Daily Market Highlights (30.08.10)

  • MSE Share Index edged 0.6% lower to 3,456.594 points as the index heavyweights – HSBC, BOV, IHI and GO – traded lower. Meanwhile MaltaPost moved higher whilst Lombard closed unchanged. Download a copy of today’s Equity Market Summary.
  • Sustained high volumes traded in the 5.25% MGS 2030 (I) and the respective fungible issue. The price eased marginally lower to 104.45% but volumes remained high with over €4.5 million (nominal) changing hands this morning.
  • HSBC closes in negative territory for the second consecutive session as its share price edged another 0.4% lower to €2.86 on volumes of 12,100 shares. Best bids placed at €2.85 whilst lowest offers now pitched at the €2.87 level.
  • BOV also eased minimally lower to €3.299 across seven trades amounting to 6,239 shares. Offers already placed below the last closing price at €3.29 whilst best bids in the market at the €3.25 level.
  • IHI slipped 1.1% back to the €0.88 level on volumes of 8,600 shares. Last Friday, shareholders approved the 1 for 25 bonus issue at an extraordinary general meeting. The bonus shares will be allotted tomorrow. Shareholders also approved IHI’s buy back offer of these bonus shares at the nominal value of €1.00 which will be available until Wednesday 29 September. Also during the meeting, Mr Pisani confirmed that IHI is committed to a secondary listing on the London Stock Exchange in conjunction with a new issue of shares at a price not less than the nominal value of €1.00 per share.
  • GO’s share price recovered from an intra-day low of €1.81 to close at €1.87 – representing a 1.1% drop. Over 6,600 shares changed hands today ahead of the Group’s interim results publication tomorrow.
  • Middlesea Insurance reverses last week’s gains as the share price slumps 6.4% back to the €1.03 level on a single trade of just 354 shares. Best bids already placed minimally higher at €1.031 with lowest offers still at the €1.09 level.
  • FIMBank also edged 0.5% lower to US$0.995 on a single trade of 3,800 shares. Best bids still outstanding at the US$0.95 level whilst further offers remained unsatisfied at the closing price.
  • MaltaPost, the only positive performing equity today, climbed 1.2% to regain the €0.835 level with best bids already placed at the €0.85 level. A single trade of 2,134 shares was effected today.
  • On Friday evening, Grand Harbour Marina issued its 2010 half-year results. revealing a pre-tax loss of €463,157 compared to the €258,719 pre-tax loss reported in the comparable period last year. The higher loss was due to the increase in various expenses which offset the 13.7% increase in revenue. The Directors did not declare an interim dividend. Further details available here.

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