Daily Market Highlights (30.11.11)

  • MSE Share Index dropped by a further 0.2% today to close at 3,115.50 points following declines in 3 of the 4 active equities. HSBC Bank Malta plc edged minimally higher from yesterday’s 29-month low while Bank of Valletta plc, GO plc and Malta International Airport plc all registered declines. Trading activity across the equity market improved compared to the previous sessions this week. A copy of the Equity Market Summary can be downloaded here.
  • Rizzo Farrugia MGS Index edged 0.13% higher to 972.240 following a decline to a 17-month low of 969.426 points on Monday. This reflects the increase in MGS prices quoted by the Central Bank. Euro-area ministers are holding meetings to formalize a plan how to stabile the economic situation and fight the sovereign debt crises.
  • The bidding auction for the Conversion Offer of the 5.70% MGS 2012 (III) will be held between Monday 5 December at 08.30 am and Tuesday 6 December at 02.00 pm. The price of the 5.7% MGS 2012 (III) given to those investors wishing to convert will be announced on Friday 2 December at 04.00 pm. Further details available here.
  • High activity in BOV shares was observed during today’s trading session. Due to lack of further support at the €2.53 level, the share price dropped back to €2.50 on renewed supply. Just under 40,000 shares trade during this morning’s trading session. The Bank’s Annual General Meeting is scheduled for Friday 16 December. During the meeting, shareholders will be asked to approve a number of resolutions including the recommended final gross dividend of €0.08 per share and a 1 for 8 bonus share issue.
  • HSBC’s edged minimally higher from yesterday’s 29-month low activity on subdued activity of only  4,000 shares. In the Interim Statement published on 15 November, the Bank announced that it will be incurring a one-off charge of up to €10 million relating to restructuring measures, particularly voluntary retirement schemes.
  • GO’s share price dropped back to its all-time low of €1.00. After an initial trade of 6,000 shares at €1.03, the price dropped back to €1.00 with a total of 32,350 shares changing hands on the day. Yesterday, GO issued an announcement confirming that Forthnet S.A. shares listed on the Athens Stock Exchange have been transferred into the “Under Surveillance” segment. The equity was placed under Surveillance due to the total goodwill impairment of €56.9 million that led to losses in Forthnet’s books greater than 30% of the total equity. Further details are available here.
  • Malta International Airport plc was the other equity that traded in the market. The equity dropped 1.2% to €1.68 on low activity of 2,300 shares across 3 trades. During the recent Interim Statement, MIA mentioned that the waiver of all landing fees during the winter schedule (spanning from November to March) will represent a drop in revenue of circa €1.3 million.
  • Crimsonwing plc yesterday published its interim financial statements for the 6-month period to 30 September 2011. Although the company reported a 9.4% increase in revenue to €7.74 over the same period last year, the increase in direct costs and administration expenses resulted in a decline in Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of 42% to €314,289 (2010: €542,617). Further details available here.
  • MaltaPost is due to publish its September 2011 full-year results tomorrow. The Directors are also expected to declare a full-year dividend to shareholders.