Daily Market Highlights (12.08.2010)

  • The local equity market managed to recoup the 3,500-point level despite the trading session was shortened to only 30 minutes following a technical problem. Index heavy-weight IHI jumped 7% with BOV rising marginally to regain the €3.30 level. The MSE Share Index rose by 1.1% to close at 3,527.61 points. Meanwhile, MIA closed in negative territory with GO and HSBC unchanged at €1.90 and €2.999 respectively. Download a copy of today’s Equity Market Summary .
  • IHI’s share price up 7% to regain its 2010 high of €0.90 on encouraging volumes of 33,975 shares. Yesterday, IHI’s management subsidiary CHI Hotels and Resorts announced that it concluded a 15-year agreement to operate a second hotel in Sharm El Sheikh, Egypt as from 1 October 2010. Further details available here. Offers totalling 15,040 share available at the closing price with highest bids pitched at €0.84.
  • BOV’s share price continues to recover as it edges 0.03% higher to close at the €3.30 level. 18,824 shares exchanged across 12 trades this afternoon with lowest offers now placed at €3.31.
  • HSBC’s equity closes unchanged at €2.999 on low volumes of 3,255 shares. A further 2,500 shares on offer at the closing price whilst highest bids are placed at €0.95.The bank will pay the recently declared net interim dividend of €0.051 per share on 24 August.
  • MIA’s equity edges 0.6% lower for the second successive session. Share price closes at €1.601 on volumes of 6,000 shares. This afternoon MIA announced that it is currently installing a Photo Voltaic farm consisting of 435 polycrystalline panels to reduce electricity consumption – in line with the current environmental initiatives taking place in Malta. MIA explained that this project, which is scheduled to be operational by November, should reduce MIA’s electricity costs by approximately €30,000 per year using solar energy. Further details available here.
  • On Tuesday evening, RS2 Software plc published its 2010 interim results. The financial statements show a 6% increase in revenues to €2.8 million resulting in a 41.4% jump in profit after tax to €286,708. Similar to last year the Directors did not declare an interim dividend. Further details of results and copy of interim report available here.
  • Middlesea Insurance plc is expected to publish its 2010 half-year results today.

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