Daily Market Highlights (18.05.11)

  • Low volumes across the equity market. MSE Share Index marginally higher today to 3,330.468 points as increases in HSBC and GO offset the declines in Middlesea, MaltaPost and 6pm. Meanwhile the other four active equities closed unchanged. Download a copy of today’s Equity Market Summary.
  • HSBC’s share price advances by 0.3% to €2.96 on very low activity. Last Friday HSBC issued its Interim Statement revealing a continued positive performance since the start of the year. Further details available here.
  • Meanwhile BOV recovered from an intra-day low of €2.81 to close unchanged at the €2.82 level also on low volumes. The Bank is scheduled to pay the recently announced net interim dividend of €0.0406 per share on 26 May.
  • GO’s share price up another 0.4% to €1.38 with a mere 1,500 shares changing hands. 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.
  • Middlesea’s share price down 1.9% to the €1.03 level on a single trade of 460 shares.  Today Middlesea published its Interim Statement covering the first quarter of 2011. The Directors stated that during the period under review, Middlesea experienced a further positive technical result from the Group’s insurance portfolios. However, the subdued performance on the Malta Stock Exchange adversely impacted the Group’s final profits when compared to the first quarter of last year.
  • 6pm shares trade for the first time since the rights issue. A single trade of 5,000 shares executed at the GBP0.30 level representing a 34.8% drop from the previous close and 9% below the theoretical ex-rights price.
  • No changes in the share prices of IHI, MIA and RS2 Software. Three trades totalling 10,000 IHI shares transacted at the €0.70 level whilst MIA held on to the €1.70 level across 5,000 shares. RS2 also maintained the €0.50 level on a small deal of 650 shares despite yesterday’s upbeat Interim statement, details of which are available here.
  • MaltaPost’s share price eases minimally lower to €1.083 on a miniscule trade of 130 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.
  • Medserv also published its Interim Statement today covering the first quarter of 2011 during which the Group experienced an upturn in activity from its Malta base due to the current situation in Libya. Moreover, current indications point to a profitable situation for the first half of 2011. However the continuing uncertainty in the Group’s main market of Libya make it extremely difficult to formulate any reliable forecast for the second half of the year. This announcement failed to generate any trades with no bids in sight and offers placed below the last closing price of €4.00.