Rizzo, Farrugia & Co. (Stockbrokers) Ltd. - Malta

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Daily Market Highlights (16.11.09)

  • After last week’s 2.3% increase, the MSE Share Index retreats by 0.6% from its 2009 high during this morning’s session as declines in HSBC, IHI and MSI offset gains in GO and Lombard. Meanwhile BOV and FIMBank trade unchanged. Download a copy of today’s Equity Market Summary [1].
  • Subscriptions for the €25 million Mizzi Organisation Finance plc bond issue open this week. Preferred applicants must submit their applications by Thursday 19 November whilst pre-placement applications for a minimum of €10,000 will be accepted until Friday 20 November. The 10-year bonds have a coupon of 6.2% per annum. The Issuer reserves the right to increase the amount up to a further €5 million in the event of over-subscription. Existing holders of the 6.7% Mizzi bonds 2009-2012 will be given preferential allocation. Further details, application form and prospectus available here [2].
  • Last Friday evening, the Treasury announced that it received a total of 1,720 applications for the three new Malta Government Stocks for a value exceeding €168 million. The Treasury announced that it allotted a total of €100 million (nominal) as follows: €25.5 million in the 3.6% MGS 2013 (IV) FI, €44.7 million in the 4.6% MGS 2020 (II) and €29.8 million in the Floating Rate MGS 2015 (V). Further details available here [3].
  • Volatile session for HSBC as the share price touches its 2009 high of €3.00 before slipping back to the €2.98 level, representing a 0.3% decline from the previous close. Over 13,300 shares exchanged today with further bids at the closing price whilst lowest offers placed at the €3.00 level. Last Friday the Bank issued its Interim Directors’ Statement stating that the performance in the third quarter to 30 September 2009 was satisfactory despite the difficult trading conditions. HSBC Malta’s CEO Alan Richards stated that the Group is encouraged by HSBC’s performance during the third quarter of 2009. Further details available here [4].
  • IHI sheds 3.5% to close at the €0.82 level on volumes of 10,263 shares. Also last Friday, the Group issued its Interim Directors’ Statement revealing that the current global recession continued to negatively impact the hospitality industry resulting in lower returns from the Group’s properties (to different degrees) than those achieved in 2008. Moreover the Directors indicated that the operating performance for the second half of 2009 appears to follow the same pattern established in the first six months. Further details of announcement available here [5].
  • BOV maintains last weeks 1.1% increase as 3,150 shares change hands at the €3.80 level. Best bids still pitched at the €3.75 level with further offers outstanding at the last traded price. During the forthcoming BOV Annual General Meeting scheduled to take place on 16 December the final gross dividend of €0.215 per share and the 1 for 4 bonus issue will be put forward for shareholders’ approval. Details of September 2009 full-year results available here [6].
  • GO continues to build on last week’s 3.6% increase as the share price edges a further 0.6% higher to regain the €1.73 level after recovering from an intra-day low of €1.71. Twelve trades amounting to 16,500 shares effected today with best bids now placed at €1.72 whilst lowest offers pitched at the €1.74 level.
  • Lombard also continues to rise following last week’s 3.8% gain. Equity jumps a further 1.8% to close at the €2.80 level – marginally below its 2009 high of €2.83. 3,200 shares change hands during this morning;s session with best bids at the €2.505 level and further offers remaining unsatisfied at the closing price.
  • FIMBank trades unchanged at the US$1.145 level. This morning FIMBank also revealed details of its new factoring joint venture in Russia between FIMFactors (a fully owned subsidiary of FIMBank plc), Transcapitalbank and the International Finance Corporation (IFC). The new factoring business in Russia will be incorporated under the name FactorRus with an initial capital of US$10 million and held by CIS Factors Holding Company BV. Further details of the new joint venture available here [7].
  • Meanwhile Middlesea sheds a further 0.8% to close at a fresh all-time low of €1.24 ahead of next Friday’s Extraordinary General Meeting. During the meeting shareholders will be asked to approve a number of resolutions including a rights issue – details of which are still to be announced. Only two trades amounting to 913 shares transacted this morning.

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URLs in this post:

[1] Equity Market Summary: http://rizzofarrugia.com/wp-content/uploads/Equity-Market-Summary-16.11.09.pdf

[2] here: http://rizzofarrugia.com/news-events/2009/new-bond-issue-mizzi02/

[3] here: http://rizzofarrugia.com/news-events/2009/results-of-malta-government-stock-issues-mgs03/

[4] here: http://rizzofarrugia.com/news-events/2009/interim-directors-statement-01/

[5] here: http://rizzofarrugia.com/news-events/2009/interim-directors-statement-ihi02/

[6] here: http://rizzofarrugia.com/news-events/2009/full-year-results-bov02/

[7] here: http://rizzofarrugia.com/news-events/2009/joint-venture-in-russia-02/