Daily Market Highlights (28.03.11)

  • Fourth consecutive session of declines in the local equity market due to fragile investor sentiment. MSE Share Index slips by a further 0.2% to a new 4-month low of 3,473.255 points as BOV, GO, Lombard, and Middlesea all trade lower. Meanwhile HSBC and MIA both unchanged. Likewise, the Rizzo Farrugia MGS Index declined by 0.2% to 975.265 points – its lowest level since June 2009. Download a copy of today’s Equity Market Summary.
  • In addition to the 1.8% decline in the previous two weeks, BOV’s share price eased another 0.2% during this morning’s session to close at the €2.91 level after momentarily touching an intra-day high of €2.92. Over 18,700 shares changed hands today with further bids unsatisfied at the last traded price whilst lowest offers still placed at the €2.95 level.
  • Meanwhile HSBC maintains last week’s 1.1% increase, as another seven trades totalling 7,350 shares were executed during today’s trading session at the €2.92 level. Other bids outstanding at the closing price whilst lowest offers now in the market at €2.93. The Bank is scheduled to hold its Annual General Meeting on 7 April.
  • Selling pressure persists in GO as its share price retreats by another 0.1% today to a new 17-month low of €1.548 with offers already placed below the closing price at €1.546. GO recently revealed a €19.2 million loss and the Directors recommended a 50% cut in dividends to shareholders. Further details on results available here.
  • Similarly Middlesea Insurance plc also slipped 1% lower to a fresh 6-month low of €0.95 also on very low volumes of 867 shares. Few other bids remain unsatisfied at the closing price whilst lowest offers now placed at the €0.97 level. Details on the 2010 financial results of Middlesea is available here.
  • Lombard Bank also in negative territory after turning ex-div last Friday. Share price eases another 2% dropping back to the €3.00 level on a small deal of 300 shares. Further offers remained unsatisfied at the closing price whilst best bids now in the market the €2.90 level. Further details on Lombard’s 2010 results available here.
  • A single trade of 10,000 MIA shares effected at last week’s closing level of €1.76. The shares of the airport operator will continue to trade with the entitlement to the final net dividend of €0.035 per share until next Wednesday 30 March.