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  • Local equity market in negative territory today with the MSE Share Index dropping by 0.2% to a new 31-month low of 2,988.421 points. BOV, MIA and Middlesea edged lower today whilst a significant amount of Crimsonwing shares traded again at the all-time low of €0.16. Download a copy of the Equity Market Summary.
  • The financial reporting season is due to commence next week with the publication of the full-year results by Island Hotels Group Holdings plc (23 February), HSBC Bank Malta plc (24 February) and Middlesea Insurance plc (28 February).
  • On the bond market, the Rizzo Farrugia MGS Index closed in positive territory for the third successive session with another 0.1% rise to 988.171 points as the Central Bank of Malta again raised the indicative bid prices of the medium and long term Malta Government Stocks.
  • Yesterday, Corinthia Finance plc announced that it has submitted an application to the Listing Authority with respect to a new issue of €7.5 million bonds maturing between 2019 and 2022. The announcement also revealed that the proceeds will be mainly used to partly finance the redemption of the existing €14.6 million 6.75% Corinthia Finance Bonds which are due for redemption on 8 April. The new bond will be issued and traded in lots of €1,000 subject to a minimum of €10,000.
  • Over 447,000 Crimsonwing shares, representing 1.7% of the IT Company’s total share capital, were traded during this morning’s session. The share price remained at the equity’s all-time low of €0.16 with no further bids remaining unsatisfied on the market. Crimsonwing generally publishes an Interim Directors’ Statement in February to update investors on its performance since its half-year end in September. During the first half (covering the period between April and October 2011) of its current financial year, the IT Company registered a 9.5% increase in revenue to a record €7.7 million. Nonetheless, the Company still incurred a loss of €19,346 after it accounted for a number of one-off costs related to the implementation of cost cutting measures and other investments to ensure that the Company remains on track of attaining its target of €20 million in annual revenues. Further details on the half-year results of Crimsonwing available here.
  • BOV failed to hold on to an intra-day high of €2.19 to close 0.5% lower at the €2.17 level on volumes of just below 11,000 shares. Further bids outstanding at the closing price with lowest offers placed marginally higher at €2.175.
  • Following yesterday’s 1.7% drop, a single trade of 20,000 MIA shares was transacted at the €1.71 level during this morning’s session representing a further 0.6% decline. Yesterday, MIA issued a press release stating that it has been ranked as the top airport in Europe across all categories for 2011 in the annual ACI Airport Service Quality (ASQ) passenger survey for the second consecutive year. The airport operator is scheduled to publish its 2011 full-year results on 22 March.
  • An insignificant trade of 50 Middlesea Insurance shares was executed at the €0.68 level – a new 52 week low. Middlesea is scheduled to publish its 2011 full-year results on 28 February.

 

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