Daily Market Highlights (09.11.09)

  • Following last week’s 3.8% increase, the MSE Share Index edges a further 0.2% higher to 3,250.393 points as BOV regains the €3.80 level offsetting HSBC’s 0.4% decline. GO, Lombard, Medserv and MaltaPost also close in positive territory whilst FIMBank and Middlesea trade unchanged. Download a copy of today’s Equity Market Summary.
  • Last week the Treasury established the prices for the new Malta Government Stocks as follows: (i) 3.6% MGS 2013 (IV) FI at 100.75% for every €100 nominal giving a yield to maturity of 3.393% per annum and (ii) 4.6% MGS 2020 (II) at 100.00% (par) for every €100 nominal giving a yield to maturity of 4.6% per annum. With regards to the Floating Rate Malta Government Stock 2015 (V) linked to the 6-month Euribor, the Treasury will announce the initial interest rate on Monday 16 November 2009. Subscription for the General Public close next Wednesday 11 November. Further details and application forms available here.
  • Mizzi Organisation Finance plc also recently announced a €25 million bond issue at a coupon of 6.2% per annum. The bonds have a final maturity date of 30 November 2019 and the Issuer reserves the right to increase the amount up to a further €5 million in the event of over-subscription. Existing holders of the 6.7% Mizzi bonds 2009-2012 will be given preferential allocation. Further details, application form and prospectus available here.
  • BOV recovers some of the declines registered in the previous three sessions as the share price rises 1.1% to the €3.80 level despite trading ‘ex-dividend’. High trading activity with just over 32,000 shares exchanged today. Lowest offers now placed at the €3.85 level. On 30 October the Bank published its September 2009 results which showed a pre-tax profit of €81.8 million, representing an increase of over 100% compared to the Group’s profitability in the previous financial year. The Directors recommended a final gross dividend of €0.215 per share (Sep 08: €0.0563) and a 1 for 4 bonus issue subject to approval at the forthcoming Annual General Meeting scheduled for 16 December. Further details of results available here.
  • Meanwhile HSBC eases 0.4% lower to the €2.84 level on volumes of 5,250 shares. Few other bids in the market at the closing price with lowest offers now pitched at the €2.95 level.
  • GO continues to build on last week 1.8% rise as the equity edges a further 0.6% higher during this morning session to regain the €1.67 level. Two trades totalling 4,250 shares transacted today with best bids still at €1.63 whilst few offers remain unsatisfied at the last trading price. Last Friday afternoon GO published its Interim Statement claiming that the downward trend in the Group’s revenue and profitability reported for the first six months of 2009 continued throughout the third quarter but at a lower rate of decline. Further details available here.
  • Two trades of just 500 Middlesea Insurance shares transacted at the equity’s all-time low of €1.25 on the last day for investors to gain entitlement to participate in the upcoming rights issue. An Extraordinary General Meeting will be held on Friday 20 November during which shareholders will be asked to approve a number of resolutions including a rights issue. Further details available here.
  • Lombard reverses last Friday’s decline to regain the €2.70 level on volumes of only 1,400 shares. Further bids outstanding at the close price whilst lowest offers now placed at the €2.90 level.
  • FIMBank closes unchanged for the third consecutive session at the US$1.14 level. Just under 30,000 shares changed hands this morning with best bids still pitched at US$1.09 whilst lowest offers now in the market at the US$1.16 level. Last Wednesday FIMBank announced that it signed an agreement for the setting up of a factoring joint venture in India together with Punjab National Bank, Banca IFIS and Blend Financial Services Ltd. Further details available here.
  • Marginal increases in Medserv and MaltaPost. Medserv rises minimally to €3.99 on 6,260 shares with no demand in sight whilst further offers outstanding at the closing price. The postal operator closes just 0.3% higher at €0.602 on volumes of just over 5,200 shares.

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