Daily Market highlights (10.03.10)

  • MSE Share Index edges marginally higher to regain the 3,586 points level as the increases in the share prices of HSBC and Lombard offset marginal declines in BOV and MaltaPost. Meanwhile the three other active equities closed unchanged. Trading activity remained subdued as investors seem to prefer to focus on the bond market. Download a copy of today’s Equity Market Summary.
  • BOV eases 0.6% lower to close at the €3.30 level on eleven trades amounting to almost 9,000 shares. Further bids in the market at the close price whilst lowest offers still pitched at the €3.32 level. Earlier this week 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 at the very latest.
  • Meanwhile, HSBC recovers by 0.6% to regain the €3.31 level on thin volumes of 800 shares. Bids already placed higher at €3.32 with lowest offers still pitched at the €3.38 level.
  • Lombard also edges 0.3% higher to regain the €3.10 level on volumes of 3,000 shares. The Bank is scheduled to publish its 2009 full-year results tomorrow, Thursday 11 March.
  • MaltaPost closed minimally lower at the €0.789 level after recovering from an intra-day low of €0.779.  Over 25,000 shares exchanged today with further offers remaining unsatisfied at the closing price.
  • GO maintains the €2.269 level as the equity recovers from an intra-day low of €2.25. Low volumes also in GO with only 2,000 shares changing hands. The telecoms Group this morning announced that its Board of Directors is scheduled to meet next Monday 15 March 2010 to approve the Group’s financial statements for the year ending 31 December 2009 and to consider the declaration of a final dividend to be subsequently approved by the shareholders at the Annual General Meeting.
  • MIA also closed unchanged at the €3.10 level ahead of tomorrow’s 2009 full-year results publication. Very low volumes of 891 shares traded today with further bids remaining unsatisfied at the last traded price whilst lowest offers now placed at the €3.15 level.
  • 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. A further 3,930 IHI shares traded at the €0.765 level with best bids already placed higher at €0.78 whilst lowest offers still in the market 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.

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