Daily Market Highlights (28.04.2010)

  • MSE Share Index closes in negative territory for the first time this week as BOV drops 1.2% in response to the record losses announced by Middlesea Insurance yesterday afternoon. The Index closed 0.27% lower at 3,516.224 points. MaltaPost also closed marginally lower following the 6.25% increase yesterday to a 2-year high while HSBC edged minimally higher. MIA and Loqus Holdings close today’s session unchanged. Download a copy of today’s Equity Market Summary .
  • BOV falls back to the €3.37 level as investors grow concerned on the impact of the Middlesea Insurance loss on the overall financial performance of BOV. Fresh sale orders enter the market this morning forcing BOV’s share price down 1.2% on volumes of 13,500 shares. In the previous two sessions of the week BOV’s share price had increased by 2.4% to €3.41 in anticipation of the publication of the March 2010 interim results due next Friday 30 April.
  • HSBC’s share price continues to recover from its recent lows as it edges minimally higher to €3.081. Just over 8,600 shares exchanged across 9 transactions.
  • MaltaPost edges 0.2% lower to €0.848 following yesterday’s 6.25% increase to a 2-year high of €0.85. Further offers already placed lower at the €0.845 level. The postal operator is due to report its financial results for the six months ended 31 March 2010 on 13 May.
  • MIA’s equity holds on to yesterday’s 2.2% gain as a further 2,100 shares trade unchanged at the €3.20 level. Last Friday MIA’s CEO Mr Julian Jeagar reportedly stated that notwithstanding the decrease in passenger movements as a result of the Icelandic volcanic ash, MIA does not deem it opportune to alter its forecasts for the year. During last week the Group stated that 336 flights to and from Malta were canceled resulting in a loss of around 35,000 passenger movements for MIA.
  • Loqus Holdings (formerly Datatrak) holds on the €0.20 level as the equity trades for the second consecutive session. A single 1,000-share trade effected today with further offers of 5,548 shares remaining unsatisfied at the closing level.
  • Yesterday Middlesea Insurance plc published its 2009 full-year results revealing that the Group incurred a pre-tax loss of €54.4 million during the year. This loss reflects the full impairment of the investment in Progress Assicurazioni SpA of €63.1 million following the decision to place the Italian company in administration. Further details available here.

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