Daily Market Highlights (30.07.10)

  • Trading activity scarce during this morning’s trading session. MSE Share Index marginally declines to 3,533.222 points as BOV’s 0.5% drop outweighs the 0.3% increase in GO. Meanwhile FIMBank trades unchanged at the US$1.00 level. Download a copy of today’s Equity Market Summary.
  • Yesterday the Treasury announced the prices for the 2 new fixed rate Malta Government Stocks. A total aggregate amount of €100 million subject to an over-allotment option of up to a further €50 million are on offer. The 3.75% MGS 2015 (VI) (FI) was priced at 102.50% and the 5.25% MGS 2030 (I) (FI) will be issued at par. The Treasury is also offering €30 million in a new fungible stock linked to the 6-month Euribor. Further details on the new Stocks and copies of the Prospectuses available here.
  • Meanwhile on the secondary market various MGSs active today. High volumes evident also in certain corporate bonds possibly linked to further bond buy backs by issuers. In recent weeks BOV, Eden Finance and PAVI all announced repurchases and cancellation of their respective bonds. Moreover Hotel San Antonio and Bay Street Finance have also reported their intention of performing bond buy backs on the secondary market.
  • BOV’s share price edged 0.5% lower to €3.255 on low volumes of 3,533 shares. The Bank published its Interim Directors’ Statement explaining that during the third quarter of the Bank’s financial year (April – July 2010), net interest margin improved further whilst the commission and trading activities remained strong and ahead of expectations. The BOV Group also assured investors that operating expenses remained on track whilst overall credit quality remained satisfactory. However the third quarter saw a reversal of sentiment resulting in the reversal of the modest fair value gains reported at the half-year period. The Directors stated that the results for the full-year will be influenced by the outcome of the credit markets in the last quarter. Further details available here.
  • HSBC published its 2010 interim results soon after close of today’s trading session. During the first six months of 2010, the HSBC Malta Group generated a pre-tax profit of €42.2 million, 21.4% higher than the comparative period last year mainly due to the improved level of revenues whilst the Bank kept its costs flat. The Board of Directors declared an interim gross dividend of €0.079 per share (June 2009: €0.077), payable on 24 August to those shareholders as at close of trading next Thursday 5 August. Further details and copy of interim statement available here. Equity inactive today with best bids at €2.955 whilst lowest offers still pitched at €3.15 level.
  • MIA also published its 2010 interim results this morning. During the first six months of 2010, MIA’s revenue increased by a significant 7.9% to €22.2 million over the same period of 2009 mainly as a result of a 10.3% rise in passenger movements due to additional seat capacity. Operating costs rose by 6.6% mainly due to increases in utility rates.  The Group’s profit after tax for the six months ended 30 June 2010 amounted to €3.6 million – 16.5% above the profit level generated in the same period last year. The Directors approved a net interim dividend of €0.03 per share payable to those shareholders on the Company’s register as at close of trading on Wednesday 4 August 2010. Further details and copy of interim statement available here.
  • Single trades effected in GO and FIMBank. Go edged minimally higher to close at the €1.90 level on just 500 shares. Meanwhile the trade specialist traded unchanged at the US$1.00 level across 3,200 shares.

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