Daily Market Highlights (18.04.12)

  • Second consecutive day of gains for the MSE Share Index with a further 0.3% rise to 2,936.958 points. Today’s upturn reflects the increase in the share prices of HSBC, BOV and GO. Meanwhile the only other active equity, Lombard, tumbled by 2.6% to a 75-month low. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index rose by 0.1% to 984.787 points. It was a volatile day for Eurozone benchmark yields which dipped below the 1.74% this morning before spiralling all the way up to the 1.77% level. However benchmark yields eased back to the current 1.73% level reflecting investors’ flight to quality on the back of growing concerns over the Eurozone sovereign debt crisis. This was evidenced in the latest bond auction by Germany with demand amounting to almost twice the amount on offer.
  • BOV’s share price moved 1.2% higher to €2.125 on three trades totalling 7,369 shares. Few other bids unsatisfied at the closing price with lowest offers now at the €2.20 level. BOV will be publishing its 31 March 2012 interim results on Friday 27 April.
  • Similarly, HSBC’s equity edged 0.4% higher to close at the €2.51 level on volumes of 8,100 shares. Other offers outstanding at the last traded price whilst best bids in the market at the €2.50 level. The Bank is scheduled to hold its Annual General Meeting this evening.
  • GO also inched minimally higher to the €0.80 level on volumes of 4,500 shares. The quad-play telecom operator is scheduled to hold its Annual General Meeting on 9 May.
  • Meanwhile Lombard Bank’s share price slumped 2.6% to €2.40 – its lowest level since January 2006. A total of 20,000 shares traded today. Highest outstanding bids are placed at €2.30 with lowest offers at the €2.47 level. The Bank’s Annual General Meeting is scheduled for 24 April.
  • This afternoon, MIDI plc clarified its position with respect to recent media comments regarding the planned development at Manoel Island following a recent interview with the Company’s Chairman Mr Albert Mizzi. The Company confirmed that it is still committed to develop Manoel Island and also clarified Mr Mizzi’s comments that MIDI cannot be expected to give up its ‘right’ to develop the approved area on Manoel Island without being reimbursed for obligations already settled and compensation for what it would forego. Furthermore, the press release issued by MIDI also confirmed that 95% of the 280 residential units built so far have been sold and delivered whilst all the outlets at Tigne Point have been rented out. Also, the press release confirmed that the CEO, Mr Ben Muscat relinquished his post for personal reasons. MIDI is scheduled to publish its 2011 full-year results on 30 April following a Board of Directors meeting.
  • RS2 Software remained inactive despite last Friday’s announcement. The 2011 full-year results publication by RS2 Software plc which revealed a 17.2% rise in revenue to a record €8.8 million which led to a 46.8% rise in pre-tax to €2.4 million. Despite the improved profitability, the Directors did not recommend a final dividend (for the first time since the 2008 IPO) in view of the planned investment particularly in the new premises in Mosta relating to the provision of new services, namely transaction processing and managed services. On the other hand, the Directors proposed a 1 for 15 bonus share issue to all shareholders as at close of trading on 8 May. Further details of results available here.
  • Yesterday afternoon, 6pm Holdings announced that its Board of Directors approved the 2011 full-year results. Furthermore, the announcement revealed that for the fourth consecutive year, the Directors resolved not to recommend a final dividend following a further pre-tax loss of GBP563,261. However, 6pm also proposed a 1 for 25 bonus share issue to all shareholders as at close of trading on Thursday 26 April. No trades took place in the market with no bids in sight and lowest offers at the £0.34 level – 0.8% below the last closing price.