Daily Market Highlights (18.01.10)

  • Renewed demand reignites rally in the two large banks. MSE Share Index jumps by 2.4% to 3,784.097 points – marginally below last week’s 2010 high of 3,805.775 points – on gains of more than 4% in both BOV and HSBC. FIMBank also closes in positive territory while Middlesea opens at its lowest limit for the fifth consecutive session before partially recovering to trim today’s decline. GO, Plaza Centres and MaltaPost close today’s session unchanged. Download a copy of today’s Equity Market Summary.
  • Sustained demand for BOV shares lifts the equity higher for the third consecutive session. Share price rises by a further 4.5% to a fresh 21-month high of €3.50 on high volumes of over 25,500 shares. Best bids now at the €3.45 level with further offers outstanding at the closing price. The 40 million new bonus shares were admitted to the Official List last Friday which increased the Bank’s total issued share capital to 200 million shares of a nominal value of €1.00 each.
  • HSBC recovers some of the declines registered in the past three sessions. Equity opens unchanged at the €3.65 level but renewed demand for these shares helps the price advance by 4.1% to close at the €3.80 level. High volumes also in HSBC with over 16,000 shares changing hands. The Bank is shortly expected to publish its 2009 full-year results and declare a final dividend to shareholders.
  • GO maintains the €2.26 level on volumes of over 13,400 shares. Further shares on offer at the closing price with best bids pitched at €2.22. GO’s share price has already risen by 7.6% since the beginning of the year. In an interview last week CEO David Kay explained that the Group is experiencing strong growth in the TV sector which is expected to continue 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 and reassured investors that the recent turmoil in Dubai had no effect on the Group. Moreover in a separate press statement issued also last week, GO reiterated that the sports content could not be broadcast by any other provider in the Maltese territory as part of the contractual obligations set by the international content providers of these sports rights.
  • FIMBank climbs 2.6% to regain the US$1.18 level on two trades amounting to 11,000 shares. The trade finance specialist is scheduled to publish its 2009 full-year results on 16 March.
  • Middlesea continues to trade lower following last Monday’s company announcement. The equity opens at its ‘limit down’ price of €0.68 with over 73,000 shares changing hands at this level before edging up to close at €0.70 as all outstanding offers at the €0.68 level are taken up. Share price closes the day 4.2% lower and 30% below last Monday’s recent high of €1.00. Last week Middlesea announced a marked deterioration in claims at the Group’s Italian subsidiary Progress Assicurazioni during the last quarter of 2009. Further details on the announcement available here.
  • Another single trade of 1,000 Plaza Centres shares transacted at the €1.65 level. Best bids still in the market at €1.63 whilst further offers of almost 12,000 shares remain unsatisfied at the closing price.
  • MaltaPost also closes unchanged at the €0.74 level ahead of the September 2009 full-year results publication next Thursday 21 January 2010. 5,000 shares exchanged today with beds still at €0.68 whilst further offers outstanding at the last traded price.
  • Datatrak Holdings also on the rise following the removal of the trade range. Share price edges 3.2% higher to €0.16 on volumes of 2,194 shares. The IT Company is scheduled to hold its Annual General Meeting on 29 January 2010 during which shareholders will be asked to approve a number of resolutions including a change in name to Loqus Holdings plc.
  • MIA this morning held a press conference to announce the 2009 traffic results and the forecast for 2010. MIA registered a 6.1% yearly decline in passenger movements in 2009, margianlly better than the Company’s July 2009 forecast of a 6.8% drop. MIA’s CEO Mr. Julian Jaeger also announced that the Company is forecasting a 2.8% increase in passenger movements to 3 million passengers for 2010 on the back of the new routes to be operated by BMI, Easyjet, Ryanair and Norwegian. Further details on statistics available here. No trades in MIA’s equity this morning with highest bids already placed above the last traded price of €2.65 and lowest offers at the €3.00 level.

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