Daily Market Highlights (20.05.11)

  • Local equity market closes lower during the final trading session of the week. MSE Share Index drops 0.5% as declines in HSBC, BOV and GO offset the increases in the share prices of MIA, FIMBank and MaltaPost. Meanwhile IHI held on to yesterday’s strong gains as it maintained the €0.80 level. Despite today’s downturn the MSE Share Index closed the week 2.1% higher. On the bond market, the Rizzo Farrugia MGS Index slid marginally lower this week as it ended at 974.647 points. Download a copy of today’s Equity Market Summary.
  • IHI maintained yesterday’s 14.3% rise as another trade of 31,250 shares was transacted at the 5-week high of €0.80. IHI’s equity ranked as the best performer of the week. In an interview published yesterday, 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.
  • BOV’s share price slips 1.4% to a fresh 7-month low of €2.79 across eighteen trades totalling 27,195 shares. Further bids unsatisfied at the closing price whilst lowest offers now placed at the €2.82 level. Following today’s downturn, the equity ended the week 1.1% lower. The Bank is scheduled to pay the recently announced net interim dividend of €0.0406 per share on 26 May.
  • HSBC’s share price also down €0.7% today to drop back to the €2.98 level on miniscule volumes. Despite today’s downturn, HSBC still ended the week 0.7% higher. Last Friday HSBC issued its Interim Statement revealing a continued positive performance since the start of the year. Further details available here.
  • Following seven consecutive sessions of gains, GO’s equity eased minimally lower to €1.38 across six trades totalling just under 19,000 shares. Equity up 2.2% this week but 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.
  • On the other hand, MIA edged a further 0.6% higher to €1.71 across two trades totalling 4,000 shares. MIA is shortly expected to announce its Interim Directors’ Statement covering its performance since the beginning of 2011.
  • FIMBank also in positive territory during this morning’s session as a single trade of 5,714 shares was executed at the US$0.85 level representing a 1.2% rise from the previous close. Other offers unsatisfied at the last traded price with best bids outstanding at the US$0.84 level.
  • MaltaPost reversed last Wednesday’s minimal drop to regain the €1.084 level across four trades amounting to 9,000 shares. Further offers remained unsatisfied at the closing price whilst best bids still placed at the €1.02 level.