Daily Market Highlights (07.10.10)

  • Yet another negative day for local equities as the MSE Share Index sheds a further 1% to drop back to 3,349.381 points – marginally above its 2010 low. Today’s negative performers were BOV, IHI and Farsons which offset the increases in HSBC and GO. Meanwhile MaltaPost unchanged at the €0.90 level. Download a copy of today’s Equity Market Summary.
  • On the bond market, marginal changes in Malta Government Stock prices. The 20-year MGS trades above the 104% level. Meanwhile the European Central Bank (ECB) this afternoon announced that it will maintain its central intervention rate at the historic low 1% for the seventeenth consecutive month. However the ECB stated that it might start to tighten its quantitative easing as the EU economic outlook is improving.
  • BOV again reverses some of its recent gains as the equity ends today’s session at the €3.26 level representing a 0.5% decline from the previous closing price. Fourteen trades amounting to just over 12,900 shares transacted with few other offers unsatisfied at the closing price.
  • On the other hand HSBC edges 0.2% higher to the €2.805 level on volumes of 4,300 shares. Another 600 shares on offer at the last traded price whilst best bids now pitched at the €2.801 level.
  • IHI slumps 5.9% back to the €0.80 as the equity is active for the first time this week. Over 56,300 shares change hands today with no bids in sight and lowest offers now pitched at the €0.85 level.
  • Simonds Farsons Cisk plc also sheds 3.4% to drop back to €1.73 – the lowest level since April – as interim results fail to support equity. A single trade of 1,390 shares executed this morning with best bids still placed at €1.70 whilst lowest offers pitched at the €1.739 level.  The July 2010 interim results showed a 19.4% increase in profitability to €2.2 million on the back of increased revenue. Further details available here.
  • Meanwhile GO edges 1.1% higher to €1.85 after recuperating from an intra-day low of €1.80 across five trades amounting to 5,495 shares. Best bids now placed at €1.80 whilst lowest offers still pitched at the €1.88 level.
  • Details of FIMBank’s upcoming €25 million 4.25% bond issue available here. Copy of prospectus also available.
  • Earlier this week, Bay Street Finance plc announced that it will be writing to all holders of its 8% Bonds inquiring whether such investors would wish to sell their Bonds back to the Company at the price of 102%. This offer is valid for a 1 month period between 15 October 2010 and 15 November 2010. Further details on this offer is available here.

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