Daily Market Highlights (21.01.10)

  • MSE Share Index slides back 1.1% to 3,912.199 points following strong gains registered in recent sessions. 6 of today’s 10 active equities close lower while Middlesea and GlobalCapital trade higher. Download a copy of today’s Equity Market Summary.
  • BOV share price in negative territory for the first time in six sessions possibly on some profit taking following the strong upturn in recent weeks. Equity drops 4.3% to close at the €3.60 level on a last minute trade. Volumes decline to just under 15,000 shares. Few other bids outstanding at the close price whilst lowest offers placed at the €3.69 level. During the first three sessions of the week BOV had jumped 12.2% this week buoyed by the confirmation of its long-term rating ‘A-‘ with a stable outlook from Fitch Ratings. In its report, Fitch stated that BOV’s rating reflects it conservative management, satisfactory liquidity and healthy capital ratios. Fitch reported that the rating also factors in the Bank’s historically weak asset quality by international standards, although it has been improving in recent years, and its reliance on Malta’s small economy. Further details on the rating confirmation is available here.
  • HSBC fails to hold on to the €4.00 level. Activity also declines to just over 4,000 shares. Equity closes 0.5% lower at €3.98. Best bids now placed at the €3.90 level with further offers remaining unsatisfied at the last trading price. The Bank is shortly expected to publish its 2009 full-year results and declare a final dividend to shareholders.
  • GO edges 0.7% higher to a new 16-month high of €2.285 after recovering from an intra-day low of €2.24. Volumes of 14,200 shares traded this morning with further offers remaining unsatisfied at the closing price. On Monday the Greek company Forthnet, in which GO has an indirect shareholding, announced that it is proceeding with the operational integration of the fixed telecommunications business (branded Forthnet) and the pay television business (NOVA) in order to improve its service and achieve further operational efficiency.
  • Middlesea Insurance continues to recover as it trades ‘limit-up’ for the third successive session. Equity climbs a further 6.9% to €0.832 on low volumes of just over 3,000 shares. Further strong demand in the market at €0.832 whilst lowest offers already placed higher than tomorrow’s ‘limit-up’ price of €0.89. Early last week the insurance company announced a marked deterioration in claims at the Group’s Italian subsidiary Progress Assicurazioni during the last quarter of 2009. Following this sour news, the equity slumped 30% from a high of €1.00 (reached on 11 January 2010). Further details on the announcement available here.
  • After rising by 5.7% during the previous two sessions, MIA’s share price eases 1.8% to a close of €2.75 level. Further bids in the market at the last trading price with lowest offers at the €2.90 level. On Monday MIA’s CEO Mr. Julian Jaeger announced a 6.1% yearly decline in passenger movements in 2009 when compared to the number of passengers in 2008. This represents an improvement from the 2009 forecast of a 6.8% decline in passenger movements provided by the company in July 2009. Moreover Mr. Jaeger announced that the Company is forecasting a 2.8% growth in passenger movements for 2010 based on the new routes for 2010 which will be operated by Easyjet, Ryanair, BMI and Norwegian. Further details of the statistics available here.
  • FIMBank wipes out last Monday’s gains as the share price slips 3.4% lower to the US$1.14 level on volumes of 12,500 shares. Further bids at the closing price whilst lowest offers now pitched at the US$1.175 level. The trade specialist is expected to publish its 2009 full-year results on 16 March 2010.
  • Following the closure of today’s trading session, MaltaPost plc published its September 2009 full-year results showing a 10% increase in pre-tax profits to €3.2 million as cost savings outweighed the marginal decline in revenue. The Board of Directors is proposing a final net dividend of €0.04 per share for shareholders as at close of trading on Tuesday 26 January 2010. Shareholders have the option of receiving this dividend in shares at an attribution price of €0.66 per share. Further details of results available here.
  • A single trade of 850 Lombard shares transacted at the €3.12 level, representing a 0.6% decline from the previous close. The Bank is expected to announce its full-year results on 11 March 2010.
  • GlobalCapital jumps 13.3% to a fresh 15-month high of €1.70 on just 1,980 shares. Best bids pitched at €1.20 whilst further offers outstanding in the market at the last trading price.
  • RS2 Software sheds 4.9% to a fresh all-time low of €0.53 as it trades for the first time this year. No demand in sight with a further 20,500 shares on offer at the closing price.

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