Daily Market Highlights (28.09.11)

  • Local equity market back into negative territory as most active equities trade lower amid shallow trading. MSE Share Index down 0.2% to 3,076.245 points following declines in the share prices of HSBC, BOV, FIMBank, Farsons and Crimsonwing which offset the marginal recoveries in IHI and MIA. Meanwhile RS2 Software closed unchanged. Download a copy of today’s Equity Market Summary.
  • The Rizzo Farrugia MGS Index dropped back below the 990-points level reflecting the further recovery in Eurozone yields. As such, the Central Bank of Malta again reduced its Malta Government Stock prices. It is noteworthy to highlight the volatility in the 5.25% MGS 2030 (I) which after reaching a high of 103.95% on 12 September, slumped back to 101.89% then recovered to 103.68% before eventually dropping back to today’s bid price of 101.78% within a few days.
  • HSBC’s share price reversed yesterday’s 1% rise as it eased back to the €2.63 level across three trades totalling 4,450 shares. Other offers unsatisfied at the closing price with best bids placed at the €2.62 level.
  • Similarly, BOV eased minimally lower to close at €2.529 on very low volumes of 1,500 shares. Other offers outstanding at the last traded price with best bids in the market at the €2.52 level. This week marks the end of the Bank’s financial year with the full-year results expected to be published by the end of October.
  • FIMBank share price tumbles 9.1% to an 80-month low of US$0.70 on one deal of 5,000 shares. Best bids now placed at US$0.67 with lowest offers at the US$0.747 level.
  • Farsons’ equity also tumbled 5.2% to €1.70 on a single trade of 1,000 shares. Shortly after the close of today’s trading session, the financial statements for six months ended 31 July 2011 were published showing a 20.8% rise in profitability to €2.6 million on the back of stable sales performance of locally manufactured beverages, improved results from the importation segment and franchised food business, the non-recurrence of an impairment of assets as well as a continuous effort to contain overheads and rightsizing operations. The Directors declared a net interim dividend of €0.0133 per share (equivalent to the previous interim dividend) to all shareholders as at close of trading on Tuesday 4 October. Further details on results available here.
  • Crimsonwing active for the first time in over a month as its share price slid 2% lower to €0.338 on a single trade of 40,210 shares. No further bids in sight with offers already placed minimally below the last closing price. Crimsonwing is scheduled to hold its Annual General Meeting on 18 October.
  • Meanwhile RS2 Software maintained the €0.58 level also on low volumes of 3,600 shares. Further bids outstanding at the closing price whilst lowest offers pitched at the €0.60 level.
  • The only two positive performing equities were IHI and MIA as their share price edged €0.01 to €0.76 and €1.54 respectively.