Daily Market Highlights (13.01.10)

  • The local equity market closes lower for the first time in 2010. MSE Share Index in negative territory for the first time in nine sessions. Following the 10% increase since the beginning of the year, the Index closes today’s session 0.9% lower at 3,770.511 points. HSBC and Middlesea reverse some of their recent strong gains with FIMBank and Island Hotels Group also closing lower. On the other hand GO traded up to a new 16-month high with IHI, Lombard and GlobalCapital also trading higher. BOV and MaltaPost close unchanged. Download a copy of today’s Equity Market Summary.
  • Volatile session in HSBC as the share price slumps 3.9% to a close of €3.845. Equity opens at a new 20-month high of €4.05 but fresh sell orders pushed the price down to €3.77 before recovering to the €3.845 level. Volumes remain high with over 25,500 shares exchanged today. Offers already placed below the last trading price at the €3.83 level. The Bank is shortly expected to publish its 2009 full-year results and declare a final dividend for shareholders.
  • BOV‘s equity readjusts as it trades ex-bonus. Share price ends today’s session at the €3.28 level, equivalent to yesterday closing level of €4.10 when taking into account the 1 for 4 bonus share issue. During the start of today’s session the equity also trades at a high of €3.299. Just over 13,800 shares changed hands today with further offers remaining unsatisfied at the closing price. The new bonus shares will commence trading in the coming days.
  • GO trades higher for the fifth consecutive session. Share price increases by a further 1.8% to a fresh 16-month high of €2.24 on volumes of almost 16,600 shares. In an interview published today in the local media, GO’s CEO David Kay explained that the Group now services over 480,000 connections with strong growth in the TV sector which is expected to continue in the coming months following the acquisition of exclusive broadcasting rights of the Italian and English top leagues as from next season. The CEO also commented that the Group plans to continue reducing headcount to reach its target of 1,000 employees. In conclusion Mr. Kay reassured investors that the recent turmoil in Dubai had no effect on the Group.
  • IHI regains the €0.80 level, representing a gain of 4.4% from its previous close. A single trade of 1,200 shares transacted today with best bids still at €0.766 whilst further offers remain in the market at the last trading price.
  • Intensified selling pressure in Middlesea pushes the equity to its ‘limit down’ price for the second consecutive session. Share price slumps 6.9% to €0.845 on volumes of over 34,000 shares and further substantial offers amounting to over 100,000 shares remaining unsatisfied at €0.845. On Monday the Insurance Group reported that preliminary unaudited data for the last quarter of 2009 indicate a marked deterioration in claims at their Italian subsidiary Progress Assicurazioni. This  will most likely lead to a greater loss for the Middlesea Group for 2009 than the €41.8 million forecasted in the Rights Issue Prospectus. Further details available here.
  • Lombard Bank recovers most of yesterday’s 1.6% decline as its share price bounces back by 1.3% to close at the €3.14 level. Low volumes persist in this equity with only 3,620 shares traded during this morning’s session. The Bank is scheduled to publish its 2009 full-year results on 11 March 2010.
  • Few trades executed in FIMBank and GlobalCapital. FIMBank slips 1.7% to the US$1.14 level on two trades totalling 15,000 shares. Meanwhile GlobalCapital edges minimally higher to regain the €1.50 level on a single trade of 1,130 shares.
  • A single trade of 4,000 IHG Holdings shares transacted at the €1.01 level, representing a 0.9% drop from the previous close. Recently the Group announced the acquisition of the Hal Ferh site for €12 million. Further details on the acquisition and development of this site available here.

Comments are closed.