Daily Market Highlights (25.05.11)

  • MSE Share Index edged minimally higher during this morning’s session as the 0.2% rise in HSBC’s share price offset the marginal declines in BOV, MIA, Middlesea and RS2 Software. Meanwhile the other two active equities, GO and FIMBank closed unchanged. On the local bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to regain the 975.919 points level as the benchmark Eurozone yields this morning eased back to the 3.03% level. Download a copy of today’s Equity Market Summary.
  • HSBC’s share price up 0.2% to €2.985 across eight trades totalling 11,850 shares. Further offers unsatisfied at the closing price whilst best bids now placed at the €2.97 level.
  • Meanwhile BOV eased minimally lower to close at the €2.809 level across five trades amounting to 8,451 shares. Other offers outstanding at the last traded price whilst best bids in the market at the €2.801 level. The Bank is scheduled to pay the net interim dividend of €0.0406 per share tomorrow. Yesterday, BOV announced that it has submitted an application to the Listing Authority with respect to a Prospectus relating to a 12-month Debt Issuance Programme. The maximum amount to be issued under this Programme shall not exceed €125 million or the equivalent in any other currency. Further details available here.
  • A small deal of 500 Middlesea Insurance plc shares transacted at the €1.029 level representing a small decline from the previous close. Further offers remaining unsatisfied at the closing price whilst best bids now placed at the €0.99 level. Shareholders still awaiting details of Mapfre’s mandatory bid for the remaining shares subject to obtaining regulatory approval with respect to its acquisition of Mapfre’s 19.9% shareholding.
  • Also in the financial sector, FIMBank closed unchanged at the US$0.85 level across four trades totalling 9,279 shares. Other offers unsatisfied at the closing price whilst best bids now placed at the US$0.84 level. Shareholders have until 30 June to accept to trade their existing holding of FIMBank shares for an equivalent amount of FIM Holdings plc. Further details available here.
  • GO also unchanged at the €1.36 level after recouping from an intra-day low of €1.34 across two trades totalling 3,000 shares. Investors eagerly await the publication of Forthnet’s first quarter results to gauge the overall effect on GO’s financial performance and position. GO is scheduled to hold its Annual General Meeting on 8 June.
  • MIA’s share price down 0.6% back to the €1.71 level on volumes of just over 7,400 shares. Yesterday the airport operator published its Interim Statement to update shareholders and the investing public on its performance since the start of the year. The Directors explained that the Company’s performance is in line with expectations and reiterated that passenger numbers for 2011 will be in line with those achieved in 2010. The passenger forecast will be revised in mid-July. Furthermore, the Directors confirmed that constructions works on the Sky Parks Business Centre continue to progress with the first tenants expected to move in by the end of 2011. Further details available here.
  • The only other active equity was RS2 Software which edged 0.2% lower to €0.499 on a single trade of 18,000 shares. Last week the IT group published a very upbeat Interim Statement. The Directors revealed that the 2011 targets in terms of new licences have already been reached and expect 2011 to continue building on the improvements achieved in 2010. Further details available here.
  • Bonds of Premier Capital plc still inactive despite last Monday’s announcement that the company has been appointed as the developmental licensee for McDonald’s in the Greek market. The Premier Group will be taking over 19 restaurants mainly located in and around Athens and will be responsible for the operation of the current 19 restaurants as well as the future development of the McDonald’s business and brand in Greece. Following the addition of this new market, Premier Capital is now the Development Licensee in five jurisdictions with an aggregate of 54 restaurants, namely: Malta (8), Estonia (10), Lithuania (9), Latvia (8) and Greece (19). Premier Capital stated that it will be commencing operations in Greece on 1 June 2011.