Daily Market Highlights (30.04.2010)

  • The MSE Share Index recovered by 0.2% this morning to close the week above the 3,500-point level at 3,505.930 as the two index heavy-weights BOV and IHI closed in positive territory. GHM was today’s top performing equity as it traded for the first time since 5 April, whilst Medserv and HSBC closed lower. Download a copy of today’s Equity Market Summary.
  • BOV reversed yesterday’s declines as it rose by 2% to close the week at €3.365 during this morning’s session. The Bank published its 2010 Half-Year results this afternoon revealing that the Group generated a pre-tax profit of €47.5 million, substantially higher than the €6.3 million recorded in the comparative 6-month period to 31 March 2009. The Directors declared a gross interim dividend of €0.075 (net: €0.049) per share to shareholders as at close of trading on Friday 7 May 2010. This dividend will be paid on 28 May 2010. Further details available here.
  • Meanwhile HSBC’s share price continues to slide as it edged a further 0.8% lower to €3.05 on turnover of 10,560 shares. Following today’s decline, the equity closed the week unchanged.
  • GHM’s share price jumped by 5.9% this morning to close the week at a new 2010 high of €1.98. 12,549 shares were exchanged over 2 trades with lowest offers now placed at the €2.10 level. This week an online media report stated that GHM and its majority shareholders Camper & Nicholson’s Marina Investments Limited submitted a tender for a 50-year concession for the redevelopment and operation of the Rhodes Mandraki marina in Rhodes.
  • IHI traded for the first time this week and edged 0.1% higher to close the week at €0.802 on turnover of 15,500 shares after touching its 2010 high of €0.85. Recently the IHI Group published its 2009 full-year results showing a 19.3% drop in turnover to €103.3 million as a consequence of the slowdown in the hospitality industry witnessed during the year which was somewhat contained through the Group’s geographical diversification of its property portfolio. The Group incurred a pre-tax loss of €1.6 million compared to the pre-tax profit of €22.3 million registered in 2008. Similar to previous years the Directors did not recommend the payment of a dividend. Further details available here.
  • A single 2,000 share trade dragged Medserv’s share price 1.4% lower to €4.24. The 2009 results, published on 9 April showed that the Medserv Group achieved a record pre-tax profit of €3.1 million as turnover grew by 12.6% to €17.5 million. The Annual General Meeting is scheduled to be held on 18 May.
  • Yesterday the Malta Stock Exchange announced the admission of 479,111 new Lombard Bank Malta plc shares to the Official List as a result of the scrip dividend issue. On 1 April Lombard Bank had recommended the payment of a gross dividend of €0.10 per share which was approved at the recent Annual General Meeting which took place on Thursday 22 April. Shareholders had the option of receiving the dividend either in cash or in new shares at an attribution price of €3.04. The take-up of 479,111 shares represents an acceptance rate of 62.9%. Following the scrip dividend, the total number of shares in issue increased to 36,092,692.
  • Middlesea Insurance plc published its 2009 full-year results on Tuesday 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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