Rizzo, Farrugia & Co. (Stockbrokers) Ltd. - Malta » Daily Market Highlights

Daily Market Highlights (09.02.12)

kevin.cassar — Thu, 09 Feb 2012 16:28:23 +0000

The MSE Share Index recovered marginally this morning from yesterday’s lowest level since 24 September 2009 to close at 2,994.256 points following a minimal increase in the share price of Bank of Valletta plc. The other 3 active equities, Lombard Bank Malta, Middlesea and GO closed the day unchanged. Today is the last trading day of the week due to a public holiday tomorrow celebrating St.Paul’s Shipwreck. During the past four sessions, the MSE Share Index dropped 2% and is currently showing a loss of 3.25% since the start of 2012. Download a copy of the Equity Market Summary.
On the bond market, the Rizzo Farrugia MGS Index eased marginally lower today to 986.341 points as Eurozone yields continued to hover around the level of 2.00%. Earlier this afternoon, the European Central bank announced that interest rates will remain unchanged at the 1% level. The Bank of England’s Monetary Policy Committee also voted to maintain interest rates at their current record lows but authorised further purchases of UK gilts totalling £50 billion.
Following the recent MGS issue, activity on the local sovereign paper was subdued with the exception of the 5.1% MGS 2014 (III) where a total of €1.07 million (nominal) changed hands.
Bank of Valletta plc edged 0.2% higher to €2.215 on low volumes of 8,004 shares.
A single trade of 5,600 GO plc shares was executed at the previous closing price of €0.86. During the past four trading sessions, GO’s equity shed 3.4% and touched a fresh all-time low of €0.84 on Tuesday. Investors are still awaiting an update from the Greek telecommunications company Forthnet in view of the surpassed deadline by its bankers to raise €30 million by the end of January.
Lombard Bank Malta plc maintained yesterday’s 14-month low of €2.53 as a further 4,000 shares changed hands at this level.
The only other active equity for the day was Middlesea Insurance plc and this equity also maintained its 21-month low of €0.70 as a further 5,000 shares traded. Middlesea will be issuing their 2011 final year results on 28 February.

Daily Market Highlights (08.02.12)

christopher.mallia — Wed, 08 Feb 2012 13:53:12 +0000

Local equity market in negative territory for the third successive session as most equities trade lower with some touching new multi-year lows. MSE Share Index down another 0.3% to a new 28-month low of 2,992.669 points following declines in the share prices of HSBC, Lombard, Middlesea, FIMBank and Crimsonwing. On the other hand, MaltaPost gained 3.2% on low volumes whilst BOV and RS2 traded unchanged. Download a copy of the Equity Market Summary.
On the bond market, the Rizzo Farrugia MGS Index slid 0.2% back to 986.857 points as benchmark Eurozone yields soared to around the 2% level on rising concerns about the ability of Greece to obtain the necessary bailout funds.
Yesterday, the Treasury announced that it satisfied all applications submitted by the general public and tenders lodged by institutions amounting to over €274 million (nominal). The allotments across the three fixed rate stocks were as follows: €39.8 million (nominal) in the 4.25% MGS 2017 (III) FI, €158.5 million (nominal) in the 4.3% MGS 2022 (II) and €76.4 million (nominal) in the 5.2% MGS 2031 (I) FI. Further details and copy of the statistics available here.
HSBC edged 0.6% lower to €2.55 on low volumes of 4,540 shares. Other bids in the market at the last traded price whilst lowest offers pitched at the €2.565 level. The Bank is scheduled to publish its 2011 full-year results on Friday 24 February.
Meanwhile BOV unchanged at the €2.21 level also on shallow volumes of 2,541 shares. Further offers remaining unsatisfied at the closing price whilst best bids placed at the €2.19 level.
New sell orders also pushed the share price of Lombard 0.8% lower to a fresh 14-month low of €2.53 across three trades totalling 20,390 shares. Best bids in the market at €2.51 whilst lowest offers pitched at the €2.55 level.
Similarly, Middlesea’s equity tumbled 2.6% to the €0.70 level – a new 21-month low. Five trades totalling 5,176 shares were transacted this morning with no bids in sight and further offers outstanding at the closing price.
A single trade of 1,800 FIMBank shares executed this morning at the US$0.75 level representing a 2% drop from the previous close. The FIMBank Group is scheduled to publish its 2011 financial results on 12 March.
The worst performer of the day was Crimsonwing with an 18.2% plunge to a new all-time low of €0.18 across ten trades totalling over 61,700 shares. In early February the IT Company generally publishes an Interim Directors’ Statement to update the market on its performance since the September 2011 half-year end. At the half-year stage, Crimsonwing reported a 9.5% increase in revenue to €7.7 million but incurred a marginal loss of €19,346 after incurring one-off costs and making investments in order to achieve its revenue target of €20 million per annum.
RS2 Software unchanged at the €0.55 level across four trades totalling 30,000 shares. Other offers in the market at the last traded price whilst best bids placed at the €0.50 level.
The only other active equity, MaltaPost, edged 3.2% higher to regain the €0.99 level on very low volumes of 512 shares. However offers already placed minimally below the last closing price whilst best bids pitched at the €0.965 level.

Daily Market Highlights (07.02.12)

christopher.mallia — Tue, 07 Feb 2012 13:03:55 +0000

MSE Share Index in negative territory for the second consecutive session with a further 1.7% drop to a new 30-month low of 3,002.653 points. BOV and GO traded lower today whilst HSBC edged marginally higher. The only other active equity, Simonds Farsons Cisk, ended this morning’s session unchanged. Download a copy of the Equity Market Summary.
On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to regain the 988.727 points level after the central Bank raised its Malta Government stock bid prices.
This afternoon, the Treasury of Malta will publish the statistics of the February 2012 Malta Government Stock issues following the noon deadline for submission of tenders. A total of €300 million is on offer across three stocks.
BOV’s share price reversed yesterday’s 1.1% increase as the Bank’s equity slid back to the €2.21 level. A total of 9,880 shares changed hands today with other offers unsatisfied at the closing price whilst best bids now placed at the €2.19 level.
Meanwhile HSBC edged 0.2% higher to close today’s session at the €2.565 level on volumes of 2,550 shares. Further bids outstanding at the last traded price whilst lowest offers pitched at the €2.575 level. The Bank is scheduled to publish its 2011 full-year results on Friday 24 February.
GO’s share price again closed in negative territory as the equity only marginally recovered from a new all-time low of €0.84 to close at the €0.86 level representing a 3.3% drop from the previous close. A total of 8,747 shares changed hands across seven trades with further offers unsatisfied at the closing price whilst best bids pitched at the €0.832 level.
The only other active equity, Simonds Farsons Cisk, traded unchanged at the €1.83 level on a single trade of 1,458 shares. The Farsons Group generally publishes its full-year financial results by the end of April.

Daily Market Highlights (06.02.12)

christopher.mallia — Mon, 06 Feb 2012 13:36:17 +0000

Local equity market commences this week in negative territory as the MSE Share Index slipped 1.4% lower to a new 28-month low of 3,012.324 points as the share prices of HSBC, IHI, GO and RS2 Software decline. Meanwhile, the only other active equity, BOV, edged 1.1% higher. Download a copy of the Equity Market Summary.
On the bond market, the Rizzo Farrugia MGS Index moved lower for the first time in eight sessions. Internationally, the focus remains on Greece as the debt ridden country failed to reach an agreement with private investors whilst also negotiating another bailout from the European Union and the International Monetary Fund. Tomorrow afternoon, the Treasury of Malta will publish the statistics of the February 2012 Malta Government Stock issues following the noon deadline for submission of tenders. A total of €300 million is on offer across three stocks.
The worst performer of the day was IHI with a decline of 8.5% to a fresh 19-week low of €0.75 across 8,244 shares. Other bids unsatisfied at the closing price with lowest offers at the €0.79 level.
RS2 Software’s equity plunged 8.3% to a 5-month low of €0.55 across two trades totalling 40,000 shares.
HSBC also in negative territory with a slight decline of 0.4% back to the €2.56 level on an insignificant deal of 400 shares. Further bids outstanding at the last traded price with lowest offers at €2.565. The Bank is scheduled to publish its 2011 full-year results on Friday 24 February.
A last minute trade helped GO’s equity recover from its all-time low of €0.85 to close just minimally below the previous closing price at the €0.889 level. Eight trades totalling 13,025 shares were transacted today as investors await an update from Forthnet in view of the surpassed deadline by its bankers to raise €30 million by the end of January.
On the other hand, BOV’s share price reversed some of last week’s 1.8% drop as it edged 1.1% higher to regain the €2.235 level across nine trades totalling 10,100 shares. A further 1,167 shares on offer at the closing price with highest bids at €2.21.

Daily Market Highlights (03.02.12)

christopher.mallia — Fri, 03 Feb 2012 13:56:11 +0000

MSE Share Index posts slight gains for the second successive day on the back of increases in the share prices of HSBC and MIA. Meanwhile MaltaPost slipped 3% lower. The other four active equities, including BOV, closed unchanged. Download a copy of the Equity Market Summary. Despite the recovery in the last two sessions, the local equity benchmark ended the week 0.3% lower due to the declines in the share prices of BOV, GO, FIMBank, Lombard, Middlesea and MaltaPost. On the other hand, the only positive performing equities during the week were HSBC, MIA and Farsons.
On the bond market, the Rizzo Farrugia MGS Index moved higher for the seventh consecutive day with another marginal increase to yet another new 2012 high of 990.293 points reflecting this morning’s marginal decline in the benchmark Eurozone yields. This afternoon marks the closing of subscriptions for the retail applications with respect to the new Malta Government Stock issues. Meanwhile applications for over €100,000 in the form of tenders will be accepted until noon next Tuesday. A total of €300 million is on offer across the following stocks: (i) 4.25% MGS 2017 (III) (Fungibility Issue) at 103.75%; (ii) 4.3% MGS 2022 (II) at 100% (par) and (iii) 5.2% MGS 2031 (I) (Fungibility Issue) at 101.75%. Further details and copies of the application forms are available here.
HSBC again in positive territory with a 0.4% rise to €2.57 after recovering from an intra-day low of €2.54 across two trades amounting to 1,940 shares. Best bids now in the market at €2.532 with lowest offers at €2.575. The Bank’s equity ended the week 0.4% higher ahead of the full-year results publication scheduled for 24 February.
MIA edged another 0.6% higher to regain the €1.75 level on a single trade of 1,000 shares. The airport operator’s equity ranked as the second best performing equity this week with a weekly rise of 0.6% despite the forecasted 2.8% drop in passenger movements during 2012 to 3.4 million announced late last week. The decline in passenger traffic is based on the expected decline in demand for travel and the reduction in cruise liner calls. These will offset the new routes to be introduced by Air France and Ryanair. Nonetheless, the Company’s 2012 forecast is still 3% higher than the previous record registered in 2010.
Meanwhile BOV failed to recover this week’s earlier declines as the equity ended today’s session unchanged at the €2.21 level representing a 1.8% weekly drop. Almost 20,000 shares changed hands today with other bids unsatisfied at the closing price and lowest offers at the €2.23 level. Last Friday, BOV published its Interim Directors’ Statement covering the first quarter of its 2011/12 financial year. BOV reported that it registered a net profit similar to that in the previous comparable period.
MaltaPost’s equity also in negative territory this week with a 4% drop to rank as the worst performer. This is mostly due to this morning’s 3% slump to a new 6-week low of €0.96 on low volumes of 2,202 shares. Other bids unsatisfied at the closing price with lowest offers at the €0.988 level.
Lombard Bank maintained the €2.55 level across four trades totalling 1,908 shares to end the week 0.8% lower. Lowest offers still in the market at €2.57 with outstanding bids at the €2.51 level.
GO and Island Hotels also unchanged today on low volumes. GO held on to the €0.89 level on volumes of 1,600 shares to close the week 1.1% lower. Meanwhile 300 Island Hotels Group shares changed hands at the €0.85 level representing no movement over the week.

Daily Market Highlights (02.02.12)

christopher.mallia — Thu, 02 Feb 2012 14:18:25 +0000

Following four consecutive sessions of declines, the MSE Share Index edged 0.3% higher during this morning’s trading session on the Borza following the increases in the share prices of HSBC, BOV and Farsons. Meanwhile Lombard Bank shares closed in negative territory. The other three active equities, including MIA and Plaza, closed unchanged. Download a copy of the Equity Market Summary.
On the bond market, the Rizzo Farrugia MGS Index moved higher for the sixth consecutive day with another marginal increase to a new 2012 high of 990.234 points reflecting the slight decline in the benchmark Eurozone yields. High volumes were again evident in the bond segment as local investors remain focused on the current Malta Government Stock issues. Subscriptions for the three new MGS close tomorrow afternoon. A total of €300 million is on offer across the following stocks: (i) 4.25% MGS 2017 (III) (Fungibility Issue) at 103.75%; (ii) 4.3% MGS 2022 (II) at 100% (par) and (iii) 5.2% MGS 2031 (I) (Fungibility Issue) at 101.75%. Further details and copies of the application forms are available here.
HSBC ended today’s session 0.8% higher at the €2.56 level after recovering from an intra-day low of €2.532. A total of 12,166 shares changed hands with best bids in the market at €2.55 and lowest offers at the €2.57 level. Shortly after the close of today’s trading session, the Bank announced that its Board of Directors is scheduled to meet on Friday 24 February to consider and approve the Group’s financial statements for the year ended 31 December 2011. The Directors will also consider the declaration of a final dividend. The Bank also announced that it will be holding its Annual General Meeting on 18 April.
Similarly, BOV’s equity moved 0.5% higher to close at the €2.21 level thereby recovering some of yesterday’s 2.2% drop. Other bids unsatisfied at the closing price with lowest offers at the €2.24 level. Last Friday, BOV published its Interim Directors’ Statement covering the first quarter of its 2011/12 financial year. BOV reported that it registered a net profit similar to that in the previous comparable period.
The other positive performing equity of the day was Simonds Farsons Cisk with a 1.7% increase to the €1.83 level on volumes of 1,162 shares. Last Tuesday marked the end of the Farsons Group’s 2011/12 financial year. The Farsons Group generally publishes its full-year financial results in late April.
Meanwhile Lombard Bank’s share price failed to hold on to yesterday’s 0.8% rise as it fell back to the €2.55 level on a single deal of 5,000 shares. Few other bids outstanding at the last traded price with lowest offers at the €2.57 level.
MIA maintained the €1.74 level after recovering from an intra-day low of €1.70 across seven trades totalling just over 18,000 shares. Last week, the airport operator announced its forecast for 2012. MIA is expecting a 2.8% drop in passenger movements during 2012 to 3.4 million on the back of the expected decline in demand for travel and the reduction in cruise liner calls. These will offset the new routes to be introduced by Air France and Ryanair. Nonetheless, the Company’s 2012 forecast is still 3% higher than the previous record registered in 2010.
Island Hotels and Plaza shares end today’s session unchanged. Plaza’s equity (active for the first time in 2012) held on to the €1.80 level on volumes of 1,000 shares. Only 120 Island Hotels shares changed hands today at the €0.85 level ahead of the Group’s full-year financial results publication scheduled for 23 February.

Daily Market Highlights (01.02.12)

kevin.cassar — Wed, 01 Feb 2012 15:27:02 +0000

The MSE Share Index continued its downward movement for the fourth consecutive day. The index slipped by 0.62% to a new 28-month low of 3,042.328 points on the back of declines in the share prices of the two large banks and Malta International Airport plc. The only security that closed the day higher was that of Lombard Bank while GO closed the day unchanged. Download a copy of the Equity Market Summary.
On the bond market, the Rizzo Farrugia MGS Index continued to edge higher to close the day at 989.948 points as the Central Bank of Malta raised the bid prices of the Malta Government Stocks. Activity on the bond market continued to be fairly high with the 3.6% MGS 2013 being the most active as €1.1 million (nominal) changed hands. Subscriptions for the three new government stocks announced last week opened today and close on Friday 3 February. A total of €300 million is on offer across the following stocks: (i) 4.25% MGS 2017 (III) (Fungibility Issue) at 103.75%; (ii) 4.3% MGS 2022 (II) at 100% (par) and (iii) 5.2% MGS 2031 (I) (Fungibility Issue) at 101.75%. Further details and copies of the application forms are available here.
Bank of Valletta plc moved lower as the equity shed 2.2% to close at the €2.20 level. Just over 11,000 shares traded today with bids amounting to over 3,100 shares remaining unsatisfied at the closing level and lowest offers at €2.21. Last Friday, BOV published its Interim Directors’ Statement covering the first quarter of its 2011/12 financial year. BOV reported that it registered a net profit similar to that in the previous comparable period.
HSBC Bank Malta plc eased minimally lower on thin activity. The equityclosed at €2.54 and the Bank is shortly expected to announce the date when the 2011 full-year results will be published.
Malta International Airport plc eased by 0.5% to €1.74 on a single trade of 7,940 shares. Last week, the airport operator announced its forecast for 2012. MIA is expecting a 2.8% drop in passenger movements during 2012 to 3.4 million on the back of the expected decline in demand for travel and the reduction in cruise liner calls. These will offset the new routes to be introduced by Air France and Ryanair. Nonetheless, the Company’s 2012 forecast is still 3% higher than the previous record registered in 2010.
On the other hand, Lombard Bank Malta plc edged 0.8% higher from yesterday’s 15-month low of €2.55.
GO plc touched its all time low of €0.85 during the day but closed unchanged on support at the €0.89 level. There were an additional 1,096 unsatisfied bids at the closing price.

Daily Market Highlights (31.01.12)

kevin.cassar — Tue, 31 Jan 2012 15:21:53 +0000

The MSE Share Index continued to edge lower for the third consecutive day. The index slipped marginally lower to 3,061.322 point on the back of declines in the share prices of HSBC, BOV, Lombard Bank and Middlesea. The only security that closed the day higher was that of GO. Download a copy of the Equity Market Summary.
On the bond market, the Rizzo Farrugia MGS Index continued to edge higher to close the day at 989.426 points as the Central Bank of Malta raised the bid prices of the medium and long-term Malta Government Stocks. Various trades took place across a number of stocks today with the most active being the 5.25% MGS 2030 as €0.46 million (nominal) changed hands.
Subscriptions for the three new government stocks announced last week open tomorrow and close on Friday 3 February. A total of €300 million is on offer across the following stocks: (i) 4.25% MGS 2017 (III) (Fungibility Issue) at 103.75%; (ii) 4.3% MGS 2022 (II) at 100% (par) and (iii) 5.2% MGS 2031 (I) (Fungibility Issue) at 101.75%. Further details and copies of the application form available here.
GO plc’s equity recovered by 4.7% from yesterday’s fresh all-time low of €0.85 on weak volumes of 3,070 shares. The Greek company Forthnet is shortly due to update the market in view of today’s deadline by its bankers for the company to raise €30 million in new equity. Earlier this month, Forthnet’s shareholders rejected a €30 million rights issue.
Bank of Valletta plc edged minimally lower to close at €2.249 on weak volumes of 4,200 shares. During the month of January the price of BOV’s equity shares traded in the price range of €2.302 and €2.19 and closed the month 1.3% higher than the closing price of 30 December 2011 (€2.22).
HSBC Bank Malta plc eased 0.4% lower to €2.55 on activity of 6,400 shares. HSBC’s equity closed 1.1% lower during the first month of 2012 and traded within a range of €2.60 and €2.55.
Lombard Bank Malta plc shed 0.8% to drop back to its 15-month low of €2.55. A total of 5,950 shares traded today with bids already entering the market at €2.57.
Middlesea Insurance plc dropped 1.5% to touch a new 25-month low of €0.719. During the first month of the year the share price of Middlesea declined by 10.1%.

Daily Market Highlights (30.01.12)

christopher.mallia — Mon, 30 Jan 2012 15:49:39 +0000

Following last week’s 0.5% drop, the MSE Share Index today eased a further 0.1% to 3,062.002 points on the back of declines in the share prices of HSBC, GO, FIMBank and MaltaPost. Meanwhile MIA and Middlesea edged higher with BOV closing unchanged. Download a copy of the Equity Market Summary.
On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to a new 12-week high of 989.019 points reflecting the downturn in yields which are currently around the 1.79% level following last Friday’s downgrade of five Eurozone countries, including Spain and Italy, by Fitch. Moreover uncertainty still looms over the Greek debt restructuring talks.
Last Friday, the Treasury published the prices of the 3 new Malta Government Stock issues. A total of €300 million will be on offer across the following stocks: (i) 4.25% MGS 2017 (III) (Fungibility Issue) at 103.75%; (ii) 4.3% MGS 2022 (II) at 100% (par) and (iii) 5.2% MGS 2031 (I) (Fungibility Issue) at 101.75%. The subscription period for the General Public will take place between Wednesday 1 February and Friday 3 February. Further details and copies of the application form available here.
BOV maintained the €2.25 level across five trades totalling 12,366 shares. Other offers unsatisfied at the closing price whilst best bids pitched at the €2.20 level. Last Friday, BOV published its Interim Directors’ Statement covering the first quarter of its 2011/12 financial year. During the period under review, characterised by a continued slowdown in demand for credit, uncertain market conditions resulting in lower fees and commission income and lack of confidence in Eurozone sovereign debt and banking sectors, the Bank registered a net profit similar to that reported in the previous comparable period. Further details available here.
Meanwhile HSBC’s share price eased minimally lower on a single trade of 1,000 shares. Other offers unsatisfied at the closing price whilst best bids now placed at the €2.52 level. The Bank generally publishes its full-year results by the end of February.
GO also ended in negative territory during this morning’s session with a 5.6% drop to a new all-time low of €0.85 across four trades totalling 14,200 shares. Shareholders still await an update from Forthnet in view of the upcoming deadline by its bankers to raise €30 million by tomorrow. Earlier this month Forthnet’s shareholders rejected all the resolutions, including a €30 million rights issue, on the agenda of an Extraordinary General Meeting.
On the other hand, MIA edged 0.5% higher to €1.749 on volumes of 8,300 shares. Last week, the airport operator announced that it forecasts a 2.8% drop in passenger movements during 2012 to 3.4 million on the back of the expected decline in demand for travel and the reduction in cruise liner calls in the ‘Cruise & Fly’ operation. These will offset the new routes to be introduced by Air France and Ryanair. Nonetheless, the Company’s 2012 forecast is still 3% higher than the previous record registered in 2010. Further details available here.
Also last Friday, Island Hotels announced that its Board of Directors is scheduled to meet on 23 February to consider and approve the Groups accounts for the financial year ended 31 October 2011. In the announcement, Island Hotels provided a review of the trends experienced during their last financial year. The announcement reveals that the Group results for the financial year ended 31 October 2011 will be similar to those of the previous financial year when a loss of €649,693 was registered. The Group is expected to report an operating profit but will declare an overall net loss before tax after accounting for depreciation and finance costs. Further details available here. Equity remained inactive with offers already placed minimally below the last closing price of €0.85 whilst best bids in the market at the €0.70 level.

Daily Market Highlights (27.01.12)

christopher.mallia — Fri, 27 Jan 2012 15:37:49 +0000

MSE Share Index eased minimally lower during the final session of the week to 3,065.923 points with MIA edging 0.6% lower whilst BOV closing marginally higher. The other two active equities, HSBC and Middlesea closed unchanged. Download a copy of the Equity Market Summary. Over the past five sessions, the local equity benchmark retreated by 0.5% as the positive weekly performances by the three largest banks and MaltaPost were offset by the weekly declines in IHI, MIA, GO, FIMBank and Middlesea Insurance.
On the bond market, the volumes traded across Malta Government Stocks in recent sessions persisted also today as a further €5.7 million worth of local Government paper changed hands. In total, €28.7 million worth of Malta Government Stocks were exchanged this week ahead of next week’s new stock issues. In fact, 33.6% of this value was traded in the 5.2% MGS 2031 (I) with its price ranging between a low of 101.65% to a high of 102.73%. The price of the 19-year bond closed the week at 102.16%.
This afternoon the Treasury will publish the prices of the 3 new Malta Government Stock issues announced earlier this week. A total of €300 millionwill be on offer across the following stocks: (i) 4.25% MGS 2017 (III) (Fungibility Issue) at 103.75%; (ii) 4.3% MGS 2022 (II) at 100% (par) and (iii) 5.2% MGS 2031 (I) (Fungibility Issue) at 101.75%. The subscription period for the General Public will take place between Wednesday 1 February and Friday 3 February. Further details and copies of the application form available here.
MIA’s share price slipped 0.6% lower during this morning’s trading session to €1.74 on a single trade of 7,200 shares. During a press conference held this morning, the airport operator confirmed the 6.5% increase in passenger movements in 2011 to a record 3.5 million passengers. The Company also revealed the 2012 forecast of a 2.8% decline in passenger numbers over 2011 as MIA expect demand for travel to drop in the prevailing economic scenario which will offset the new routes to be introduced by Air France and Ryanair. Nonetheless, the Company’s 2012 forecast is still 3% higher than the previous record registered in 2010. Further details and copy of the presentation available here.
BOV inched minimally higher to close at the €2.25 level representing a weekly increase of 1.4%. Today, over 10,400 shares traded with further offers unsatisfied at the closing price and highest outstanding bids at the €2.23 level.
Lower volumes of 2,100 shares traded in HSBC with the share price ending the session unchanged at the €2.56 level. Further offers outstanding at the last traded price with highest bids at €2.51. Equity ended the week 0.4% higher. The Bank generally publishes its full-year results by the end of February.
Middlesea again failed to recover from this week’s earlier drop of 10% as a further 1,036 shares changed hands at €0.72 – a 20-month low for the equity. The share price of MSI ranks as the worst performer this week.