Daily Market Highlights (19.04.12)

  • Following two sessions of increases, the MSE Share Index slid 0.2% back to 2,930.187 points as MIDI’s 10.3% drop offset the marginal increases in the share price of the two big banks’ equities. Meanwhile, the other three active equities closed unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index registered its second consecutive increase with a further 0.1% rise to a 6-week high of 985.641 points. The focus across the international markets this morning was on the bond auctions by Spain and France. Both auctions were successful but at higher yields reflecting investors’ concerns in respect of the Eurozone sovereign debt crisis. This afternoon, benchmark Eurozone yields took a knock as they fell below the 1.70% level on speculation of a downgrade to France’s sovereign credit rating.
  • Today, MIDI’s share price tumbled 10.3% to a new all-time low of €0.35 on volumes of 110,000 shares despite yesterday’s clarification by the Company in respect of recent media comments. Through a company announcement and a press release issued yesterday afternoon, MIDI confirmed that it is still committed to develop Manoel Island and also clarified comments made by the Chairman Mr Albert Mizzi (in a recent interview) that the company 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 while all the outlets at Tigne Point have been rented out. MIDI is scheduled to publish its 2011 full-year results on 30 April.
  • On the other hand, HSBC edged a further 0.2% higher to close this morning’s session at €2.515 on volumes of 10,440 shares. Few offers remained unsatisfied at the closing price whilst best bids now placed at the €2.51 level.
  • Similarly, BOV inched 0.2% higher to regain the €2.13 level on volumes of 11,410 shares. Best bids placed at €2.115 whilst lowest offers pitched at the €2.20 level. The Bank is scheduled to publish its half-year results covering the six months ended 31 March 2012 on Friday 27 April.
  • Meanwhile GO held on to the €0.80 level across four trades totalling 10,500 shares. The GO Group is scheduled to hold its Annual General Meeting on 9 May.
  • Simonds Farsons Cisk shares also traded unchanged at the €1.77 level as investors await the Group’s full-year results which scheduled for publication on 25 April. A further 100 bids outstanding at the last closing price whilst lowest offers in the market at the €1.80 level.
  • The other active equity, IHI, also ended the session unchanged at the €0.74 level on a single trade of 1,000 shares.
  • This morning, Grand Harbour Marina issued its 2011 preliminary results covering the performance of the marina in Malta and the Group’s share from the 45% holding in the Turkish marina for the period 18 March 2011 to 31 December 2011. On a combined basis, the two businesses reported an after-tax loss of €664,052 (2010: loss of €771,442) as the improvements at the local marina following the sale of two super-yacht berths was partially offset by the share of loss from the Turkish marina which is still not a mature operation. Further details on results available here. No trades effected in GHM during this morning’s session with no bids in sight and lowest offers placed at the last closing price of €1.89.