Daily Market Highlights (28.04.11)

  • Local equity market back into positive territory as the MSE Share Index edged marginally higher to close at 3,328.535 points on the back of increases in the share price of HSBC and Farsons which offset the declines in GO and Middlesea. The only other active equity, BOV closed unchanged. Download a copy of today’s Equity Market Summary. Meanwhile the Rizzo Farrugia MGS index today edged 0.2% lower to 975.063 points as the benchmark Eurozone yields regained the 3.30%.
  • Further demand for Simonds Farsons Cisk plc shares lifts the equity another 2.2% to a new 10-month high of €1.84 on volumes of 2,549 shares. Last week, the Company published its financial statements for the year ended 31 January 2011 which revealed a 36.1% rise in profitability due to increased revenue as well as lower operational costs. The Directors recommended a final net dividend of €0.0533 to all shareholders as at close of trading on 19 May. Together with the interim net dividend, the total net dividend of €0.0667 per share represents an 11.2% increase over the previous year’s dividend. Further details available here.
  • HSBC gains 0.7% to retest the €2.97 level on volumes of 7,854 shares. Best bids in the market at €2.96 whilst lowest offers now pitched at the €2.99 level.
  • Meanwhile, BOV failed to hold on to an intra-day high of €2.88 as its share price closed unchanged at the €2.85 level. Over 10,200 shares exchanged today with further bids unsatisfied at the closing price whilst lowest offers now placed at the €2.89 level. The Bank is scheduled to publish its half-year results covering the six months to 31 March 2011 tomorrow.
  • Downward trend in GO’s share price persists as the equity touched a new all-time low of €1.35 before partially recovering to a close of €1.36 but still representing a 2.2% drop from the previous close. Since the Group announced a 50% cut in net dividend to €0.05 per share on 15 March, its share price plunged 21.4%. The equity turns ex-dividend as from 5 May.
  • A small trade of 500 Middlesea Insurance plc shares transacted at the €0.85 level, representing a 4.5% drop from the previous close. The Insurance group is scheduled to hold its Annual General Meeting next Tuesday 5 May.
  • Tomorrow marks the closure of 6pm’s Rights Issue subscription period. The Company is issuing 10,788,000 new shares at the price of GBP0.25 to fund the Group’s acquisition strategy, repay part of outstanding debt and improve the Company’s working capital. Further details available here.