Daily Market Highlights (22.11.11)

  • Local equity market immediately recovered from yesterday’s 1.3% drop as the swift recovery in IHI helped the MSE Share Index rise by 1.6% to 3,166.724 points. BOV also in positive territory today whilst Farsons eased lower. Download a copy of today’s Equity Market Summary.
  • On the bond market, Eurozone yields continued to climb higher as investors demand a higher return following the possibility of a downgrade of France’s ‘AAA’ rating. Meanwhile S&P confirmed Spain’s ‘AA’ credit rating but retained a negative outlook on the country pending actions by the newly elected government. The Central Bank of Malta lowered its Malta Government Stock bid prices pushing the Rizzo Farrugia MGS Index another 0.3% lower to a new 4-month low of 978.765 points.
  • IHI immediately recovered from yesterday’s 7.1% drop as fresh bids helped the equity jump 8.9% to reach the €0.849 level. Five trades totalling more than 46,500 shares transacted today with few other offers unsatisfied at the closing price whilst best bids pitched at the €0.78 level.
  • BOV continued to build on last week’s 2.5% increase as its share price edged a further 0.8% this morning to €2.52 across ten trades totalling over 13,300 shares. Few bids outstanding at the last traded price whilst lowest offers now placed at the €2.529 level. The Bank is scheduled to hold its Annual General Meeting on 16 December during which shareholders will be asked to approve a number of resolutions including the recommended final gross dividend of €0.08 per share and a 1 for 8 bonus share issue.
  • The only other active equity today was Simonds Farsons Cisk plc which retreated by 1.1% to €1.81 on two trades totalling 734 shares. In its latest communication to the market, the Farsons Group revealed it expects to register a further improvement in profitability for the current financial year ending 31 January 2012 compared to the previous year on the back of further improvements across all business segments. The Directors reiterated that the new brewhouse and water treatment facility are on schedule for commencement of operations by summer 2012. Further details available here.
  • MIA still inactive despite yesterday’s positive Interim Directors’ Statement. In the announcement the Directors explained that since the publication of the half-year financial statements on 30 June 2011 the financial position of the Company remained sound with further growth in passenger traffic. In fact, MIA recently increased its 2011 passenger growth forecast from +3.2% to a rise of at least 4.5%. Overall, the Directors expect the 2011 figures to be ahead of the 2010 pre-tax profit figure of €17 million. Further details available here.
  • Plaza also issued its Interim Directors’ Statement yesterday covering the third quarter of 2011. The Directors explained that during the period under review, the Company reported satisfactory results compared to the corresponding period last year due to increased revenue from the new extension which added a further 1,600 square metres of rentable space. On the other hand, the main increase in expenditure was attributed to the finance costs incurred with respect to the funding required for this extension. Occupancy levels remained high and are expected to be maintained during the fourth quarter of 2011. Further details available here. Announcement failed to generate any trades with lowest offers placed minimally below the last closing price whilst best bids pitched at the €1.75 level.


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