Daily Market Highlights (20.08.09)

  • Six equities trade during this morning’s session but activity remains muted. MSE Share Index drops 0.4% to 3,067.161 points as HSBC reverses yeaterday’s gain and RS2 Software drops to a fresh all-time low. Meanwhile Medserv and MIA trade higher with BOV and MaltaPost trading unchanged. Download a copy of the latest Equity Market Summary.
  • Low volumes also across the active corporate bonds as investors await the new bond issues expected in the coming weeks.
  • HSBC reverses yesterday’s 1.1% rise to drop back to the €2.68 level. Five trades amounting to 5,800 shares transacted this morning with best bids now placed at €2.671 whilst lowest offers in the market at the €2.69 level.
  • Meanwhile a further 1,906 BOV shares traded unchanged at the €2.90 level during this morning’s session. Bids already placed higher at €2.95 with lowest offers still outstanding at the €3.00 level.
  • RS2 Software’s share price slumps 3.2% to a fresh all time low of €0.60 in reaction to yesterday’s interim results. The results show 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. No further demand for this equity with offers already minimally below the last closing price.
  • Medserv’s share price increases by 1.3% to €3.545 ahead of the interim results publication expected on 31 August. 2,650 shares change hands today with no demand present in the market whilst further offers remain unsatisfied at the closing price.
  • MIA edges minimally higher to close at the €2.35 level also on low volumes of 3,800 shares. Best bids still at €2.20 with offers already placed marginally below the last closing price.
  • MaltaPost shares continue to change hands at the €0.69 level on a single trade of 558 shares.
  • Yesterday Middlesea Insurance confirmed that its Italian subsidiary Progress Assicurazioni S.p.A continued to experience very difficult trading conditions which will have a material adverse impact on the 2009 half year results due to be published on 25 August.

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