Daily Market Highlights (26.01.10)

  • Local equity market moves lower for the second consecutive session as the MSE Share Index drops below 3,900 points. Index declines by 0.4% during this morning’s session as 6 out of the 10 active equities, including HSBC, IHI and GO, trade lower. Meanwhile MIA closes at a 17-month high with FIMBank edging marginally higher. Download a copy of today’s Equity Market Summary.
  • HSBC eases for the second successive session. Equity sheds 0.9% to €3.95 on low volumes of 6,845 shares. Best bids still in the market at the €3.90 level whilst further offers remaining unsatisfied at the closing price. The Bank is shortly expected to publish its 2009 full-year results and declare a final dividend to shareholders.
  • Following the 6.9% drop across the previous three sessions, BOV today closes unchanged at the €3.50 level. Almost 15,600 shares changed hands this morning with best bids now at €3.45 whilst offers already placed lower at the €3.48 level.
  • GO’s share price slips slightly lower for the first time this year. Equity shaves 0.4% to drop back to the €2.275 level on lower volumes of 15,600 shares. Best bids now at the €2.25 level whilst further offers remain unsatisfied at the closing price.
  • IHI slips 0.5% back to the €0.78 level on increased volumes of 21,000 shares. Best bids now at €0.775 with further offers remaining in the market at the last trading price. Following today’s downturn, IHI is now trading at a 22% discount from its nominal value of €1.00 and 30.4% lower than the Group’s June 2009 net asset value of €1.12 per share.
  • Sustained demand for MIA shares helps the equity rise by a further 1.7% to a fresh 17-month high of €3.05. Three trades amounting to 1,710 shares transacted this morning with best bids now at €3.04 whilst a further 490 shares remain on offer at the closing price. 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.
  • Middlesea’s positive run interrupted as its share price declines marginally to €0.869 level on diminishing volumes of only 1,100 shares. Best bids still pitched at the €0.82 level with further offers outstanding at the last closing price. Two weeks ago the Insurance Group revealed 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.
  • 6,000 MaltaPost shares trade at €0.799 level, marginally lower, on the last day for investors 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. MaltaPost will turn ex-dividend as from tomorrow.
  • Grand Harbour Marina active for the first time since December 2008! Share price sheds 1.5% to the €1.95 level on a miniscule trade of 300 shares. Yesterday the Company announced details of its upcoming €10million, 10-year bond issue carrying a coupon of 7%. Further details on the bond issue available here.
  • FIMBank trades 0.4% higher at US$1.18. A single trade of just 1,225 shares transacted today with best bids still in the market at US$1.11 and lowest offers now placed at the US$1.20 level.
  • A further 920 GlobalCapital shares trade at the €1.70 level. Best bids already placed higher at €1.71 with lowest offers now pitched at the €1.90 level.

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