Daily Market Highlights (03.11.09)

  • MSE Share Index rises a further 1.8% to close at a fresh 2009 high of 3,278.013 points (a level last seen in September 2008) as BOV’s share price continued to rally following last Friday’s positive results announcement. HSBC and GO also trade higher whilst IHI shed 2.4%. 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. Offer prices of these issues 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 2009 / 2012 will be given allocation preference. Further details, application form and prospectus available here.
  • BOV rallies for the second consecutive session as investors react to last Friday’s positive results. Following yesterday’s 6.4% jump, BOV surged by a further 6.9% to close at a fresh 2009 high of €3.925 after easing from its limit up price of €3.927. Increased volumes of 37,512 shares traded today with a few bids at the €3.90 level whilst further offers remaining unsatisfied at the closing price. 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 gross 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.
  • HSBC’s share price again  inched by positive sentiment in BOV. Equity rises 1.9% to regain the €2.95 after touching an intra-day high of €2.99. Just over 18,000 shares exchanged today with further offers outstanding at the last traded price whilst best bids pitched at the €2.91 level.
  • GO edges 1.2% higher to regain the €1.65 level on three trades totalling 4,000 shares. Further bids in the market at the close with lowest offers now placed at the €1.65 level.
  • Meanwhile IHI shaves 2.4% to drop to €0.80 on volumes of 10,100 shares. Best bids placed at €0.766 whilst lowest offers now pitched at the €0.81 level. Last Wednesday IHI announced that it has increased its shareholding in NLI Holdings Limited from 37.04% to 50%. NLI Holdings Limited is the company owning the London property comprising the former Metropole Hotel on Northumberland Avenue and 10 Whitehall Place. Further details on the London project available here.
  • A single trade of 500 Middlesea Insurance shares transacted at the all-time low of €1.30, unchanged form the previous close. Best bids now placed at €0.99 with further offers remaining unsatisfied at the closing price.
  • Lombard and MaltaPost also remained unchanged. Lombard maintains the €2.55 level on 4,478 volumes whilst 2,000 MaltaPost shares trade at the €0.65 level.

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