Daily Market Highlights (27.03.12)

  • MSE Share Index eased marginally lower as the retreat in BOV and MIA offset the increases in HSBC and MaltaPost. Meanwhile, the three other active equities, namely FIMBank, MIA and RS2 Software, ended this morning’s session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index shed 0.1% lower to a 13-week low of 981.557 points as Eurozone yields regained the 1.90% level. Nonetheless, volatility still prevails given the uncertainty over global economic growth as well as the sustainability of the peripheral countries’ debt. Increased trading activity took place in various Malta Government Stock issues today.
  • Last week, BOV published the Final Terms in relation to the issue of the second series of Notes under its €125 million Debt Issuance Programme. The first tranche of this second series will encompass €40 million of Notes carrying a coupon of 4.25% and maturing in 2019. Further details on the new notes together with copies of the Final Terms and other relevant documentation available here.
  • Following three consecutive sessions of gains, MIA’s equity today reversed some of this upturn with a 1.1% drop back to the €1.70 level on volumes of 6,000 shares. The financial results published last week revealed an 11% increase in net profits to €11.9 million mainly due to the 2.1% growth in revenue to €52.4 million which in turn was mainly the result of the 6.5% rise in passenger movements in 2011 to a record 3.5 million passengers. The Directors recommended a final gross dividend of €0.0615 per share (representing a 14.3% increase over the previous year’s final dividend) to all shareholders as at close of trading on 3 April. In total, MIA declared a gross dividend of €0.1077 for 2011 compared to €0.10 in 2010. Further details available here.
  • BOV’s equity traded lower for the third consecutive session with another 0.9% drop to €2.20 across six trades totalling 7,232 shares. Offers already placed lower at €2.219 with highest bids at the €2.19 level. This month marks the end of the BOV Group’s half-year end with the interim results generally published by the end of April.
  • On the other hand, HSBC’s share price edged 0.7% higher to €2.52 across three trades totalling 5,000 shares. Other offers unsatisfied at the closing price whilst best bids placed at the €2.51 level. The Bank is scheduled to hold its Annual General Meeting on 18 April.
  • Likewise, MaltaPost’s equity ended this morning’s session in positive territory with a further 1.1% increase to the €0.94 level. Low volumes amounting to just 400 shares exchanged today with other offers remaining unsatisfied at the closing price and highest bids at the €0.93 level.
  • The recent announcements by FIMBank with respect to its 2011 full-year results and the possible takeover by Burgan Bank (a Kuwaiti based bank) generated substantial interest in the equity of the trade finance specialist. A further 50,000 shares changed hands today at the US$0.85 level representing no change from the previous close. Shareholders as at close of trading on 3 April will be entitled to the final net dividend of USD0.02 per share as well as the 1 for 25 bonus share issue.
  • IHI also unchanged at the €0.75 level on a small deal of 200 shares. The IHI Group is scheduled to publish its 2011 full-year results next Thursday 29 March.
  • Similarly, RS2 Software traded unchanged at the €0.55 level ahead of the IT Company’s 2011 full-year results publication expected in the coming weeks. One trade of 23,592 shares transacted today with lowest offers now at the €0.56 level.