Daily Market Highlights (06.07.10)

  • Further declines recorded in the local equity market amid weak volumes. MSE Share Index shaves another 0.2% to close at 3,341.077 points as the declines in GO, MIA and MaltaPost offset the recovery in BOV and Middlesea. Increased trading activity reported in bonds amounting to €1.6 million. Download a copy of today’s Equity Market Summary.
  • BOV regains some of yesterday’s 1.6% drop by gaining 0.4% today to close at the €3.011 level. Only 2,379 shares traded today with few other bids unsatisfied at the closing price. Meanwhile, HSBC failed to trade today with best bids minimally below the last closing price of €2.83 whilst lowest offers pitched at the €2.88 level.
  • Middlesea Insurance trades higher. Equity jumped 6.5% to a new 2010 high of €1.12 on low volumes of 2,000 shares. Further bids unsatisfied at the last traded price whilst lowest offers still pitched at the €1.15 level. Share price is now 86.7% higher than the equity’s all time low of €0.60 last touched on 9 December 2009.
  • On the other hand, GO closed 4.2% lower at the €1.85 level after recovering from an 8-month low of €1.801. Just over 1,000 shares exchanged today with best bids now placed at €1.825 whilst lowest offers in the market at the €1.93 level.
  • MIA also shed 2.5% to close at the €1.58 level across two trades totalling 2,000 shares. Further bids outstanding at the close price whilst lowest offers now pitched at the €1.609 level.
  • MaltaPost slumped 5.6% back to the €0.85 level on two trades totalling just over 2,000 shares. Few other bids remained unsatisfied at the closing price whilst lowest offer still placed at the €0.90 level.
  • Yesterday Tumas Investments plc announced the allocation policy with respect to the recent bond issue. The Company received 4,436 applications for a total value of just under €43 million. The 1,109 applications received from preferred applicants will be accepted in full. With respect to the other 3,327 applications submitted in the general public offering the first €4,000 will be met in full whilst only 5.312% of the balance (rounded to the nearest hundred) will be accepted. Refunds will be paid by not later than next Friday 9 July. Further details available here.
  • Meanwhile, applications in respect of the MIH Bond Issue are being accepted up to Thursday 8 July to participate in the preferred application and Preplacement stage. The general public offer will open next Monday 12 July. This seven year bond is being issued in three currencies – euro, US Dollar and Sterling. Further details available here.

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