Daily Market Highlights (08.03.10)

  • Following last week’s 0.5% drop, the MSE Share Index edges marginally higher during today’s session to a close of 3,606.553 points. Positive performances of MIA and MaltaPost offset the 0.2% drop in BOV. Meanwhile HSBC, IHI and GO close unchanged. Download a copy of today’s Equity Market Summary.
  • Last week IHI announced the issue of €25 million 6.25% Bonds which mature in 2020 but which may be redeemed early between 2017 and 2020. The proceeds are partly earmarked to fund the redemption of the €11.6 million 5% convertible bonds which mature on 29 May 2010. The balance will be mainly used to fully repay an outstanding loan with an international bank. IHI will be giving preferential allocation to the holders of the 5% convertible bonds. IHI will also be giving preferential allotment to its shareholders and bondholders, together with bondholders of Corinthia Finance plc and Mediterranean Investments Holding plc. Further details available here. Equity closes unchanged today at the €0.80 level on a single trade of 1,500 shares with offers already placed minimally below the last traded price.
  • Premier Capital plc also announced a new bond issue last week. The development licensee of McDonald’s in Malta, Latvia, Lithuania and Estonia is offering €20 million worth of 10-year bonds (with a €5 million over-allotment option) at a coupon of 6.8% per annum in order to continue expanding in the Baltic States and Malta. Further details available here.
  • BOV’s share price edges marginally lower to close at the €3.305 level on low volumes of just under 4,500 shares. Further shares on offer at the closing price with highest bids placed at the €3.285 level. This morning BOV announced that its €50 million subordinated bond issue closed early due to over-subscription. The Bank is expected to announce its allocation policy in the coming days.
  • Meanwhile HSBC closes unchanged at the €3.29 level. Over 11,400 shares change hands today with further bids at €3.29 whilst lowest offers now placed at the €3.38 level.
  • Following last week’s 1.7% rise, MIA’s share price increases a further 1.6% during this morning’s session to close at its 2010 high of €3.10. Increased volumes of over 33,000 shares exchanged today with few other offers remaining unsatisfied at the closing price. Last week it was announced that the Government of Malta reached an agreement for the low-cost airline, Ryanair, to base an aircraft in Malta which will serve additional destinations, namely Valencia, Bologna, Seville, Billund in Denmark, Krakow in Poland and Marseilles. Moreover, shortly after today’s trading session the airport operator published the traffic statistics for February. The statistics show a 6.3% increase in passenger movements during February to 148,497 passengers.
  • Fresh demand for MaltaPost shares sends the share price 1.3% higher to regain the €0.79 level. Volumes of almost 33,000 shares traded today with best bids now placed at the €0.78 level whilst lowest offers now pitched at the €0.793 level. This morning the Malta Stock Exchange announced the admission of 1,440,695 new MaltaPost shares to the Official List following the scrip dividend issue, representing a high take up of 81.6%. Following this scrip dividend, the total number of shares in issue increased to 30,570,490.
  • GO closes unchanged at the €2.29 level after fresh bids help the equity recover from an intra-day low of €2.27. Nine trades amounting to 18,000 shares transacted today with offers already placed marginally below the last closing price at the €2.28 level and best bids now placed at €2.24

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