Daily Market Highlights (12.05.11)

  • Local equity market again in positive territory as BOV and GO trade higher resulting in a 0.2% rise in the MSE Share Index to 3,317.814 points. Meanwhile the two other active equities, FIMBank and MIA closed unchanged. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to regain the 975.765 level as the benchmark Eurozone yields slipped backed to the 3.11% level. Yesterday marked the closing of subscriptions from the general public with respect to the new Malta Government Stock Issues. Subscriptions by tender for applications in excess of €100,000 (nominal) will be accepted until noon on Friday. Further details available here.
  • BOV’s equity continued to recover from recent losses as its share price edged a further 0.4% higher to the €2.82 level across ten trades totalling just over 13,000 shares. Best bids now placed at €2.812 whilst lowest offers in the market at the €2.85 level. The Bank is scheduled to pay the recently announced net interim dividend of €0.0406 per share on 26 May.
  • Meanwhile no trades executed in HSBC with bids outstanding at the last traded price of €2.94 and lowest offers at the €3.00 level. The Bank is shortly expected to publish its Interim Statement to update the investing public on its performance during the start of 2011.
  • GO’s share price moves higher for the second time this week although volumes were weak. Equity up another 3.1% during this morning’s session to €1.34 across four trades amounting to only 2,635 shares. Further offers unsatisfied at the closing price whilst best bids now placed at the €1.31 level. Recently the Group published its Interim Statement revealing increased overall revenue and operating profits from local operations. However the Group failed to give any indication with respect to the financial performance and position of Forthnet, in which it has a substantial investment through its subsidiary Forgendo. Further details available here.
  • Substantial volumes, amounting to 150,000 shares, traded in FIMBank at the US$0.84 level (unchanged from the previous close). The trade finance specialist is due to pay the recently approved gross dividend of US$0.038 per share on 13 May. During the recent Annual General Meeting shareholders also approved the de-listing of FIMBank plc shares subject to the successful completion of the ‘share-for-share exchange’ with FIM Holdings plc. In this respect, shareholders have until 30 June to hand in their acceptance form. Further details on the ‘share-for-share exchange’ and a copy of the Prospectus published by FIM Holdings plc available here.
  • MIA also unchanged at the €1.68 level on volumes of over 12,300 shares. Few other bids outstanding at the last traded price whilst lowest offers still pitched at the €1.69 level. Dividend payment is due on 17 May.
  • This afternoon, MaltaPost published its interim results covering the six months ended 31 March 2011. The postal operator reported a 1.4% increase in revenue to €10.7 million on the back of continued growth in parcel volumes. However, the Company’s profits marginally declined from €1.2 million for the six months ended 31 March 2010 to €1.1 million during the period under review. This drop was due to the increases in mail costs, utility bills and information systems support costs. Similar to previous years, the Directors did not recommend an interim dividend. Further details available here.
  • This morning, MIDI published its Interim Statement informing the market that the Company handed over 18 apartments with a selling value in excess of €14 million since the start of 2011. Moreover, finishes on the 22 new apartments overlooking Pjazza Tigne are proceeding well in anticipation of the expected launch later this year. The MIDI Group concluded by stating that it continues to focus on strengthening its operating profit and the Board of Directors is confident of achieving further positive financial results during 2011.


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