Daily Market Highlights (01.04.10)

  • After three sessions of declines, the local equity market moves back into positive territory. MSE Share Index rises 0.8% to close at 3,576.006 points as the two big banks’ trade higher. Meanwhile Middlesea and MaltaPost close unchanged. Index ends this shortened week minimally lower as the drop in HSBC and MIA offset BOV’s 1.5% rise. Download a copy of today’s Equity Market Summary.
  • BOV’s share price rise by 1.2% to regain the €3.33 level. Over 11,000 shares exchanged today with best bids now placed at €3.28 whilst offers already placed marginally below the last closing price.
  • HSBC also edges 1.5% higher to close at the €3.248 level on two trades amounting to 4,500 shares. Best bids now placed at the €3.20 level whilst further offers remain unsatisfied at the closing price. Despite today’s upturn, equity closes this week 1% lower ahead of its Annual General Meeting on 8 April 2010.
  • Middlesea trades unchanged at the €0.75 level on volumes of over 2,600 shares. Best bids still placed at €0.73 whilst further offers remain outstanding at the closing price. This morning the Insurance Group announced that on 30 March the Italian Insurance Regulator (ISVAP) placed Progress Assicurazioni SpA in Compulsory Administrative Liquidation following the statutory 60 days of provisional administration declared on 11 February 2010.
  • MaltaPost closes unchanged at the €0.749 level for the third successive session. A single trade of 1,000 shares transacted this morning with best bids still pitched at €0.70 whilst few other offers remain unsatisfied at the closing price.
  • Simonds Farsons Cisk today announced that its Board of Directors is scheduled to on 14 April to consider and approve the Group’s financial results for the year ended 31 January 2010. The Directors will also consider the declaration of a final dividend to be recommended to the next Annual General Meeting.
  • This morning Premier Capital plc announced the allocation policy with respect to its recent bond issue. The Group stated that it received a total of €35.94 million from 3,713 applications – €10.94 million in excess of the maximum aggregate amount on offer. During the pre-placement stage amounts received totalled €35.02 million for the €12.5 million reserved portion. Due to the heavy oversubscription, the Group only satisfied circa 35.7% of the amount applied. Meanwhile, a further €23.4 million were received during the General Public stage for the remaining balance on offer of €12.5 million. As a result, Premier announced that the first €3,000 will be allotted in full whilst it will only satisfy 28% of any remaining balance. Interest on the 6.8% Bonds will start accruing as from today 1 April 2010. The Bonds are expected to be admitted to the Official List of the Malta Stock Exchange on Monday 12 April with trading expected to commence on the following day. Further details available here.
  • Last week IHI announced the closure of its €25 million 6.25% bond issue due to over-subscription. These bonds were raised to fund the redemption of the €11.6 million 5% convertible bonds issued in 2000 and due to mature on 29 May 2010 and to fully repay an outstanding loan amounting to €12 million with an international bank. The allocation policy is expected to be issued at any moment. Equity remains inactive with best bids at €0.781 and lowest offers still pitched at the €0.82 level.

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