Daily Market Highlights (13.04.10)

  • Local equity market in negative territory for the third successive session. MSE Share Index slips lower by 0.1% during this morning’s session as the declines in HSBC, MIA and FIMBank offset increases in the share prices of BOV and MaltaPost. Meanwhile GO and Medserv close unchanged. Increased activity registered especially in MaltaPost and BOV. Download a copy of today’s Equity Market Summary.
  • HSBC’s equity trades lower for the fourth consecutive session on sustained selling pressure. Share price drops a further 0.7% to close at a fresh 2010 low of €3.08 on volumes of just over 4,800 shares. Best bids now placed at €3.05 with lowest offers pitched at the €3.09 level. Last week HSBC held its Annual General Meeting during which shareholders approved all the resolutions on the agenda including the final gross dividend of €0.08 which will be paid on 20 April.
  • Meanwhile renewed demand for BOV shares help the equity rise 0.7% to regain the €3.318 level. Almost 34,000 shares exchanged today with best bids still in the market at €3.28 whilst few other offers remain unsatisfied at the closing price.
  • MIA sheds 1.6% to close at the €3.10 level on 3,300 shares. Best bids now placed at €3.00 whilst lowest offers still pitched at the €3.20 level. The airport operator is scheduled to hold its Annual General Meeting on 10 May.
  • FIMBank sheds 1.8% to drop back to the US$1.07 level on volumes of 11,850 shares. No bids in sight with lowest offers now pitched at the US$1.15 level. The trade specialist is scheduled to hold its Annual General Meeting on 6 May 2010. During the meeting shareholders will be asked to approve a number of resolutions including the payment of a final gross dividend of US$0.018 per share. The dividend may be either taken in cash or in shares at the attribution price of US$1.00 per share.
  • High volumes of over 151,000 shares traded in MaltaPost with a total value of €117,871. Fresh bids help the postal operator jump 4.6% to regain the €0.80 level – minimally below its 2010 high of €0.801. Best bids now at €0.765 whilst further offers remain unsatisfied at the closing price. MaltaPost this morning announced that its Board of Directors is scheduled to meet on 17 May to consider and approve the Company’s financial statements for the half-year ended 31 March 2010.
  • GO closes unchanged at the €2.175 level on the last day to gain entitlement to the final gross dividend of €0.154 per share. Eight trades amounting to 25,000 shares transacted today with few bids in the market at €2.17 whilst further offers outstanding at the closing price. Equity turns ex-dividend as from tomorrow.
  • A further 11,500 Medserv shares trade unchanged at the €4.30 level. Last week Medserv announced its 2009 Preliminary Profit Statement. The results show a record pre-tax profit of €3.1 million as turnover grew by 12.6% to €17.5 million. Medserv explained that the Group companies operating from the Malta and Libyan bases were successful in servicing a number of rigs and other specialised vessels and supported various off-shore exploration operations. The Directors recommended a final net dividend of €0.135 per share (2008: €0.039) to those shareholders as at close of trading on Tuesday 20 April. With respect to the outlook for the current financial year, the Directors stated that they expect positive results should all projects in the pipeline materialise and commence according to the dates forecasted. Further details available here.
  • Grand Harbour Marina yesterday issued its 2009 full-year results showing a 39% increase in revenue from pontoon fees and ancillary services to €2.1 million but a 17.8% decline in total revenue as the Company did not register any super-yacht berth sales during 2009. Grand Harbour Marina managed to register a positive EBITDA of €152,602. After accounting for net finance costs and a €1.2 million reduction in the Company’s tax liability, Grand Harbour Marina registered a profit after tax of €0.8 million compared to the after-tax loss of €0.4 million recorded in the previous year. The Directors recommended the payment of a final net dividend of €0.075 per share subject to shareholders approval at the next Annual General Meeting which is scheduled to be held on 30 June 2010. Shareholders as at close of trading on Friday 28 May will be eligible for this dividend. Further details available here. Results fail to elicit trades in this equity with best bids in the market at the last closing price of €1.87 and lowest offers pitched at the €1.98 level.
  • Last week Simonds Farsons Cisk plc announced that it has submitted an application to the Listing Authority requesting the approval of a new 10-year €15 million unsecured and unsubordinated bond issue. The proceeds will be used to finance the redemption of the existing 6.6% Bonds and to satisfy the general requirements of the Farsons Group including the construction of a new brewhouse. Further details available here. Equity remains inactive ahead of tomorrow’s financial results publication for the year ended 31 January 2010.
  • Eden Finance plc also announced that it submitted an application to the Listing Authority requesting the approval of a new €15 million bond issue which will be guaranteed by the parent company Eden Leisure Group Ltd. Further details available here.

Comments are closed.