Daily Market Highlights (06.11.09)

  • MSE Share Index edges 0.8% higher during the final session of the week as the positive performances of HSBC, IHI and GO outweigh drops in BOV, Lombard and Middlesea. The local equity market closes the week 3.8% higher at €3,242.532 points on sharp gains in BOV (+9%) and most of the largers caps. Download a copy of today’s Equity Market Summary.
  • Yesterday afternoon the Treasury established the prices for the new Malta Government Stocks as follows: (i) 3.6% MGS 2013 (IV) FI at 100.75% for every €100 nominal giving a yield to maturity of 3.393% per annum and (ii) 4.6% MGS 2020 (II) at 100.00% (par) for every €100 nominal giving a yield to maturity of 4.6% per annum. With regards to the Floating Rate Malta Government Stock 2015 (V) linked to the 6-month Euribor, the Treasury will announce the initial interest rate on Monday 16 November 2009. Further details and application forms available here.
  • Last week 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 in negative territory for the third consecutive session as the equity turns ex-dividend. Share price slips a further 1% to close at the €3.76 level after recovering from an intra-day low of €3.605. Volumes decline to 13,435 shares during this morning’s session. Despite the recent declines, BOV ends the week as the best performing equity with a 9% increase following last week’s full-year results publication. The September 2009 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) and a 1 for 4 bonus issue subject to approval at the forthcoming Annual General Meeting scheduled for 16 Decmeber. Further details of results available here.
  • Meanwhile HSBC edges minimally higher to close at the €2.85 level helping the equity register a 3.7% weekly rise. Volumes of 27,570 shares traded today with  further offers remaining unsatisfied at the closing price.
  • IHI jumps 6.3% to regain the €0.85 level on volumes of just below 13,500 shares. Equity ends the week 3.7% higher with further bids outstanding at the last trade price and lowest offers now pitched at the €0.899 level.
  • GO also trades 0.6% higher to close at the €1.66 level on five trades totalling 7,250 shares. Equity rose 1.8% up during the last five sessions.
  • Middlesea Insurance sheds a further 3.9% to close at a fresh all-time low of €1.25 ahead of the Extraordinary General Meeting scheduled for Friday 20 November. During the forthcoming meeting shareholders will be asked to approve a number of resolutions including a rights issue. Further details available here. Middlesea’s share price ends the week 21.9% lower.
  • Lombard’s share price retreats 1.9% to the €2.65 level on volumes of 2,476 shares. Despite today’s downturn the equity still records a 6% weekly increase on renewed positive sentiment in the banking sector.
  • FIMBank again closes unchanged at the US$1.14 level after touching a low of US$1.10. Lat Wednesday FIMBank announced that it signed an agreement for the setting up of a factoring joint venture in India together with Punjab National Bank, Banca IFIS and Blend Financial Services Ltd. Further details available here.
  • MIA and MaltaPost also close unchanged. 5,700 MIA shares trade again at the €2.20 level, helping the equity post a weekly gain of 4.7%. The postal operator closes today’s session unchanged at the €0.60 level on volumes of 6,838 shares to end the week 7.8% lower.

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