Daily Market Highlights (25.01.10)

  • MSE Share Index slides 0.5% to 3,902 points as the three largest equities, namely HSBC, BOV and IHI, trade lower. On the other hand MIA, FIMBank and Middlesea close higher whilst another five equities trade unchanged. Download a copy of today’s Equity Market Summary.
  • BOV in negative territory for the third successive session on further profit-taking. Equity sheds 1.4% during this morning’s session to close at the €3.50 level after recovering from an intra-day low of €3.48. Relatively high volumes of over 24,600 shares changed hands today with further offers unsatisfied at the closing price. BOV’s share price rose by 5.9% last week following confirmation of its long-term rating ‘A-‘ with a stable outlook from Fitch Ratings. Further details on the rating confirmation is available here.
  • HSBC also recovers from an intra-day low of €3.95 but still closes today’s session 0.4% lower at the €3.986 level. Just below 11,800 shares traded today with best bids still placed at €3.90 whilst lowest offers already placed marginally below today’s last traded price. The Bank is shortly expected to publish its 2009 full-year results and declare a final dividend to shareholders.
  • GO again closes unchanged at 16-month high of €2.285 on still high volumes of 37,000 shares. Earlier last week the Greek company Forthnet, in which GO has an indirect shareholding, announced that it is proceeding with the operational integration of the fixed telecommunications business (branded Forthnet) and the pay television business (NOVA) in order to improve its service and achieve further operational efficiency.
  • Middlesea’s recovery from its recent low of €0.70 now in its fifth consecutive session despite the announcement, published two weeks ago, revealing that preliminary data is showing a marked deterioration in claims at the Group’s Italian subsidiary Progress Assicurazioni during the last quarter of 2009. Further details on the announcement available here. The share price of the insurance equity edges a further 1.2% higher today to close at the €0.87 level on volumes of almost 14,900 shares.
  • Following last week’s 9.4% increase, MIA’s share price continues to move higher on lack of supply. Equity jumps 3.5% to a fresh 16-month high of €3.00 on a thin trade of 700 shares. Best bids already placed higher at €3.02 whilst lowest offers now pitched at the €3.05 level. Last week the airport operator published its 2009 traffic statistics and the 2010 forecast. During a press conference, MIA CEO Julian Jaeger announced a 6.1% yearly decline in passenger movements in 2009 when compared to 2008. This represents an improvement from the 2009 forecast of a 6.8% decline in passenger movements provided by the company in July 2009. Moreover Mr. Jaeger announced that the Company is forecasting a 2.8% growth in passenger movements for 2010 based on the new routes for 2010 which will be operated by Easyjet, Ryanair, BMI and Norwegian. Further details of the statistics available here.
  • Increased volumes in MaltaPost of over 36,000 shares on fresh demand to get entitlement to the €0.04 final net dividend. Last Thursday MaltaPost published its September 2009 full-year results showing a 10% increase in pre-tax profits to €3.2 million as cost savings outweighed the marginal decline in revenue. The Board of Directors is proposing a final net dividend of €0.04 per share for shareholders as at close of trading on Tuesday 26 January 2010. Shareholders have the option of receiving this dividend in shares at an attribution price of €0.66 per share. Further details of results available here. Equity closes unchanged this morning at the €0.80 level with best bids at €0.75 and lowest offers remaining unsatisfied at the closing price.
  • Low volumes traded in IHI and IHG Holdings. IHI slips 2% back to the €0.784 level on a single trade of 5,000 shares. Meanwhile IHG Holdings held on to the €1.01 level on two thin trades amounting to 400 shares ahead of its full-year results scheduled to be published on 22 February 2010.
  • FIMBank regains the US$1.175 level as the share price edges 3.1% higher this morning on a single trade of 8,500 shares. Best bids now in the market at US$1.11 whilst lowest offers of almost 30,000 shares pitched at the US$1.18 level.
  • Lombard Bank and GlobalCapital trade unchanged at the €3.12 and €1.70 level respectively. Lombard Bank is scheduled to publish its 2009 full-year results on 11 March 2010.

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