Daily Market Highlights (17.05.11)

  • MSE Share Index recovers from yesterday’s 0.3% decline as it climbs 0.4% higher during this morning’s session to 3,329.519 points. Five out of the six active equities closed today’s session in positive territory whilst MIA traded unchanged. RS2 and FIMBank published their Interim Statements. Download a copy of today’s Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index eased 0.1% lower to 974.856 points as the benchmark 10-year Eurozone yield regained the 3.12% level. Last Friday afternoon, the Treasury announced that it received a total of 3,850 applications for the two new fixed rate Malta Government Stocks for a value exceeding €198 million. As such the Treasury fully satisfied the €67.8 million applications from the general public at the offer price whilst it only allotted €82 million from the auction bids thus leaving a balance of €48 million unsatisfied. The treasury also received a total of €102.65 million in bids for the floating rate stock out of which it allotted the amount on offer of €52 million. Further details on the results of the May 2011 MGS issue is available here.
  • A single trade of 1,000 shares helped HSBC’s equity to edge 0.3% higher to the €2.95 level. Last Friday HSBC issued its Interim Statement revealing a continued positive performance since the start of the year. Further details available here.
  • Similarly, BOV’s share price edged 0.6% higher to €2.82 across twelve trades totalling 12,263 shares. Other offers unsatisfied at the closing price whilst best bids now placed at the €2.805 level. The Bank is scheduled to pay the recently announced net interim dividend of €0.0406 per share on 26 May.
  • Middlesea also back into positive territory as fresh bids lift the equity 1.9% higher to €1.05 – the highest level in almost three months. Over 4,700 shares change hands today with further offers unsatisfied at the last traded price. Shareholders await publication of details of Mapfre Internacional’s mandatory bid referred to in the Middlesea announcement of 29 April. Further details on this acquisition and mandatory bid available here.
  • GO’s equity continues to gradually recover from the losses in recent months. Share price up another 1.1% to €1.375 across four trades totalling 5,000 shares. Recently the Group published its Interim Statement revealing increased overall revenue and operating profits from local operations. However the Group failed to give any indication with respect to the financial performance and position of Forthnet, in which it has a substantial investment through its subsidiary Forgendo. Further details available here.
  • MaltaPost share price up 1.3% to €1.084 on volumes of 5,000 shares. Last week the postal operator reported a 1.4% increase in revenue to €10.7 million during the six months ended 31 March 2011 on the back of continued growth in parcel volumes. However, the Company’s profits marginally declined to €1.1 million during the period under review. This drop was due to the increases in mail costs, utility bills and information systems support costs. Similar to previous years, the Directors did not recommend an interim dividend. Further details available here.
  • MIA maintained its three-week high of €1.70 as a further 3,200 shares trade at this level. Other bids outstanding at the closing price whilst lowest offers now pitched at the €1.73 level. The airport operator is shortly expected to publish its Interim Statement.
  • This afternoon FIMBank issued its Interim Statement explaining that the overall Group performance for the period under review is satisfactory and remains supported by strong risk management, low impairments, a healthy balance sheet and strong capital and liquidity ratios. Further details available here.
  • RS2 Software also issued its Interim Statement revealing new contracts with new clients in the United States and the Philippines. RS2 reassured investors that with these new contracts, its targets in terms of new licences for 2011 have already been met. The Directors also stated that they expect 2011 to continue building on the success of the past years, particularly that of 2010. The Directors concluded by stating that construction on the new premises in Mosta commenced in January 2011 and is progressing on schedule with completion targeted for the third quarter of 2012. These new premises will provide the much needed space and infrastructure to support the expected growth of the Company. Further details available here.