Daily Market Highlights (16.11.11)

  • MSE Share Index climbs 1.4% during this morning’s session to a new 2-week high of 3,131.940 points following recoveries in the share prices of BOV, IHI and GO. Increased trading activity amounting to over €500,000 amongst the four active equities. Download a copy of today’s Equity Market Summary.
  • Subscriptions for the two new Malta Government Stocks, namely the 4.25% MGS 2017 (III) FI at 103.75% and the 5.2% MGS 2031 (I) at 100.75%, will close this afternoon. Meanwhile tenders will be accepted until Friday 18 November at 12 noon.
  • Almost 90,000 BOV shares changed hands today across thirteen trades. Share price advances by 3.3% to the €2.50 level with lowest offers now in the market at €2.52. The Bank is scheduled to hold its Annual General Meeting on 17 December.
  • Meanwhile HSBC’s share price slips 0.4% lower to the €2.689 level following yesterday’s publication of the Interim Directors’ Statement. The Bank revealed that trading conditions remain challenging and expects a more difficult 2012. In response the Directors approved a cost-savings plan which will result in a one-off charge of approximately €10 million for the 2011 financial year. Further details available here.
  • Renewed demand evident in IHI as the equity jumped 4.7% to regain the €0.819 level across four trades totalling 116,326 shares. Lower offers now placed at the €0.82 level.
  • GO also in positive territory today with a 0.9% increase in the share price to €1.03 on volumes of 52,500 shares. Lowest offers now placed at €1.06 whilst best bids pitched at the €1.001 level.
  • This afternoon, Simonds Farsons Cisk plc issued its Interim Directors’ Statement covering the three months ended 31 October 2011. During the period under review, the Group registered a satisfactory performance as revenues across all business segments continued to grow despite the highly intense and competitive market dynamics. As such, the Farsons Group expects to register a further improvement in profitability for the current financial year ending 31 January 2012 compared to the previous year. During the year to 31 January 2011 the Group had registered a 35% increase in profits amounting to over €3.7 million.
  • Also this afternoon, Medserv issued its Interim Directors’ Statement explaining that as indicated in its previous communication to the market, it is experiencing renewed demand for its services. As a result, Medserv expects to have a profitable second half of the current year. The Malta base is still generating the majority of the revenue but the Misurata base has now been reopened for business and has carried out is first activity since last February whilst still charging for storing substantial equipment for oil companies. Nonetheless major renewed activity at the Libyan base depends on the return of customers to normal operations. The Directors also reported progress on the Group’s new investments in Cyprus and Sicily. Further details available here. In a separate announcement, Medserv declared a net interim dividend of €0.03 per share to all shareholders as at close of trading on Friday 9 December. This dividend will be paid on 29 December.