Daily Market Highlights (08.07.10)

  • MSE Share Index moves higher again today. Index up by a further 0.4% to 3,357.920 points as gains in the share prices of HSBC, GO, FIMBank and RS2 Software offset the marginal decline in BOV. Meanwhile another five equities close unchanged. Download a copy of today’s Equity Market Summary.
  • Preferred applicants period of the Mediterranean Investments Holding plc bond issue now closed. Preplacement takes place tomorrow whilst the general public offering opens next Monday 12 July. The 7-year bond carries a coupon of 7.15% and is being issued in three currencies – euro, US Dollar and Sterling. Further details available here.
  • HSBC in positive territory for the second successive session. Share price edges a further 0.7% higher to regain the €2.85 level on volumes of 11,000 shares. Further bids outstanding at the close price whilst lowest offers still placed at the €2.88 level.
  • Meanwhile BOV closes 0.1% lower at the €3.001 level across twelve trades totalling 12,674 shares. BOV was one of the banks listed amongst 91 European banks upon which the European Union will perform stress tests. The test comprise a what-if analysis aimed at assessing the capital adequacy of European banks. This afternoon BOV’s Chairman Mr. Roderick Chalmers stated that he is confident that the Bank will pass the tests very comfortably.
  • GO recovers by 2.7% to regain the €1.90 level on volumes of 10,800 shares. Few bids in the market at €1.85 whilst lowest offers still placed at the €1.93 level.
  • FIMBank’s share price also recovers by 1% today to close at US$1.05 on very low volumes of 900 shares. Best bids still pitched at US$1.00 whilst further offers remain unsatisfied at the closing price.
  • Volatile session for IHI. Equity opens lower but fresh bids lift the share price to an intra-day high of €0.81 before easing back to close unchanged at the €0.80 level. Almost 15,400 shares exchanged hands today with further offers remaining unsatisfied at the last traded price. This afternoon the Group published the agenda for the next Annual General Meeting scheduled to be held on 23 July. Shareholders are being asked to approve a number of resolutions including one which gives the power to the Board of Directors to issue up to 200 million new shares with a nominal value of €1.00 for a 15-month period. The resolution also empowers the Directors to issue the shares without first offering them to existing shareholders and at a price which is not less than the nominal value. Download a copy of the 2010 Annual General Meeting Agenda
  • RS2 Software jumps 5.7% to a new 2010 high of €0.56 on volumes of 20,000 shares. Best bids still in the market at €0.26 whilst lowest offers placed substantially higher at the €0.58 level.
  • A further 2,300 Middlesea shares trade at the 2010 high of €1.15. However offers already placed minimally below the last closing price at €1.149 whilst best bids still in the market at the €1.08 level.
  • Simonds Farsons Cisk and MIA trade unchanged. Farsons shares hold onto the €1.80 level across a single trade of 2,583 shares. MIA maintains the €1.58 level on volumes of 11,470 shares.
  • Earlier this week, 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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