Daily Market Highlights (02.02.10)

  • Local equity market in negative territory for the seventh consecutive session as volumes continue to shrink. MSE Share Index eases a further 0.4% this morning to 3,825.658 points on declines in BOV and Middlesea. Meanwhile the other three active equities closed unchanged. Download a copy of today’s Equity Market Summary.
  • This morning the Treasury announced the issue of 3 new Malta Government Stocks for a total aggregate amount of €100 million subject to an over-allotment option of up to a further €50 million. Two of the new stocks are the 3.75% MGS 2015 (VI) and the 4.6% MGS 2020 (II) (Fungible Issue) both at a price to be determined on Thursday 11 February. The Government is also issuing a Floating Rate bond which matures in 2013 but is only available by tender and subject to a minimum of €250,000. Further details on these new stocks available here.
  • Last week Grand Harbour Marina plc announced a €10 million bond issue at a coupon of 7% per annum. The bonds have a final maturity date of 25 February 2020 but may be redeemed anytime between 25 February 2017 and 25 February 2020. The Issuer also reserves the right to increase the amount up to a further €2 million in the event of over-subscription. Further details on the bond issue available here.
  • Yesterday, Corinthia Finance plc announced that it has submitted an application to the Listing Authority to offer a new bond of €15 million which matures in 2019 but may be redeemed earlier between 2016 and 2019. The new Bond will be guaranteed by Corinthia Palace Hotel Company Limited and will be fungible with the existing 6.25% Corinthia Finance 2019 Bonds. Further details of this bond issue is available here.
  • BOV opens higher at the €3.398 level but fresh sell orders push the share price down to €3.35, representing a 1.5% drop from the previous close. Just under 10,900 shares change hands today with few other bids outstanding at the close price and lowest offers now placed at the €3.36 level. Last Friday the Bank published its Interim Directors’ Statement covering the period from the start of their 2009/10 financial year on 1 October 2009. The Directors stated that the operating profit for the three months ended 31 December 2009 has been satisfactory. The Directors warned that on the basis of Middlesea’s Rights Issue Prospectus published on 20 November 2009 and the subsequent announcement revealing a deteriorating situation at the Group’s Italian subsidiary Progress Assicurazioni, BOV expects to report a negative charge with respect to the financial performance of its associate company. On the Balance Sheet side the Bank maintained strong liquidity and capital ratios. In conclusion, the Directors announced that the Bank will soon approach the market with a new bond issue. Further details available here.
  • Meanwhile HSBC closes unchanged at the €3.90 level for the third successive session. 11,300 shares trade this morning with best bids still at the €3.75 level and further offers remaining unsatisfied at the closing price. HSBC is shortly expected to publish its 2009 full-year results and declare a final dividend to shareholders.
  • Middlesea continues to trade lower erasing some of its recent gains. Equity slumps a further 3.7% to drop back to the €0.78 level on low volumes of 4,500 shares. Offers already placed lower at €0.765 whilst best bids now at the €0.755 level. Middlesea will be holding an Extraordinary General Meeting on 16 March 2010.
  • Thin volumes persist in Lombard as a single trade of 1,500 shares transacted at the €3.11 level, unchanged from the previous close. Best bids still in the market at €2.99 whilst few other offers remain unsatisfied at the closing price. The Bank is scheduled to publish its 2009 full-year results on 11 March 2010.
  • A single trade of 1,100 shares also executed in Island Hotels Group Holdings at the €1.01 level, unchanged from the previous close. Best bids still placed at €1.00 whilst lowest offers pitched at the €1.07 level. The Group is scheduled to publish its October 2009 full-year results on 22 February. These set of results will be the first since the equity was listed on the Malta Stock Exchange last September.
  • Santumas Shareholdings eases minimally lower to close at the €2.60 level as it trades for the first time in 2010. Over 11,500 shares exchanged this morning with no further bids in the market whilst lowest offers still placed at the €4.659 level.

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