Daily Market Highlights (07.07.10)

  • Local equity market back into positive territory. MSE Share Index closes minimally higher this morning at 3,343.321 points as the decline in BOV was offset by the increases in the share prices of HSBC and Middlesea. Meanwhile GO and MIA close unchanged. Download a copy of today’s Equity Market Summary.
  • In the corporate bond market, the recently listed 5.35% Izola Bank plc Secured Notes 2015 advance by 50 bp to a new 2010 high of 100.50% on volumes of €10,000 (nominal). Continued high volumes registered in the 8% BOV USD 2010 bond reaching €565,500 (nominal). The bonds closed unchanged at 101%. The Malta Stock Exchange this afternoon announced that the amount of outstanding BOV Dollar bonds was reduced by USD103,500 (nominal) to USD36,440,000 following a buy back of these bonds by the Bank.
  • Increased trading activity registered in the 10-year and 20-year Malta Government Stock issues. Over €476,000 (nominal) traded in these three Stocks with both closing at their respective 2010 highs. Most notably the longest dated stock is currently trading 214 basis points over the Central Bank of Malta bid price of 101.86%.
  • Meanwhile, applications in respect of the bond issue by Mediterranean Investments Holding plc are being accepted up to tomorrow 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.
  • Back to the equity market, BOV eased marginally lower to the €3.005 level across six trades totalling to 8,152 shares. Few other bids unsatisfied at the closing price whilst lowest offers still pitched at the €3.10 level.
  • Meanwhile, HSBC edges minimally higher to close at the €2.831 level on a miniscule trade of 400 shares. Bids remain unsatisfied at the closing price with lowest offers in the market at the €2.88 level.
  • Following yesterday’s 6.5% jump, the share price of Middlesea Insurance increases by a further 2.7% to close at yet another 2010 high of €1.15. Higher volumes of over 24,000 shares change hands today
  • GO and MIA close unchanged. A single trade of 773 GO shares transacted at the €1.85 level while eight trades amounting to 11,450 MIA shares transacted at the €1.58 level.
  • On Monday, 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.

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