Daily Market Highlights (23.04.10)

  • MSE Share Index reverses yesterday’s 0.3% rise to drop back below the 3,500-point level as HSBC’s share price drops 1.3%. Meanwhile BOV, IHI, Lombard and MaltaPost close in positive territory. Low trading activity across the local equity market with the exception of MaltaPost. Following today’s downturn, the Index ends the week minimally lower at 3,491.182 points mainly due to the 1% weekly drop in HSBC which offset other positive performing equities including BOV, MIA and MaltaPost. Download a copy of today’s Equity Market Summary.
  • HSBC’s share price slumps 1.3% to drop back to the €3.05 level on volumes of 4,268 shares. Further bids outstanding at the closing price whilst lowest offers now placed at the €3.07 level. Equity closes the week 1% lower.
  • Meanwhile BOV continues to recover as the share price rises by a further 0.2% to €3.33 across five trades amounting to just over 7,100 shares. Best bids now pitched at the €3.325 level whilst further offers remain unsatisfied at the closing price. This week the Bank’s equity climbed 0.9% ahead of the March 2010 interim results publication due next Friday 30 April.
  • High trading activity in MaltaPost shares continues. Almost 230,000 shares change hands today. Share price gains 1.9% to close at a new 2010 high of €0.82. The postal operator ranks as the best performing equity for the week with a 2.5% rise. MaltaPost is due to report its financial results for the six months ended 31 March 2010 on 13 May.
  • IHI trades minimally higher at €0.801 on low volumes of 1,491 shares. Further bids outstanding at the last traded price with lowest offers at the €0.85 level. Recently the IHI Group published its 2009 full-year results showing a 19.3% drop in turnover to €103.3 million as a consequence of the slowdown in the hospitality industry witnessed during the year which was somewhat contained through the Group’s geographical diversification of its property portfolio. The Group incurred a pre-tax loss of €1.6 million compared to the pre-tax profit of €22.3 million registered in 2008. Similar to previous years the Directors did not recommend the payment of a dividend. Further details available here.
  • A miniscule trade of 200 Lombard shares transacted at the €2.93 level, representing a 2.1% increase from the previous close. Despite today’s recovery Lombard shares still close the week 0.7% lower. Yesterday the Bank held its Annual General Meeting during which shareholders approved all the resolutions on the agenda including the gross dividend of €0.10 per share and the changes to the memorandum and articles of association.
  • Thin volumes also in MIA. Share price closes unchanged at the €3.13 level on activity of just 650 shares. Few bids left at the closing price with lowest offers still in the market at the €3.20 level. The airport operator closes the week 1% higher.

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