Daily Market Highlights (28.02.12)

  • Following two consecutive sessions of increases, the MSE Share Index today closed in negative territory as it retreated by 0.4% to 2,998.426 points mainly due to the declines in the share prices of the three local commercial banks. GlobalCapital also traded lower today whilst RS2 Software and Island Hotels Group closed unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index closed higher for the fourth consecutive session with another 0.1% rise to 988.845 points. This reflects the decline in benchmark Eurozone yields in recent days to the current 1.82% level. Yields eased over the past days on the back of tomorrow’s expected liquidity injection by the European Central Bank and Germany’s opposition to a larger bailout fund for the Eurozone.
  • Tomorrow, Corinthia Finance plc is scheduled to publish a Prospectus in conjunction with a new €7.5 million 6% bond maturing between 2019 and 2022 following approval by the Listing Authority yesterday. Further details available here.
  • A small deal of 335 HSBC shares was transacted at the €2.585 level representing a 0.6% drop from the previous close. Further bids unsatisfied at the closing price with lowest offers at the €2.59 level. Last Friday, the Bank published its preliminary 2011 financial results revealing a 6.3% increase in pre-tax profits to €88.3 million. The 2011 results were characterised by a number of one-offs such as the sale of the card acquiring business and the €6.9 million unrealised gain from an adjustment in the methodology of the insurance business on the income side and an €11 million charge relating to a voluntary retirement scheme on the costs side. Excluding such extraordinary items, HSBC Malta’s profitability is line with that of 2010. The Directors recommended a final gross dividend of €0.072 per share payable to those shareholders as at close of trading on Tuesday 13 March. Further details available here.
  • BOV’s share price shed 0.9% to the €2.18 level across thirteen trades totalling more than 13,000 shares. Other offers remained unsatisfied at the last traded price with highest bids in the market at the €2.17 level.
  • Similarly, Lombard’s share price ended this morning’s session 0.8% below yesterday’s closing price at the equity’s 16-month low of €2.51 on a single deal of 2,060 shares. The Bank is scheduled to publish its 2011 full-year results on 15 March.
  • High volumes transacted across RS2 Software amounting to 155,000 shares. Share price unchanged at the €0.55 level. The IT company has not yet announced the date of its 2011 full-year results publication.
  • GlobalCapital edged 1.1% lower to the €0.94 level across two trades totalling 5,000 shares.
  • Island Hotels Group shares held on to the €0.85 level on a single trade of 600 shares. The Group recently published its financial results for the year ended 31 October 2011 revealing a net loss of €0.24 million for the year, slightly higher than the previous year’s loss. Further details available here.
  • Shortly after the close of today’s trading session, Middlesea Insurance published its 2011 full-year results. The Middlesea Group registered a pre-tax profit of €3.1 million (2010: €6.4 million) as the significant increase in technical results was outweighed by the lower contribution from investments. After an absence of 3 years, the company proposed the payment of a marginal dividend of €0.01 gross per share.


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