Daily Market Highlights (11.03.10)

  • MSE Share Index regains the 3,600 level as index heavyweights HSBC, BOV and IHI recover some of their recent declines. MaltaPost edges minimally higher whilst GO eases marginally lower. Download a copy of today’s Equity Market Summary.
  • High turnover in BOV shares amounting to over 40,000 shares. Share price rises by 0.6% to regain the €3.32 level with best bids still placed at €3.30 whilst lowest offers now pitched at the €3.345 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.
  • HSBC also recovers some of its recent drops with the share price moving 2.1% higher on low volumes of 2,330 shares. Offers already placed minimally below the last closing price whilst best bids now pitched at the €3.36 level.
  • Meanwhile GO eases marginally lower to the €2.267 level also on low volumes of 7,600 shares. Offers already placed below the last traded price at €2.265 with best bids still pitched at the €2.24 level. The telecoms Group yesterday 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.
  • MaltaPost edges minimally higher to regain the €0.79 level on declining volumes of 11,342 shares. Best bids placed at €0.783 whilst lowest offers still pitched at the €0.789 level.
  • Shortly after today’s trading session, Lombard published its 2009 full-year results showing an 8.6% drop in pre-tax profits to €12.9 million mainly due to lower net impairment gains than in the previous financial year. The Directors recommended a final gross dividend of €0.10 per share (unchanged over the previous year) which can be taken in shares at the attribution price of €3.04 per share. Shareholders as at close of trading on Tuesday 16 March 2010 will be entitled to this dividend. Further details available here. Equity inactive today with best bids in the market at €2.99 whilst offers placed at the last closing price of €3.10.
  • 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 reverses some of the decline registered last Tuesday as the share price rises by 2% to regain the €0.78 level. Two trades totalling 10,000 shares exchanged today with best bids now placed at €0.77 whilst lowest offers now pitched at the €0.799 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. Investors who wish to participate in the Preplacement must submit their application form by next Thursday 18 March at 11 am. Further details available here.

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