Daily Market Highlights (19.08.2010)

  • MSE Share Index closes minimally higher at 3,474.072 points as BOV regains the €3.25 level and IHI closes at €0.90. Meanwhile the other index heavy-weight HSBC falls to a 1-month low of €2.90 with Lombard and Middlesea remain unchanged. Download a copy of today’s Equity Market Summary.
  • The 3 new Malta Government Stocks issues were listed on the Official List yesterday and the trading in the 20-year bond commenced today. The 5.25% MGS 2030 FI closed 330 basis points higher to close at 103.30% after it touched an intra-trade high of 103.51%. €1.27 million (nom) exchanged this morning across 23 trades. This morning the Bundesbank (Germany’s Central Bank) raised its growth forecast for Germany this year after the economy expanded at the fastest pace in two decades during Q2 2010.
  • After two negative sessions, BOV’s share price recovers by 0.9% to close at the €3.25 level on volumes totaling 8,878 shares. Just 670 shares remain on offer at the €3.25 level whilst highest bids stand slightly lower at €3.24. BOV is currently facing judicial claims by various investors who had invested in a property fund managed by BOV’s subsidiary Valletta Fund Management Ltd.
  • HSBC continues its downward trend as the share price sheds a further 0.7% to close at €2.90. Equity is now 28% below its 2010 high of €4.05. 2,267 shares remain on offer at the closing level with highest bids at €2.86. HSBC’s interim dividend is expected to be paid on 24 August.
  • Lombard’s equity remains unchanged at €2.80 over a single 1,000 share transaction. Lombard Bank is due to publish its 2010 half-year results next Tuesday 24 August.
  • Middlesea’s share price also closes unchanged at €1.03 after briefly touching the €1.05 level. A total of 15,000 shares were exchanged during this morning’s trading session. Last Thursday the Middlesea Group returned to a profitable position as it reported a half-year profit of €3.22 million. Total equity as at 30 June 2010 of €51.42 million translates into a net asset value per share of €0.559. Bids of 5,000 shares remain unsatisfied at the last traded price of €1.03 with lowest offers at €1.10.
  • IHI regains its 2010 high of €0.90 on high volumes of 22,565 shares. IHI will be convening an Extraordinary General Meeting next Friday 27 August for shareholders to approve a 4% bonus share issue and a buy-back option by the company at the €1 level.

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