Daily Market Highlights (31.08.10)

  • MSE Share Index edges minimally higher to 3,458.827 points as Middlesea was the only equity which closed today’s session in positive territory over significant volumes. The only other active equity, MIA, closed unchanged at the €1.56 level. Higher trading activity seen in the bond markets as they remain in focus. Download a copy of today’s Equity Market Summary.
  • Rebound in Malta Government Stock prices as benchmark Eurozone yield slip back to the 2.10% level. Sustained high trading activity reaching over €4 million traded in the 5.25% MGS 2030 (I) and the respective fungible issue with the price touching a fresh high of 104.66%.
  • Middlesea Insurance inched 1.9% higher to €1.05 on substantially high volumes totalling 107,500 shares. Best bids still in the market at €1.031 whilst lowest offers pitched at the €1.08 level.
  • MIA traded unchanged at the €1.56 level across four trades amounting to 9,000 shares. Further bids remained unsatisfied at the closing price whilst lowest offers still placed at the €1.58 level.
  • Today, IHI published its 2010 interim results revealing a 3.8% drop in revenues to €49.4 million mainly due to the performance of the Corinthia Tripoli Hotel which was negatively impacted by increased competition and the dispute between Switzerland and Libya. IHI’s performance was further hit by a decline in finance income as the Group continued to invest in its properties and higher finance costs following a new bond issue last September. IHI also incurred €1.1 million in fair value movements on the Group’s interest rate swaps and a €1.4 million share of loss from the London project will mainly comprise pre-opening and marketing costs. Overall, the Group incurred a loss after tax of €9.19 million during the period under review compared to a loss of €2.81 million incurred during the first half of 2009.
  • GO plc is expected to publish its interim results later on today. Meanwhile, yesterday, Forthnet announced its interim results showing a 10.4% growth in revenue to €198.8 million after the Greek telecoms Group continued to increase customer connections especially in telephony. On the other hand, Forthnet incurred significantly higher selling and promotional costs, negative fair value movements on the Group’s interest rate swaps and a one-time special tax charge. All this resulted in a loss for the first half of the year of €31.7 million compared to the €16.2 million loss in the comparable period last year.
  • Last Friday, 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 rise 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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