Daily Market Highlights (02.11.09)

  • MSE Share Index jumps 3% to 3,218.599 points (just 31 points below the 2009 high) on the back of BOV’s positive results published last Friday. The share prices of the two big banks and MIA increase sharply offsetting the 18.8% drop in Middlesea’s equity. Lombard and IHG Holdings also trade higher, GO closes unchanged with MaltaPost easing minimally lower. Download a copy of today’s Equity Market Summary.
  • Last Friday the Treasury announced the issue of 3 new Malta Government Stocks for a total aggregate amount of €80 million subject to an over-allotment option of up to a further €20 million. The 3 new stocks are: (i) 3.6% MGS 2013 (IV) (Fungible Issue), (ii) 4.6% MGS 2020 (II) and a (iii) Floating Rate% MGS 2015 (V) available only by tender for a minimum of €250,000. Respective prices will be announced next Thursday 5 November. Further details available here.
  • Also last Friday Mizzi Organisation Finance plc announced a €25 million bond issue at a coupon of 6.2% per annum. The bonds have a final maturity date of 30 November 2019 and 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 will be given allocation preference. Further details, application form and prospectus available here.
  • BOV’s share price surges limit up to €3.671 (a fresh 14-month high) following last Friday’s positive full-year results. The results showed a pre-tax profit of €81.8 million, representing an increase of over 100% compared to the Group’s profitability in the previous financial year. The Directors recommended a final dividend of €0.215 per share (Sep 08: €0.0563) to shareholders as at the close of trading on Thursday 5 November. The Directors also announced a 1 for 4 bonus issue. Further details of results available here. Just under 11,700 shares exchanged today with further bids of 32,271 shares outstanding at the close price whilst lowest offers now placed at the €3.72 level.
  • HSBC benefits from the positive sentiment surrounding BOV shares. Equity jumps 5.3% to €2.894 on also increased volumes of 23,639 shares. Few other bids in the market at the last trade price with lowest offers now at the €2.90 level.
  • MIA traded 4.7% higher to close at the €2.20 level on volumes of 15,000 shares. Best bids now at €2.15 whilst further offers remain unsatisfied at the closing price.
  • Meanwhile Middlesea Insurance slumps 18.8% to a new all-time low of €1.30 as BOV’s results again highlighted the difficulties being faced by Progress which ultimately is impacting the Middlesea Group. Six trades totalling 2,300 shares transacted today with no further demand in the market and other offers remaining unsatisfied at the €1.30 level.
  • Lombard and IHG Holdings also close in positive territory. Lombard edges 2% higher to close at the €2.55 level on 3,800 shares with IHG closing 1% higher at €1.01 on a single trade of just 500 shares.
  • GO closes unchanged at the €1.63 level for the fourth consecutive session. Similar to previous sessions the equity recovered from an intraday low of €1.60. Increased volumes of 10,600 shares with further bids outstanding at the closing price and lowest offers now placed at the €1.645 level.
  • MaltaPost eases from an intraday high of €0.665 to close at its 2009 low of €0.65. Only two trades totalling 800 shares transacted this morning with best bids still pitched at the €0.60 level whilst further offers remain unsatisfied at the closing price.

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