Daily Market Highlights (19.05.11)

  • MSE Share Index up 2.5% to 3,412.637 points on the back of positive movements across all of the active equities led by a 14.3% jump in the share price of IHI. On the bond market, the Rizzo Farrugia MGS Index slid 0.1% to 973.684 points in line with the marginal recovery in benchmark 10-year Eurozone yields to the 3.14% level. Download a copy of today’s Equity Market Summary.
  • Renewed demand for IHI shares helped the equity rise by 14.3% to regain the €0.80 level across seven trades totalling almost 29,000 shares.. In an interview published today, the IHI Group’s Chairman, Mr Alfred Pisani, reiterated the importance of the Corinthia Hotel London for the IHI portfolio of properties and the Corinthia brand. Moreover the Chairman explained that the Group is currently looking at other property acquisitions in other major cities particularly Paris and Rome. Mr Pisani also reiterated the Group’s intention of increasing its equity base and obtaining a secondary listing by the end of 2011 or the beginning of 2012.
  • HSBC in positive territory for third consecutive session with a further 1.4% increase to €3.00 across five trades amounting to 3,700 shares. Further offers unsatisfied at the closing price whilst best bids now placed at the €2.98 level. Last Friday HSBC issued its Interim Statement revealing a continued positive performance since the start of the year. Further details available here.
  • Similarly, BOV’s share price moved 0.4% higher to regain the €2.83 level on volumes of over 3,200 shares. The Bank is scheduled to pay the recently announced net interim dividend of €0.0406 per share on 26 May.
  • GO up for the seventh positive consecutive session with its share price minimally edging higher to reach the €1.381 level. Low volumes of 3,260 shares changed hands today with best bids still outstanding at €1.36 and lowest offers placed at the €1.382 level. Despite the recent upturn in the share price from an all-time low of €1.27, the equity still ranks amongst the worst performing equities this year with a year to date plunge of 28.6%. 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.
  • Shortly after the close of today’s trading session, Grand Harbour Marina published its Interim Statement revealing a further 8.3% increase in revenue to just over €300,000 from berth rentals. Meanwhile the company also announced that it successfully concluded the sale of one super-yacht berth in March 2011. However the size of the berth and the value of the sale was not disclosed. The Directors also made reference to the acquisition of a 45% beneficial interest in Cesme Marina, Turkey from its largest shareholder, Camper & Nicholsons Marina Investments Limited. Details of this acquisition is available here.
  • No trades effected in Middlesea’s shares following yesterday’s Interim Statement publication, 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.
  • Likewise no shares were exchanged in Medserv following yesterday’s publication of the Interim Statement. During the period under review 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.