Daily Market Highlights (18.04.11)

  • Local equity market back into negative territory as fresh sell orders push the share prices of MIA, GO and FIMBank lower. MSE Share Index down 0.1% as the aforementioned declines offset the positive performances in BOV, Farsons and Middlesea. Meanwhile HSBC and RS2 closed unchanged. Download a copy of today’s Equity Market Summary.
  • Meanwhile, on the bond market, the Rizzo Farrugia MGS Index climbed 0.3% to regain the 976.732 point level as the benchmark Eurozone yields declined from the recent 2-year high of 3.51% back to the 3.34% level. The downturn in yields was caused by the re-emergence of concerns with respect to the sustainability of sovereign debt of the peripheral countries particularly that of Portugal, Ireland and Greece.
  • BOV’s share price edged marginally higher to close at the €2.90 level across twelve trades totalling 24,440 shares. Offers already placed minimally lower at €2.899 whilst best bids pitched at the €2.89 level. The Bank is expected to publish its half-year results to 31 March by the end of April.
  • Meanwhile HSBC remained unchanged at the €2.96 level for the third successive session across eight trades totalling just over 15,400 shares. Further offers unsatisfied at the closing price whilst best bids still pitched at the €2.95 level. During the Bank’s recent Annual General Meeting shareholders approved all the items on the agenda including a final gross dividend of €0.077 per share which will be paid on Thursday 21 April.
  • Middlesea edged 1.3% higher to €0.81 on two trades totalling 2,634 shares. Further bids outstanding at the last closing price whilst lowest offers still placed at the €0.84 level.
  • Fresh sell order forced FIMBank’s share price down to a new 68-month low of US$0.88 over a single trade of 9,615 shares. Shareholders of FIMBank should have received a Prospectus by FIMHoldings plc with respect to a share for share exchange together with an acceptance form which shareholders must return to the Company by 22 June. Further details available here. FIMBank also sent out all the relevant Annual General Meeting documentation which is scheduled to be held on 5 May.
  • GO succumbs to further selling pressure as its share price retreated by 1.4% to a new 25-month low of €1.43 across 6,000 shares. Few other offers outstanding at the closing price whilst best bids now placed at the €1.421 level. The equity turns ex-dividend on 5 May.
  • Simonds Farsons Cisk closed 1.2% higher at the €1.70 level after easing from an intra-day high of €1.73 ahead of the financial results publication (for the year ended 31 January 2011) next Wednesday. A total of 1,163 shares changed hands today with other bids and offers unsatisfied at the closing price.
  • Negative reaction to last Friday’s announcement by MIA regarding the issuance of a Fuel Ground Handling tender which provides for a significantly reduced fuel handling user fee from €12.50 per 1,000 litres to €2.60 per 1,000 litres which should result in a revenue decline of €1.2 million every year. Further details available here. Share price forced 2% down to the €1.72 level on two trades totalling 3,640 shares.
  • Another 10,865 RS2 shares changed hands at the €0.53 level. Best bids now in the market at €0.46 whilst lowest offers now pitched at the €0.60 level. Last week RS2 revealed a substantially improved set of financial results including a 27.4% rise in revenue to €7.5 million, an EBITDA of €2.4 million which is more than double the 2009 figure, a tax credit of just under €1 million and a profit for the year of €2.86 million compared to the 2009 profitability of just over €1 million. Given the improved profitability and cash flow generation, the Directors recommend a net dividend of €0.032 per share to all shareholders as at close of trading on Wednesday 27 April. Further details available here.