Daily Market Highlights (22.03.11)

  • MSE Share Index recovers by 0.4% during this morning’s trading session to close above the 3,500 level for the first time in a week. HSBC and Lombard move higher today whilst BOV and IHG Holdings close unchanged. Download a copy of today’s Equity Market Summary.
  • 10-year Eurozone yields continue to recover today reaching the 3.25% level in anticipation of an increase in interest rates next month. As a result, the Rizzo Farrugia MGS Index slid a further 0.2% lower today to a new 21-month low of 975.585 points.
  • HSBC back into positive territory as its share price recovers by 1.1% to regain the €2.90 level on volumes of 7,000 shares. Further bids unsatisfied at the closing price with lowest offers now placed at €2.92. The Bank is scheduled to hold its Annual General Meeting on 7 April.
  • Lombard’s share price advances by 1.7% to a new 1-year high of €3.06 on activity of over 15,000 shares. Recently, the Bank published its 2010 financial results revealing a 12.9% increase in profit attributable to shareholders after tax to €8.3 million on the back of improved net interest income and non-interest income. The Directors recommended a final gross dividend of €0.115 per share (+15% over last year) to all shareholders as at the close of trading on 24 March. Further details of results available here.
  • Meanwhile BOV’s equity maintains the €2.95 level across nine trades totalling 12,565 shares. Further offers outstanding at the last traded price whilst best bids now placed at the €2.90 level.
  • The only other active, Island Hotels Group Holdings, again recovered from an intra-day low of €0.97 to close unchanged at the €0.997 level. A single trade of 1,000 shares traded today with over 230,000 shares now on offer at the €0.99 level.
  • Yesterday evening, Medserv published its 2010 financial results revealing a net profit for the year of only €118,850 as opposed to the €2.8 million generated in 2009 as a result of the postponement of offshore work caused by political and economic factors as well as the Gulf of Mexico incident. Given the significantly lower level of profitability during 2010, the Board of Directors did not recommend the payment of a dividend to shareholders. Further details on the results and an outlook on the current year is available here.