Daily Market Highlights (23.08.11)

  • Local equity market in negative territory for the fifth consecutive session as the MSE Share Index sheds another 0.8% to a new 23-month low of 3,078.578 points as most of today’s active equities closing lower. Download a copy of today’s Equity Market Summary. In contrast to the local market, most major European stockmarkets have continued to recover from the recent global sell-off with the FTSE 100 currently standing 0.3% higher whilst the DAX has moved 0.5% higher.
  • Focus on local bond market evident from the continued high volumes traded across Malta Government Stocks. During this morning’s session a total of €9.4 million (nominal) local government paper changed hands. Prices eased for the second successive day with the Rizzo Farrugia MGS Index declining by 0.2% to 990.200 points in line with the recovery in Eurozone yields to the 2.15% level.
  • HSBC shares succumbed to selling pressure as the equity slid 1.1% to a new 22-month low of €2.67 across five trades totalling 7,600 shares. Best bids now placed at €2.651 whilst lowest offers still pitched at the €2.73 level. Tomorrow the Bank is scheduled to pay the recently declared interim gross dividend of €0.082 per share.
  • BOV’s share price also in negative territory. Equity down 1.7% to €2.506 across thirteen trades totalling over 17,800 shares. However bids already placed higher at €2.51 whilst lowest offers in the market at the €2.58 level.
  • GO’s equity down 1.9% to €1.235 on low volumes of just over 1,000 shares. This afternoon GO announced that it will publish its 2011 half-year results on 31 August.
  • IHI traded unchanged at the €0.73 level across 1,769 shares with further offers unsatisfied at the closing price. Last Friday the IHI Group published its 2011 interim report revealing an increased loss of €10.8 million (June 2010: €8.95 million) as the business lost at the Corinthia Hotel in Tripoli due to the political up rise in Libya outweighed the improvements registered in the other hotels of the Group, particularly in Corinthia Hotel Lisbon and Corinthia Hotel Prague. Further details available here.
  • This afternoon, Lombard Bank Malta plc published their 2011 interim results revealing a 3.6% increase in pre-tax to €7 million as the 11.3% drop in net interest income to €7.25 million and the rise in costs (due to higher labour costs and increased investment in IT) were offset by a €1.1 million gain from the disposal of non-trading financial instruments and by a €0.46 million reduction in net impairments on loans. Further details available here.
  • Meanwhile 6pm Holdings plc, RS2 Software plc and MIDI plc are all scheduled to publish their respective half-year results on 29 August. Medserv plc and Grand Harbour Marina plc will follow on the 30 August whilst GO plc has just announced that its Board of Directors is scheduled to meet on 31 August.