Daily Market Highlights (01.12.09)

  • MSE Share Index slips a further 0.2% to 3,323.281 points as IHI’s 6.3% drop offset the gains in HSBC (+2.3%) and BOV (+0.3%). Subdued trading activity persists following last week’s news on Dubai. Meanwhile global stockmarkets post strong gains on reduced concerns of the Dubai contagion effect as Dubai is set to have initiated talks with its lenders to restructure US$26 billion of debt. Download a copy of today’s Equity Market Summary.
  • Mizzi Organisation Finance yesterday evening announced the allotment policy with respect to its recent bond issue. The Company received a total of €55,975,000 and as a result of the heavy oversubscription it exercised the over allotment option increasing the bond issue to €30 million. Applications from Mizzi Applicants and existing bondholders were met in full. Following the 20.4% acceptance at the pre-placement stage, Mizzi Organisation Finance announced that a minimum of €600 to each Applicant at the General Public Offer stage is being allotted together with 1.04% of the balance rounded to the nearest €100 nominal. Interest on the Bonds will start to accrue today whilst refunds will be made by not later than Monday 7 December 2009. Further details of allotment available here.
  • HSBC continues to recover from last Friday’s 5.9% plunge as the share price jumps a further 2.3% to regain the €3.15 level. Four trades amounting to 4,350 shares transacted this morning with best bids still pitched at the €3.08 level whilst further offers remain unsatisfied at the closing price.
  • BOV also in positive territory as the share price closes 0.3% higher at €3.77 after easing from an intra-day high of €3.80. Low volumes also in BOV of only 3,600 shares with few bids at €3.76 whilst further offers outstanding in the market at the last trading price. Yesterday, BOV published the agenda for the forthcoming Annual General Meeting scheduled for 16 December. Amongst the resolutions, shareholders will be asked to approve the final gross dividend of €0.215 per share and a 1 for 4 bonus issue.
  • IHI slumps a further 6.3% to the €0.75 level, just 2.7% higher than the equity’s 2009 low of €0.73. IHI is 33% owned by Nakheel and no official announcement has yet been made whether the news surrounding Dubai World could impact the shares owned by Nakheel. Just over 8,500 shares exchanged today with further bids at the closing price whilst lowest offers still at the €0.82 level.
  • Middlesea eases by a further 1.5% to a fresh all-time low of €0.64 on volumes of 7,285 shares. Best bids still in the market at €0.60 whilst further offers still unsatisfied at the closing price. Rights Issue subscription period closes on 14 December. Further details available here.
  • GO closes unchanged at the €1.939 level on two trades amounting to 2,000 shares. Best bids still placed at €1.90 whilst lowest offers now pitched at the €1.94 level. GO today announced that it has secured exclusive local broadcasting rights for England’s Premier League for the three football seasons 2010/11, 2011/12 and 2012/13.
  • FIMBank also trades unchanged at the US$1.11 level on volumes of just under 2,500 shares. The trade specialist’ equity continues to trade around its 2009 low despite the recent announcements revealing new factoring joint-ventures in Russia and India.

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