Daily Market Highlights (09.03.10)

  • MSE Share Index in negative territory for the fifth time in six sessions dropping below the 3,600-point level. During this morning’s session the Index slid 0.6% lower on declines in IHI and GO which offset the marginal rise in BOV. The Index is now only 3.5% higher than the corresponding 2009 year-end figure as declines in recent weeks erased most of the gains registered in January when the Index touched a high of 3,956.286 points. 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 drops 4.4% lower to close at the €0.765 level – marginally higher than its 2010 low of €0.755. A single trade of 2,982 shares transacted today with further bids in the market at the closing price whilst lowest offers now placed at the €0.80 level.
  • 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 recovers some of its recent declines as its share price edges 0.5% higher to close at the €3.32 level. Low volumes of 7,150 shares exchanged today with few other offers remaining unsatisfied at the closing price. Yesterday BOV announced that its €50 million subordinated bond issue closed early due to over-subscription. The Bank exercised its over-allotment option increasing the amount to €70 million. The allocation policy is expected to be published by next Monday.
  • Meanwhile HSBC fails to trade today with bids in the market accumulating at the last closing price of €3.29 whilst lowest offers placed substantially higher at the €3.38 level.
  • GO’s equity sheds 0.9% to drop back to the €2.269 level after recovering from an intra-day low of €2.25. Over 18,000 shares exchanged today with best bids now pitched at the €2.24 level whilst further offers remain outstanding at the last traded price.
  • MaltaPost closes unchanged at the €0.79 level on volumes of 28,200 shares. Best bids still placed at €0.78 whilst lowest offers now pitched at the €0.793 level. Yesterday 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.
  • Lombard also closed unchanged at the €3.09 level across four trades amounting to 4,586 shares. The Bank is scheduled to publish its 2009 full-year results next Thursday 11 March.

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