Daily Market Highlights (19.08.09)

  • Subdued volumes persist on the local secondary market. MSE Share Index up 0.4% as HSBC regains the €2.71 level whilst BOV, Lombard, GO and MaltaPost all close unchanged. Download our latest Equity Market Summary.
  • Only three corporate bonds active today with prices closing generally lower as investors await details of upcoming bond issues.  Meanwhile indicative MGS bid price revised upwards. High volumes trade in the 5% MGS 2021 with a total value of €2.5 million.
  • Fresh bids help HSBC’s share price regain the €2.71 level on low volumes of 3,000 shares. A few other offers remain outstanding at the closing price with a small number of bids in the market at the €2.68 level.
  • Meanwhile BOV continues to trade at the €2.90 level but volumes remain low with only 2,884 shares changing hands today. Further bids in the market at the closing price with lowest offers now placed at the €3.00 level.
  • A further 1,539 Lombard Bank shares exchanged at the €2.55 level with only a few other offers remaining unsatisfied at the closing price. The Bank is expected to publish its interim results next Tuesday 25 August.
  • GO maintains the €1.80 level on three trades totalling 5,500 shares. The telecoms Group yesterday announced that its Board of Directors is scheduled to meet on 31 August to consider and approve the interim financial statements.
  • A single trade of 1,497 MaltaPost shares transacted at the €0.69 level, unchanged from the previous close.
  • This morning Middlesea Insurance confirmed that its Board of Directors is scheduled to meet on 25 August to consider and approve the half year financial report for the period ended 30 June 2009. The Directors added that the very difficult trading conditions experienced by Middlesea’s Italian subsidiary, Progress Assicurazioni S.p.A have persisted and will have a material adverse impact on the 2009 half year results.
  • Following yesterday’s Board Meeting, RS2 Software published its interim results showing a 50% reduction in revenue to €2.7 million. This drop in revenue is due to the Company’s strategy of moving away from licence sales and promoting Comprehensive Package Agreements which smoothen the revenue stream over a longer period. In fact, the Company announced that it concluded two comprehensive package agreements during the first six months of 2009 as opposed to the two licence agreements that materialised in the same period last year. This change in revenue mix also resulted in a substantial drop in profits to €0.2 million. RS2 Software also announced that it has acquired a 26% shareholding in Transworks LLC giving itself a strong foothold in North America. In the results publication, the Directors warned that the Company is experiencing a slowdown in requests for services from existing clients. Results fail to generate trades with best bids in the market at the €0.60 whilst lowest offers placed at the last closing price of €0.62.

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