The share index partly erased yesterday’s drop of 0.47% as it rebounded by 0.19% to 4,728.649 points.Trading activity was spread across eight equities: three moved higher, four closed the day flat whilst Malta Properties Company plc was the only negative performing equity with a decline of 1.3% to a fresh five-month low of €0.513 across 24,000 shares.

Trading activity was spread across eight equities: three moved higher, four closed the day flat whilst Malta Properties Company was the only negative performing equity with a decline of 1.3% to a fresh five-month low of 51c3 across 24,000 shares.

HSBC was the first company with a December year-end to publish its 2016 financial results. It reported that its pre-tax profits jumped by 33% to a three-year high of €62.2 million.

However, the results were impacted by a positive aggregate net amount of €2.8 million resulting from two exceptional items – a €10.8 million gain on the sale of VISA Europe shares as well as a provision of €8 million for brokerage remediation costs.

Moreover, last year’s results were negatively impacted by a €14.7 million early voluntary retirement charge. On an adjusted basis, HSBC’s profits before tax in 2016 fell by 3.3% to €59.4 million.

The board of directors recommended a final net dividend of 2c7 per share.

Together with the net interim dividend of 4c62 per share paid on September 9, the total net dividend for 2016 amounts to 7c28 per share, representing a 45.5% increase compared to the dividend declared with respect to 2015.

Shareholders as at the close of trading on March 10 will be eligible to receive the final dividend on April 20 subject to shareholder approval at the upcoming annual general meeting scheduled to be held on April 13.

During this morning’s session, the equity advanced by 1% to the €2.02 level across 16 deals totalling 43,528 shares.

Also in the banking sector, FIMBank plc recaptured the 90cUS level (+0.6%) across 54,532 shares.

Santumas Shareholdings gained 3.6% to reach a new all-time high of €1.45 albeit on shallow volumes totalling 6,000 shares.

Meanwhile, GO held on to its nine-month high of €3.49,9 after recovering from an intra-day low of €3.30. A total of 15,067 shares changed hands. This afternoon, the telecoms group published its 2016 financial statements showing a 19.4% rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to €61.6 million.However, profits after tax dropped by 23.2% to €20.3 million largely reflecting the effects of higher administrative, depreciation and finance costs (following the consolidation of

However, profits after tax dropped by 23.2% to €20.3 million largely reflecting the effects of higher administrative, depreciation and finance costs (following the consolidation of Cablenet Communications System Limited in Cyprus and Kinetix IT Solutions Limited in Malta) and a €1.5 million write-off on GO’s investment in Forthnet SA which has now been completely impaired.Despite the drop in profitability, the Directors recommended a final net dividend of €0.11 per share which is 10% higher than the net dividend for FY2015. The dividend is payable on 5 May 2017 to all shareholders as at close of trading on Wednesday 29 March 2017.

Despite the drop in profitability, the directors recommended a final net dividend of 11c per share which is 10% higher than the net dividend for FY2015. The dividend is payable on May 5 to all shareholders as at close of trading on March 29.

Bank of Valletta maintained the €2.19 level on activity totalling 27,276 shares while BOV’s insurance associate – Mapfre Middlesea – also closed unchanged at the €2.23 level on trivial volumes.

Medserv maintained the €1.60 level across 14,158 shares.

On the bond market, the RF MGS Index erased yesterday’s gains as it dropped by 0.12% to 1,122.282 points.

Euro zone sovereign yields remained relatively unchanged today with the 10-year and 20-year benchmark German Bund yields hovering around the 0.31% and 0.84% levels respectively.

On the economic front, the preliminary result of a survey gauging the level of consumer confidence within the single currency area showed a more-than-expected dip in confidence.

In contrast, the readings from other surveys among private sector manufacturing and services companies in Germany and in the whole of the eurozone came in better than expected and all pointed towards sustained growth.

Yesterday, the treasury announced that it received applications and bids for the three new Malta Government Stocks for a value exceeding €282 million (nominal) but allotted €182.9 million (nominal) as follows: €125.3 million in the 1.4% MGS 2023 (III); €37.1 million in the 1.5% MGS 2027 (I); and €20.5 million in the 2.2% MGS 2035 (I). Subscriptions from retail investors at the fixed prices established by the Treasury amounted to only €19.1 million (nominal) and they were all accepted met in full. The remaining €163.76 million (nominal) were allotted to institutional investors.

www.rizzofarrugia.com

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