Daily Market Highlights (04.02.10)

  • Local equity market in negative territory for the ninth consecutive session with the MSE Share Index sliding back below the 3,800 mark. MSE Share Index declines 0.7% today to close at 3,779.943 points mainly as 6 of the 10 active equities close lower. Download a copy of today’s Equity Market Summary.
  • On Tuesday 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.
  • Preplacement for €10 million Grand Harbour Marina plc bond issue to take place next Monday 8 February. The 7% 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. GHM’s share price sheds a further 0.5% today to €1.87 on low volumes of 1,900 shares.
  • On Monday, 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.
  • For the third time this week BOV slips 1.5% lower to close today’s session at the €3.25 level. Over 25,000 shares exchanged today. Best bids now placed at the €3.20 level whilst few other offers remain unsatisfied at the closing price. Last Friday the Bank published its Interim Directors’ Statement explaining that the operating profit for the three months ended 31 December 2009 has been satisfactory. However the Directors stated that BOV expects to report a negative charge with respect to the financial performance of its associate company, Middlesea Insurance plc. 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.
  • After closing unchanged at the €3.90 level for the past four sessions, HSBC eases 0.3% lower to the €3.89 level. Low volumes of 1,425 shares exchanged today with offers already placed lower at the €3.877 level. On Tuesday HSBC announced that its Board of Directors is scheduled to meet on 22 February to consider and approve the Group’s 2009 annual financial statements and also consider the declaration of a final dividend to be subsequently approved at the next Annual General Meeting.
  • GO eases marginally lower to close at €2.275 after again recovering from an intra-day low of €2.25. Seven trades amounting to 10,700 shares transacted today with best bids now at €2.26 and further offers remain unsatisfied at the closing price. This morning GO announced that its Chairman Mr. Sonny Portelli has tendered his resignation with effect from 10 March 2010 and will be replaced by Mr. Deepak Padmanabhan, a Director of GO since 2006. Further details available here.
  • Lack of demand for MIA shares above the €3.00 level sends the equity 6.2% lower to a close of €2.90. Only 498 shares change hands this morning with further bids at the last traded price whilst lowest offers now pitched at the €3.04 level.
  • Middlesea trades unchanged at the €0.73 level on low volumes of 2,460 shares. Bids amounting to 13,500 shares already placed higher in the market at €0.74 whilst lowest offers still pitched at the €0.79 level. Middlesea will be holding an Extraordinary General Meeting on 16 March 2010.
  • MaltaPost also in negative territory as the equity trades for the first time since going ex-dividend. Share price slumps 6.1% to the €0.75 level on high volumes of over 26,000 shares. Best bids still in the market at €0.70 whilst lowest offers now placed at the €0.76 level. On 21 January the postal operator published its September 2009 results showing a 10% increase in pre-tax profits to €3.2 million. Further details of results available here.
  • Single trades executed in FIMBank and Plaza Centres. FIMBank reverses yesterday’s 0.9% decline as its share price regains the US$1.18 level on 1,000 shares. The trade finance specialist is scheduled to publish its 2009 accounts on 16 March 2010. Meanwhile 500 Plaza shares trade unchanged at the €1.69 level.
  • Datatrak share price continues to recover from its recent lows. Equity advances by a further 2.6% to regain the €0.20 level also on a single trade of 2,000 shares.

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