Daily Market Highlights (24.04.12)

  • IHI’s 10.8% jump lifted the MSE Share Index 1.2% higher (the highest single session increase since November 2011) to a new 4-week high of 2,962.576 points. On the other hand, HSBC, MIA, GO and 6pm traded lower whilst BOV and Farsons were unchanged ahead of their results publication. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to 986.540 points as Eurozone yields recovered from their all-time lows. In fact, Eurozone yields this afternoon are at 1.685% after concerns over the Netherlands eased as the country managed to successfully complete a €2 billion bond auction. Furthermore, Italy and Spain also successfully held bond auctions today although borrowing costs rose.
  • IHI’s share price advanced by 10.8% today to the €0.82 level, on volumes of over 36,000 shares, following yesterday’s announcement related to developments regarding the possible new equity injection. IHI explained that since the prevailing challenging economic conditions of financial markets impede it to successfully raise new equity capital through a public offering, IHI will be inviting a number of potential investors consisting primarily of sovereign funds and other institutions, to participate in the subscription of new shares through a private placement.
  • Meanwhile, HSBC’s equity retreated by 0.8% back to its 2012 low of €2.50 across four trades totalling 15,240 shares. Best bids in the market now placed at €2.48 with lowest offers at the €2.52 level. The Bank is scheduled to pay its final gross dividend of €0.072 per share on Friday 27 April.
  • GO’s shares also plunged 6.3% to the equity’s all-time low of €0.75 on volumes of 13,000 shares. The quad-play telecom operator is scheduled to hold its Annual General Meeting on 9 May during which shareholders will be asked to approve the customary resolutions as well as a number of special resolutions as put forward by some shareholders. Further details available here.
  • MIA share price drops 2.9% to a new 2012 low of €1.65 across three trades totalling 1,600 shares. The airport operator is also scheduled to hold its Annual General Meeting in the second week of May.
  • 6pm shares, active for the first time since 13 February, also closed today’s session in negative territory with an 8.1% dive to a new 3-month low of GBP0.34 on a single deal of 2,300 shares. Last week, the IT Group published its 2011 results revealing a loss attributable to shareholders of just over GBP328,000 despite a substantial increase in revenue following a number of a acquisitions undertaken during 2011. The Directors did not recommend a dividend but proposed a 1 for 25 bonus issue to all shareholders as at close of trading on 26 April.
  • On the other hand, BOV held on to the €2.12 level across three trades totalling 2,115 shares ahead of next Friday’s half-year results publication.
  • Likewise, Simonds Farsons Cisk traded unchanged at the €1.77 level ahead of the Group’s full-year results publication tomorrow. A small trade of 100 shares was executed today with few other offers unsatisfied at the closing price and highest bids at €1.725.


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