Daily Market Highlights (26.08.09)

  • MSE Share Index drops 1% back to the 3,098.735 level as HSBC reverses most of yesterday’s increase offsetting MIA’s 4% jump. Thin volumes trade across the four active equities except for GO. Middlesea Insurance and 6pm issue interim results but no trades executed. Copy of today’s equity market summary is available for download.
  • Fresh sell orders force HSBC’s share price 3.6% lower back to the €2.70 level but still on low volumes of 2,100 shares. Few other bids remaining unsatisfied at the closing price whilst lowest offers in the market still at the €2.80 level.
  • A further 120 BOV shares trade at the €3.00 level across two trades.
  • Meanwhile renewed demand for MIA shares help the equity climb 4% to the €2.445 level. Share price 9.6% higher since the Company’s interim results publication on 31 July. During the first six months of 2009, MIA’s revenue increased by 2.1% to €20.6 million over the same period of 2008. During the period, operating costs rose by 7.5% mainly due to the unexpected increase in the volume of services given to Persons with Reduced Mobility (PRM). The depreciation charge also surged by 16.8% reflecting the increased investments during the past six months specifically in the construction of the new shops, the works carried out on the taxiways and the replacement of the plant and machinery at the terminal. This resulted in an 8% drop in the profit from the period to €4.7 million.
  • GO’s share price marginally declines to the €1.795 level on increased volumes of 22,900 shares. Best bids now placed at the €1.79 level with lowest offers in the market at €1.799. The telecoms Group is expected to announce its 2009 half year results on Monday 31 August.
  • Middlesea Insurance yesterday published its 2009 interim results showing a net loss for the period of €17.2 million mainly due to the continued material impact from the Group’s Italian subsidiary, Progress Assicurazioni Spa. In this regard, the Directors announced that they are determined to significantly curtail the level of business undertaken by this subsidiary. Following this loss, the Directors feel that it would be appropriate to strengthen the Group’s balance sheet through the raising of additional capital. Further details on results announcement available here.
  • Today, 6pm also announced its financial results for the first half of 2009 showing a net loss of GBP38,011 compared to a net profit of GBP99,788 registered in the same period last year. Although the Group registered higher revenues and managed to control administrative costs, these were offset by considerable increases in cost of sales and finance costs. Copy of half-year results available here.

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