Daily Market Highlights (06.04.10)

  • MSE Share Index back into negative territory as it falls by 0.4% to close below the 3,600-point level following declines in Lombard, Middlesea and FIMBank. Meanwhile BOV edges minimally higher while the other 4 active equities close unchanged. Download a copy of today’s Equity Market Summary.
  • BOV recovers from an intra-day low of €3.29 to close at the €3.33 level – marginally higher than the previous close. Over 18,000 shares exchanged today with further 2,700 shares on offer at the closing price.
  • Meanwhile HSBC closes unchanged at the €3.248 level on very low volumes of 500 shares. HSBC is scheduled to hold its Annual General Meeting next Thursday 8 April.
  • Significantly high volumes amounting to over 235,000 FIMBank shares traded today. Equity slumps 7% lower to a new 54-month low of US$1.07. No bids in sight with lowest offers now placed at the US$1.10 level.
  • Lombard ends lower for the second consecutive session as its share price sheds 1.7% to close at a fresh 2010 low of €2.93. Three trades amounting to just 2,700 shares transacted this morning with lowest offers now placed at the €2.95 level. The recently declared €0.10 gross dividend per share will be paid on 30 April subject to approval from shareholders at the next Annual General Meeting.
  • Middlesea also eases 2.7% lower to close at €0.73 over 2,500 shares. Further bids remain unsatisfied at the closing price whilst lowest offers still pitched at the €0.75 level. Last week the insurance company announced that on 30 March the Italian Insurance Regulator (ISVAP) placed Progress Assicurazioni SpA in Compulsory Administrative Liquidation following the statutory 60 days of provisional administration declared on 11 February 2010.
  • GO again closes unchanged at €2.18 despite still trading with the entitlement to the final gross dividend of €0.154 per share. 2,000 shares traded today with further offers outstanding at the closing price. Last Thursday, GO announced that Forgendo Limited (the joint venture company between GO and Emirates International Telecommunications) increased its shareholding in Forthnet S.A. through an acquisition of a further 4,316,931 shares for a total consideration of €4.7 million, equivalent to €1.08 per share. Following this additional purchase, Forgendo’s equity stake in Forthnet has increased to 39.9%.
  • High volumes of over 56,600 shares traded in MaltaPost. The postal operator trades unchanged at the €0.75 level with best bids still at €0.70 whilst lowest offers now pitched at the €0.76 level.
  • MIA maintains the €3.10 level on volumes of 4,000 shares. Best bids now pitched at the €3.001 whilst lowest offers still in the market at the €3.20 level.
  • Simonds Farsons Cisk yesterday announced that it has submitted an application to the Listing Authority requesting the approval of a new 10-year €15 million unsecured and unsubordinated bond issue. The proceeds will be used to finance the redemption of the existing 6.6% Bonds and to satisfy the general requirements of the Farsons Group including the construction of a new brewhouse. Further details available here. Simonds Farsons Cisk is expected to publish its financial results for the year ended 31 January 2010 on 14 April.
  • Last Thursday IHI announced the allocation policy with respect to its recent €25 million 2017-2020 bond issue. Further details available here. Equity inactive today as best bids in the market at €0.80 whilst lowest offers outstanding at the last closing price of €0.85.
  • Premier Capital plc also announced the allocation policy with respect to its recent bond issue last Thursday. Premier Capital received a total of €35.94 million from 3,713 applications – €10.94 million in excess of the maximum aggregate amount on offer. During the pre-placement stage amounts received totalled €35.02 million for the €12.5 million reserved portion. Due to the heavy oversubscription, the Issuer only satisfied circa 35.7% of the amount applied. Meanwhile, a further €23.4 million were received during the General Public stage for the remaining balance on offer of €12.5 million. As a result, Premier announced that the first €3,000 will be allotted in full whilst it will only satisfy 28% of any remaining balance. Interest on the 6.8% Bonds started to accrue as from 1 April 2010. The Bonds are expected to be admitted to the Official List of the Malta Stock Exchange on Monday 12 April with trading expected to commence on the following day. Further details available here.

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