Daily Market Highlights (30.03.12)

  • MSE Share Index up 0.1% during the last trading session of this week to 2,938.906 points as the 4.9% jump in GO’s share price offset the 2.8% drop in Lombard Bank. Meanwhile, the other three active equities closed unchanged. Download a copy of the Equity Market Summary. During this week, the local equity benchmark shed 1.1% mainly due to the declines in BOV, IHI, FIMBank and Lombard which offset the weekly increase in HSBC, GO and MaltaPost.
  • Today also marks the end of the first quarter of 2012. During this period the MSE Share Index tumbled 5% mainly due to the double digit declines in the equities of GO (-14.4%) and IHI (-12.3%) as well as drops in the share prices of the two large banks. HSBC’s share price slid 2.5% with BOV’s equity tumbling 4.6%. Among the four equities which ended the first three months of 2012 higher, FIMBank registered an increase of 10.4% following the revelation of a possible takeover by Burgan Bank.
  • On the bond market, the Rizzo Farrugia MGS Index again edged marginally higher to 982.498 points in line with the further decline in yields back to the 1.80% level. The local MGS benchmark ended the first quarter of 2012 0.7% lower.
  • Next Monday marks the opening of subscriptions in relation to the issue of the second series of Notes of BOV under its €125 million Debt Issuance Programme. The first tranche of this second series includes a €40 million issue of Notes carrying a coupon of 4.25% and maturing in 2019. Further details on the new notes together with copies of the Final Terms and other relevant documentation available here.
  • A single trade of 5,000 Lombard Bank shares was transacted at the €2.45 level representing a 2.8% drop from the previous close despite still trading with the entitlement to the final gross dividend of €0.115 per share. The equity turns ex-dividend as from Wednesday 18 April.
  • On the other hand, GO recovered some of its recent declines with a 4.9% jump to regain the €0.839 level on low volumes of 2,100 shares. GO is scheduled to hold its Annual General Meeting on 9 May.
  • BOV’s share price ended this morning’s session unchanged at the €2.12 level. Just over 33,600 shares exchanged across seventeen trades with best bids placed at the €2.10 level and lowest offers at the €2.20 level. Equity ended the week 4.5% lower. This month marks the end of the bank’s half-year with the interim results generally published by the end of April.
  • Similarly, HSBC unchanged today after easing from an intra-day high of €2.52 to end the session at the €2.515 level on low volumes of 3,500 shares. HSBC’s equity ended the week 0.5% higher. The Bank is scheduled to hold its Annual General Meeting on 18 April.
  • The only other active equity, FIMBank, was also unchanged at the US$0.85 level on a single deal of 6,000 shares. Equity still trading with the entitlement to the final gross dividend of €0.031 per share. Meanwhile investors await further developments with respect to the potential take-over by Burgan Bank.