Daily Market Highlights (29.03.11)

  • Fifth negative session for local equity market as GO and IHI hit new lows. MSE Share Index sheds another 0.2% to a new 20-week low of 3,464.759 points as the declines in GO and IHI offset the 1% increase in HSBC. The only other active equity, BOV, closed unchanged. Download a copy of today’s Equity Market Summary.
  • Likewise, the Rizzo Farrugia MGS Index minimally declined this morning to a new 21-month low of 975.117 points as the benchmark Eurozone yields edged minimally higher to the 3.31% level.
  • GO’s share price slumps a further 3.1% to a fresh 17-month low of €1.50 reflecting shareholders’ disappointment with respect to the €19.2 million loss for 2010 and the 50% cut in net dividends to €0.05 per share. GO’s share price has declined by 13.3% since the publication of the results on 15 March. Over 20,000 shares change hands today with lowest offers placed at €1.51 and highest bids only at the €1.30 level despite still trading with the entitlement to the full-year dividend. Further details on results available here.
  • Lack of support also evident in IHI shares as the prevailing political turmoil in Libya continues to weigh on investor sentiment. A single trade of 500 shares executed at a fresh 3-month low of €0.83 representing a 2.4% drop from the previous close. The IHI Group is expected to report its 2010 financial results tomorrow.
  • Meanwhile HSBC builds on last week’s 1.1% rise as its share price advances by a further 1% during this morning’s session to regain the €2.95 level. 24,500 shares change hands today with offers already placed below the last closing price at €2.94. The Bank is scheduled to hold its Annual General Meeting on 7 April.
  • BOV failed to recover from some of its recent declines as the equity closed unchanged during this morning’s session at the €2.91 level. Six trades totalling 5,000 shares transacted today with few other offers unsatisfied at the closing price. This week marks the end of the Bank’s half-year with the results expected to be published by the end of April.
  • Apart from IHI, another four companies with a December year-end (namely MIDI, RS2 Software, 6pm and GlobalCapital), still have to publish their 2010 financial statements.