Daily Market Highlights (16.03.11)

  • Local equity market drops to a new 3-month low following the fifth consecutive session of declines. MSE Share Index sheds another 1.5% to 3,490 points as HSBC and IHI trade lower. Meanwhile BOV and MaltaPost close higher. The only other active equity, Lombard Bank, closed unchanged at €3.00. Download a copy of todays Equity Market Summary.
  • The Rizzo Farrugia MGS Index eased minimally lower to 980.553 points as benchmark 10-year Eurozone yields remained stable around the 3.12% level. Sustainability of EU sovereign debt back in the limelight as rating agency Moody’s downgraded Portugal’s credit rating by two notches to A3 citing weaker outlook for economic growth, risks to the government’s deficit reduction plans and a possible need to recapitalize banks.
  • HSBC in negative territory for the second time this week as its share price retreats by a further 0.7% back to the €2.87 level on a single trade of 3,600 shares. Best bids in the market at €2.86 whilst lowest offers now placed at the €2.889 level. The final gross dividend of €0.077 per share will be paid on 21 April following approval by the shareholders at the upcoming Annual General Meeting to be held on 7 April.
  • Meanwhile BOV recovers by 0.4% to regain the €2.90 level across ten trades totalling just over 13,000 shares. Best bids now placed at the €2.89 level with lowest offers at the €2.92 level.
  • IHI share price slumps 8.5% to the €0.85 level as it trades for the first time in three weeks. 3,800 shares changed hands today with offers already placed lower at €0.849. The IHI Group still has to announce the date of its 2010 results publication.
  • Renewed demand for MaltaPost shares lifts the equity 3.3% higher to a close of €1.095 – just €0.005 below its all-time high of €1.10.
  • Lombard Bank again maintains the €3.00 level across five trades amounting to 10,500 shares. Equity will trade with the entitlement to the final gross dividend of €0.115 per share until 24 March. Details on the Lombard results available here.
  • GO’s equity inactive following yesterday’s 2010 full-year results publication and the announcement of a 50% decline in dividends. The quad play telecom operator reported a 7% increase revenue to €132.3 million as the Group increased its customer connections by almost 38,000 thus surpassing the 500,000 customer connections during the year under review. Coupled with substantially lower voluntary retirement costs, GO reported a significant improvement in operating profit to €22.8 million. However this was outweighed by the €24.7 million share of loss from the Group’s investment in Greece. This resulted in a loss for the year of €19.2 million compared to the €6.7 million loss posted in the previous year. The Directors recommended a final net dividend of €0.05 per share which is 50% lower than the dividend paid last year. Further details on results available here.
  • Middlesea Insurance also inactive following yesterday’s 2010 results publication. The 2010 accounts show a pre-tax profit of €6.4 million compared to the 2009 pre-tax loss of €54.4 million which includes the impairment of the investment in Progress Assicurazioni SpA. However Group profit before tax and the impairment charge decreased by 25.7% to €6.4 million mainly due to the unrealised fair value gains on the investment portfolio registered in 2009 which were not repeated in 2010. The Board of Directors did not recommend the payment of a dividend. Further details on results available here.
  • Similarly, this morning’s financial results publication failed to generate any trades in Grand Harbour Marina shares. Despite registering a 14% increase in revenue to 2.3 million, the Company reported a loss of €771,422 mainly due to the substantially higher net interest costs of €662,677. The Directors did not recommend the payment of a dividend. Further details on the results available here. In a separate announcement, GHM revealed that it has approved the acquisition of a 45% shareholding in the Cesme Marina in Turkey from its majority shareholder Camper & Nicholsons Marina Investments Limited (CNMI). Details of the acquisition are available here.

Comments are closed.