Daily Market Highlights (29.04.2010)

  • MSE Share Index closes in negative territory for the second consecutive session as both index heavyweight Banks close lower with BOV down 2.1% and HSBC easing by 0.1%. The Index drops 0.51% to close once again below the 3,500-point level at 3,498.418 points. Lombard is today’s only positive performer whilst RS2 Software closes unchanged. Download a copy of today’s Equity Market Summary .
  • BOV share price drops a further 2.1% on concerns of the impact of the Middlesea Insurance loss on the overall financial performance of BOV. The bank is expected to publish its March 2010 interim results tomorrow. Over 43,000 shares trade in BOV today sending the price down 2.1% to a close of €3.30. The equity had traded at an intra-day high of €3.45 on Tuesday.
  • HSBC’s share price edges 0.1% lower to €3.077 on activity of just over 9,300 shares.
  • Lombard Bank’s share price closes 0.5% higher at €2.945 on volumes of 5,800 shares. Further offers available at the closing price. Last week the Bank held its Annual General Meeting during which shareholders approved all the resolutions on the agenda including the gross dividend of €0.10 per share which will be paid tomorrow.
  • 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.
  • On the bond market, Malta Government Stock prices dropped from their record levels yesterday. Meanwhile the 6.8% Premier Capital plc bonds rose 40 basis points to a new high of 102%.
  • At the start of the week Standard & Poor’s downgraded Greece’s credit rating to “junk” with a negative outlook. In addition, another European country, Portugal, was also downgraded two-notches to A-. Fears continued to intensify mid-week when Spain suffered a debt downgrade which sent the euro to fresh lows against the dollar. This news also triggered a sharp decline in international equity markets.

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