Daily Market Highlights (25.03.11)

  • Local equity market in negative territory for the third time this week despite the recovery registered in the two big banks. MSE Share Index down 0.2% today to a new 15-week low of 3,478.545 points as the recovery in BOV and HSBC was offset by the declines in GO, Middlesea Insurance and Lombard. Eight consecutive weekly declines in the MSE Share Index with a further 0.5% decline this week pushing it 8% below its value at the beginning of the year. Download a copy of today’s Equity Market Summary.
  • HSBC gained 0.7% this morning to regain the €2.92 level across three trades totalling only 1,500 shares. Few other offers outstanding at the last traded price with best bids still placed at the €2.90 level. Share price ends the week 1.1% higher. The Bank is scheduled to hold its Annual General Meeting on 7 April.
  • BOV gained 0.5% today to reach the €2.915 level on volumes of 4,370 shares. Best bids already placed higher (at €2.92) whilst lowest offers in the market are at the €2.95 level. Despite today’s improvement, BOV shares still ended the week 0.9% lower.
  • Meanwhile, GO succumbs to further selling pressure following last week’s results announcement revealing a €19.2 million loss and a 50% cut in dividend. Share price forced 6.1% lower to a new 17-month low of €1.55 on volumes of 9,500 shares. Equity closed the week 6.6% lower. This is the ninth consecutive week of declines for the shares of the quad-play operator which now stands 19.9% below its value at the beginning of the year. Further details on results available here.
  • Fresh sell orders push the share price of Middlesea Insurance down 4% to a new 5-month low of €0.96 across seven trades totalling 4,500 shares. Details on the 2010 financial results of Middlesea is available here.
  • Lombard Bank reversed some of its recent gains as the equity turned ex-dividend. Share price retreats just 0.5% to €3.06 but volumes fall to just 2,000 shares. Despite today’s downturn, Lombard shares end the week up €1.7%.
  • FIMBank maintained its price at US$0.90 across 41,000 shares on the last cum-dividend trading day. No bids in sight with lowest offers now placed at the US$0.92 level.
  • MaltaPost hit a new all-time of €1.102 before easing to a close of €1.101, still marginally higher than the previous close. A total of 3,626 shares changed hands today with lowest offers now placed at the €1.12 level. The postal operator currently ranks as the best performing equity since the start of 2011 with a year-to-date increase of 10.1%.