Daily Market Highlights

Feb 19, 2010


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  • MSE Share Index remains practically unchanged at 3,837.069 points as heavyweights HSBC and GO together with MIA and GlobalCapital trade lower. Meanwhile BOV and MaltaPost edge higher. Despite the downturn in the last two sessions of the week, the Index still closed 0.3% higher this week. Download a copy of today’s Equity Market Summary.
  • Existing bondholders of the maturing 6.5% Corinthia Finance bonds are required to submit their application to roll-over their investment into the new bonds on offer by Thursday 25th February. Meanwhile the Intermediaries Offer for the bonds not taken up by preferred applicants will take place on 1 March. Further details of this bond issue is available here.
  • All subscriptions now closed for the new Malta Government Stock issues. The Treasury is shortly expected to publish results.
  • Yesterday evening Grand Harbour Marina announced the allotment policy with respect to its recent bond issue. The company received a total of €21.71 million across 2,262 applicants and as a result of the heavy oversubscription it exercised the over-allotment option increasing the bond issue to €12 million. As a result applications had to be heavily scaled down. Further details on the allocation policy available here. Interest on the Bonds started to accrue as from 18 February whilst refunds will be made by not later than Thursday 25 February. The Bonds are expected to commence trading on Monday 1 March. Meanwhile, 1,500 shares changed hands at €1.87 today for the equity to close the week as the best performer following the 7.5% recovery registered in the previous two sessions.
  • BOV’s share price edges 0.2% higher to close at the €3.498 level ending a positive week for the shres (+2.9%). Just under 11,800 shares exchanged today with further shares on offer at the closing price. Last Friday BOV also announced that it was granted approval by the MFSA to issue €50 million 4.8% Subordinated Bonds with an over-allotment option of another €20 million. The Subordinated Bonds will be issued at par and will mature in 2020. The Bank also confirmed that preferential allocation will be given to the Bondholders of the maturing 6.15% Subordinated Bonds redeemable on 15 March 2010. Further details available here.
  • HSBC also closes the week in positive territory (+0.2%), as the share price recovers from an intra-day low this morning to close at the €3.858 level. Almost 7,200 shares traded today ahead of the 2009 full-year results publication next Monday 22 February. HSBC will also announce a final dividend next Monday for shareholders as at close of trading on Monday 1 March.
  • GO also eases marginally lower to close at the €2.29 level on a single trade of 4,000 shares. Best bids still placed at €2.27 whilst lowest offers now pitched at the €2.295 level. Equity ends the week 0.4% lower.
  • MIA slips 1.6% lower back to the €3.00 level on low volumes (2,230 shares). Local media today reported that according to the Airport Service Quality Survey 2009 of the Airport Council International (ACI),  MIA has been classified as the fourth best airport in Europe overall. The local airport has also been classified as the third best in Europe for its shopping facilities following the recent improvements which were made last year – most notably the expansion of the retail area. An ACI Director explained that airports had to balance tight budgets with high customer expectations for service excellence. The results of the survey helped identify the leaders that met these challenges and revealed those airports which continued to invest and focus on customer services despite falling traffic numbers.
  • Meanwhile, MaltaPost edges 0.7% higher to close at the €0.775 level on significantly diminished volumes of 1,227 shares. Equity registers a 3.3% weekly increase following last Monday’s Interim Directors’ Statement publication. The Directors commented that during the first few months of their 2009/10 financial year, the company managed to achieve the same level of turnover as that recorded in the comparable period while operating profitability remains in line with that forecasted at the beginning of the company’s financial year. Moreover the business strategy of the Company is to enhance stakeholder value on an ongoing basis through continuous cost controls and process improvement. Furthermore the Directors reassured investors that the financial fundamentals of the company remain strong. Further details available here.
  • Single trades transacted in Middlesea and GlobalCapital. 2,000 Middlesea shares trade unchanged at the €0.75 level for the equity to also close the week unchanged despite last week’s announcement regarding the closure of the Group’s subsidiary Progress Assicurazioni (details available here). Meanwhile GlobalCapital trades 0.3% lower to the €1.895 level on just 700 shares as it trades for the first time this week.
  • A single trade of 1,000 Santumas Shareholdings shares executed this morning at the €2.60 level, unchanged from the previous close.