Daily Market Highlights (21.04.11)

  • Further selling pressure results in the fourth successive session of declines. MSE Share Index down another 0.4% to a new 17-month low of 3,322.666 points as BOV, HSBC, MIDI and IHG trade lower to offset the increase in the share price of Farsons. Meanwhile MIA closed unchanged on very low volumes. Following this week’s declines,  the local equity benchmark closed in negative territory for the twelfth successive week with another 1% drop placing the Share Index 12.1% lower than its value at the start of 2011. Download a copy of today’s Equity Market Summary.
  • Meanwhile the Rizzo Farrugia MGS Index ended the week marginally higher at 974.437 points as the benchmark 10-year Eurozone yields continued to retreat from the 20-month high of 3.51% (reached on 11 April) to 3.32% on the back of reignited concerns on the sustainability of peripheral EU countries’ sovereign debt, particularly Greece, Ireland and Portugal.
  • This morning, HSBC’s share price dropped 0.3% to €2.91 on two trades totalling 4,000 shares. Equity ended the week 1.7% lower with best bids in the market at €2.86 whilst lowest offers still pitched at the €2.92 level. Today the Bank paid out the final gross dividend of €0.077 per share.
  • BOV also in negative territory with another 0.4% decline to €2.88 on higher volumes of 15,766 shares. Further bids outstanding at the closing price whilst lowest offers placed at the €2.90 level. Similar to HSBC, BOV ended this shortened week 0.5% lower. Earlier this week, the Bank announced that its Board of Directors is scheduled to meet on Friday 29 April to consider and approve the Group’s financial statements for the first six months of the current financial year ending 30 September 2011. The Directors will also consider declaring an interim dividend.
  • Yesterday, Simonds Farsons Cisk published the results for the financial year ended 31 January 2011 revealing a 36.1% rise in profitability. The improved performance was due to both increased revenue and lower operational costs. The Directors recommended a final net dividend of €0.0533 to all shareholders as at close of trading on 19 May. Together with the interim net dividend, the total net dividend of €0.0667 per share represents an 11.2% increase over the previous year’s dividend. Further details available here. Subdued reaction to the Farsons Group’s results with its share price edging 0.6% higher to the €1.70 level on a single trade of 1,700 shares. Bids already placed higher at €1.75 whilst lowest offers now pitched at the €1.79 level.
  • MIDI moves below its €0.45 per share issue price for the first time since listing in December 2010. A single trade of 5,000 shares executed at €0.44 which represents a 2.2% drop from the previous close. MIDI is scheduled to publish its 2010 financial results next Thursday 28 April.
  • Thin volumes again registered in MIA shares as another 908 shares traded unchanged at the €1.70 level. No further bids in the market with other offers outstanding at the last traded price. The airport operator, which is scheduled to hold its Annual General Meeting on 5 May, ended the week 3.1% lower.
  • The shares of Island Hotels Group active for the first time in a month. Just over 1,000 shares changed hands at the equity’s 2011 low of €0.90, representing a 9.7% drop from the previous close. Next week marks the end of the Group’s first half of the current financial year ending 30 October.
  • Today GlobalCapital published its 2010 full-year results revealing an €8.3 million loss after tax due to write-offs of goodwill, computer software and tangible assets as well as negative fair value movements on investment property. Moreover, financial investments experienced a slowdown with net unrealised fair value gains of €621,921 in 2010 compared to net gains of €2.6 million in 2009. Further details and copy of the 2010 Annual Report available here. Equity inactive today with best bids at €0.95 and lowest offers pitched 10% higher than the last traded price of €1.00.