Market Highlights (12.04.11)

  • Yesterday’s mild recovery in the local equity market was short-lived as the MSE Share Index drops 0.2% to 3,438.376 points as BOV, GO, Lombard and MIA traded lower to offset the minimal rise in HSBC. Meanwhile Middlesea and MaltaPost trade unchanged. Download a copy of today’s Equity Market Summary.
  • On the other hand, the Rizzo Farrugia MGS Index edged 0.1% higher this morning to regain the 971.884 points level as eurozone yields ease back to the 3.46% level following five consecutive sessions of increases.
  • BOV back into negative territory as its share price eased 0.7% lower to close at the €2.901 level across ten trades totalling 15,264 shares. Bids already placed minimally higher at €2.902 whilst lowest offers now pitched at the €2.93 level. The Bank is expected to publish its half-year results to 31 March by the end of April.
  • Meanwhile HSBC inches marginally higher to regain the €2.955 level across four trades totalling 7,416 shares. Further offers unsatisfied at the closing price whilst best bids now placed at the €2.94 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.
  • MIA this morning revealed a 16.4% rise in passenger movements to the highest level ever recorded in March of 240,360 passengers mainly due to a record seat capacity. The March traffic figure includes an amount of 7,465 movements generated from the Libyan-related evacuation flights. Therefore, excluding these one-off movements, the normalised growth rate for the month of March is 12.8%. During the first quarter of 2011, passenger movements increased by 16.5%. Further details available here.
  • GO touched a new 25-month low of €1.45 before recovering to a close of €1.48 which still represents a 0.7% decline from the previous close. Other offers unsatisfied at the last traded price whilst best bids now in the market at the €1.41 level. The equity turns ex-dividend as from 5 May.
  • Fresh sell orders also push Lombard’s share price 0.7% lower to a 2-month low of €2.98 on volumes of over 8,800 shares. The Bank is scheduled to hold its Annual General Meeting on 28 April.
  • A further 9,825 Middlesea Insurance shares change hands at the equity’s 11-month low of €0.80. Other offers outstanding at the last closing price whilst best  bids now placed at the €0.71 level. 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 maintained the €1.089 level on a single trade of 460 shares. Further offers unsatisfied at the closing price whilst best bids placed at the €1.00 level. The postal operator generally publishes its half-year results by mid-May.
  • This afternoon RS2 Software plc published its 2010 financial statements revealing a strong increase in profitability from €1 million in 2009 to €2.9 million. The Directors declared a net dividend of €0.032 per share to those shareholders as at close of trading on Wednesday 27 April. Further details available here.