Daily Market Highlights (24.09.12)

  • MSE Share Index advanced by 0.3% to a new 2-month high of 3,119.939 points following increases in the share prices of HSBC, MIA, Farsons, Plaza and MaltaPost. On the other hand, Malita’s equity traded lower whilst BOV, GO and Lombard closed this morning’s session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index eased marginally lower to 995.282 points despite a further dip in Eurozone yields this morning to around 1.56%. This reflects the comments made by Spain’s Minister for the Economy that his country is in no hurry to make a request for a bailout. Moreover, there were further concerns on slowing economic activity as it was revealed that Germany’s business sentiment index dropped for the fifth consecutive month to its lowest level since early 2010.
  • HSBC’s shares, which account for more than 28% of the local equity index, edged 0.4% higher to €2.75 on increased volumes totalling 28,231 shares. However offers already placed minimally below the last closing price.
  • Meanwhile, very low activity took place in BOV with 211 shares exchanged at the €2.265 level whilst a single trade of 1,000 Lombard shares was transacted at the equity’s multi-year low of €1.90. Both unchanged from the previous close.
  • A single deal of 1,416 Simonds Farsons Cisk shares was struck at yet another 45-month high of €2.20 ahead of the Group’s half-year results publication on Wednesday. The latest Interim Statement published last May hinted of an expected improved profitability from last year’s level of €2.6 million.
  • The equity of MIA touched a new 2-month high of €1.77 before easing to a close of €1.769 which still represents a 0.5% increase over last week’s close. Next week MIA will be officially inaugurating the SkyParks Business Centre.
  • Plaza’s share price jumped 7.4% higher to regain the €0.58 level on a single trade of 2,000 shares.
  • MaltaPost’s equity jumped by 6.2% to the €0.70 level across two trades amounting to 15,500 shares. The postal operator still ranks as the worst performing equity since the start of 2012 with year to date drop of 30% reflecting the significant decline in profitability following unfavourable changes to the cross border tariffs imposed by the Universal Postal Union (UPU).
  • GO maintained the €0.85 level across three totalling 8,500 shares ahead of the Group’s decision on whether or not to participate in Forthnet’s €30 million rights issue. The Directors are expected to meet on this matter by the end of this week.
  • On the other hand, Malita Investments failed to hold on to the €0.52 where it traded since 7 August as 4,000 shares changed hands at the €0.51 level representing a 1.9% drop from the previous close.