Daily Market Highlights (21.04.10)

  • MSE Share Index up 0.3% to 3,491.224 points on gains in HSBC, Lombard Bank and MaltaPost. Meanwhile BOV and MIA close unchanged. Yesterday evening RS2 Software and 6pm Holdings published their 2009 results which failed to generate any trades in their respective equities. Download a copy of today’s Equity Market Summary.
  • HSBC recovers some of its recent declines at the share price rises by 1% to regain the €3.08 level. Almost 9,000 shares trade today with few other offers outstanding at the closing price.
  • Meanwhile BOV closes unchanged at the €3.30 level after touching an intraday high of €3.31. Increased volumes of over 17,000 shares trade today ahead of the publication of the March 2010 interim results due on Friday 30 April.
  • Lombard Bank also reverses some of yesterday’s 3.1% drop. Share price rises by 0.4% to the €2.87 level on a single trade of 200 shares. The Bank is scheduled to pay its dividend of €0.10 per share next week subject to approval by shareholders during the Annual General Meeting to be held tomorrow.
  • Sustained demand for MaltaPost shares help the equity rise 2.4% to a fresh 2010 high of €0.819. Almost 41,400 shares change hands during this morning’s session. MaltaPost will publish its financial statements for the six months ended 31 March 2010 on Thursday 13 May.
  • 1,300 MIA shares traded unchanged at the €3.13 level. Few bids already placed marginally higher at €3.131 whilst lowest offers still pitched at the €3.20 level. The airport operator is scheduled to hold its Annual General Meeting on 10 May and will effect a 2 for 1 share split on 1 June.
  • Yesterday RS2 Software published its 2009 full-year results showing a substantial drop in pre-tax profits to €431,247 due to a 29.3% decline in revenue to €5.9 million as existing clients curtailed spending in the light of the challenging economic conditions in 2009. The Directors stated that this cautious approach may persist for the medium term and will take some time before the previous momentum is regained. Moreover the IT Group incurred higher costs. Furthermore, the United States subsidiary is still at its infancy stage and thus reported a loss. However the Directors expect that as its client base grows, the investment in Transworks LLC will generate positive contributions to the Group in the years ahead. After accounting for tax credits and minority interests, RS2 Software registered an after tax profit of just over €1 million compared to the profit of €2.5 million recorded in the previous year. The Directors recommended the payment of an unchanged net dividend of €0.022 per share to those shareholders as at close of trading on Friday 7 May 2010. Download a copy of the 2009 Preliminary Profit Statement here.
  • 6pm Holdings also published its 2009 full-year results yesterday evening. The Preliminary Profit Statement shows an improved level of profitability to GBP150,265  pre-tax compared to the pre-tax profit of GBP55,842 recorded in the previous year. This improvement materialised as the reduction in the Group’s cost base outweighed the 4.2% drop in revenue to GBP5.4 million. However due to a lower tax credit the profit for the year declined to GBP213,132 (2008: GBP583,212). The Directors did not recommend the payment of a dividend. Download a copy of the 2009 Preliminary Profit Statement here.

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