Daily Market Highlights (19.01.10)

  • Positive sentiment in the two large banks spills over onto the rest of the market as all active equities close higher pushing the MSE Share Index above the 3,900 points level. Index jumps 3.2% to a fresh 16-month high of 3,902.759 points during this morning’s session as BOV and HSBC continued to rally whilst GO and MIA close at new multi-year highs. Download a copy of today’s Equity Market Summary.
  • BOV’s rally intensifies further as equity touches its ‘limit-up’ price of €3.693 (a level last seen in April 2008) whilst Fitch confirms the Bank’s credit rating as stable. Equity jumps 5.4% to close at €3.69 on hefty volumes of over 45,000 shares. Yesterday Fitch Ratings confirmed the Bank’s long-term rating at ‘A-‘ with a stable outlook. In its report, Fitch stated that BOV’s rating reflects it conservative management, satisfactory liquidity and healthy capital ratios. Fitch reported that the rating also factors in the Bank’s historically weak asset quality by international standards, although it has been improving in recent years, and its reliance on Malta’s small economy. Further details on the rating confirmation is available here.
  • HSBC jumps 4.8% to its limit-up price of €3.982 over 19,730 shares. Further bids at the closing price with lowest offers now placed at the €4.00 level. The Bank is shortly expected to publish its 2009 full-year results and declare a final dividend to shareholders.
  • GO edges 0.4% higher to a fresh 16-month high of €2.27 also on high volumes of 17,263 shares. Best bids in the market now at €2.235 whilst further offers remain unsatisfied at the closing price. Yesterday Forthnet, GO’s Greek Investment, announced that it is proceeding with the operational integration of the fixed telecommunications (branded Forthnet) and pay television (NOVA) businesses in order to improve its service and achieve further operational efficiency.
  • Middlesea marginally recovers most of yesterday’s decline as the share price climbs 4% on a single 1,350-share transaction. Last Monday the Insurance Company announced a marked deterioration in claims at the Group’s Italian subsidiary Progress Assicurazioni during the last quarter of 2009. Following this sour news, the equity slumped 30% from a high of €1.00 (reached on 11 January 2010) to yesterday’s closing price of €0.70. Further details on the announcement available here.
  • MIA closes at a new 15-month high of €2.70 following yesterday’s press conference. MIA CEO Mr. Julian Jaeger announced a 6.1% yearly decline in passenger movements in 2009 when compared to the number of passengers in 2008. This represents an improvement from the 2009 forecast of a 6.8% decline in passenger movements provided by the company in July 2009. Moreover Mr. Jaeger announced that the Company is forecasting a 2.8% growth in passenger movements for 2010 based on the new routes for 2010 which will be operated by Easyjet, Ryanair, BMI and Norwegian. Further details of press conference available here. Equity rises by 1.9% to €2.70 on 2,000 shares. Few other bids unsatisfied at the last trading price whilst lowest offers still placed substantially higher at the €3.10 level.
  • MaltaPost’s share price increases by 1.2% to close at €0.749. 3,000 shares traded today with best bids still at €0.68 whilst further offers outstanding at the closing price ahead of the September 2009 full-year results publication next Thursday 21 January 2010.
  • Crimsonwing rises 2.5% higher to close at the €0.41 level on two trades amounting to 7,000 shares. Best bids already pitched higher at €0.428 with lowest offers still in the market at the €0.44 level.

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