Daily Market Highlights (11.06.10)

  • MSE Share Index slips a further 0.2% lower to 3,414.739 points as declines in three of the four large caps, namely HSBC, BOV and GO offset the positive performances of Lombard and Crimsonwing. Index falls for by 1% this week to close in negative territory for the third consecutive week. Download a copy of today’s Equity Market Summary.
  • Yesterday Tumas Investments plc issued a Formal Notice with respect to a new €20 million bond issue at a coupon of 6.2% per annum. The bonds have a final maturity date of 9 July 2020 but may be redeemed early on any date between 9 July 2017 and 8 July 2020. The Issuer reserves the right to increase the amount up to a further €5 million in the event of over-subscription. Further details available here.
  • This morning Izola Bank plc announced €7 million 5.35% Secured Notes maturing in 2015. The Issuer reserves the right to increase the amount on offer by a further €2 million in case of over-subscription. This offering is the first tranche from a Debt Issuance Programme amounting to a total of €27 million. Further details available here.
  • Sustained selling pressure forces HSBC’s share to edge 0.9% down to close at its 2010 low of €2.82 on low volumes of 9,500 shares. The banking equity closed this week 3.8% lower and bids are now pitched at the €2.81 level.
  • Low volumes amounting to just over 4,500 shares effected in BOV. BOV’s share price eased a further 0.5% to close at the €3.27 level. Equity closes this week 0.9% lower erasing some of last week’s 1.5% increase.
  • GO’s share price temporarily dragged to the €1.95 level for the first time this year before it recovered to close at €2.00 – still a 1.5% decline from its previous close. Two trades amounting to 13,200 shares transacted today with best bids now at €1.93 whilst lowest offers still pitched at the €2.03 level.
  • Meanwhile Lombard significantly recovers to the €2.98 level on increased volumes of 53,000 shares. Offers already placed below the last closing price at €2.89 whilst best bids still placed at the €2.55 level.
  • A single trade of 21,600 Crimsonwing shares executed at the €0.44 level, representing a 5% increase from the previous close. Improved sentiment towards the IT Group following yesterday’s announcement which revealed that the Group was awarded a 3-year contract having an estimated value of €3 million per year.
  • Middlesea continues to recover as it regains the €0.90 level on volumes of 30,000 shares. The Insurance provider’s equity ranks as the best performer this week with a weekly increase of 4.7%. Middlesea held its Annual General Meeting earlier this week and all resolutions on the agenda were approved.
  • IHI and Medserv closed unchanged. 20,000 IHI shares traded unchanged at the €0.825 level with further bids unsatisfied at the closing price. Medserv opened at its all-time high of €4.30 but then eased back to the €4.28 level on volumes of 7,320 shares.
  • MaltaPost edges minimally higher to close at its 2010 high of €0.90 on volumes of 12,500 shares. Best bids still in the market at the €0.80 level whilst further offers remain unsatisfied at the closing price.
  • RS2 Software’s equity active for the first time in two weeks. A miniscule trade of 600 RS2 shares transacted at the €0.529 level representing a 0.2% decline from the previous close.
  • Simonds Farsons Cisk plc recently announced its allocation policy with respect to its recent offering of €15 million 6% Bonds maturing between 2017 and 2020. Further details available here. Eden Finance plc also announced its allocation policy earlier this week with respect to the recent bond offering of €15 million 6.6% Bonds maturing between 2017 and 2020. Further details available here.
  • Earlier this week, Mediterranean Investments Holding plc announced that it has submitted an application for a new 7- year bond issue in a combination of euro, Sterling and US Dollar. The equivalent of €30 million will be on offer subject to an over-allotment option of a further €10 million. Further details on this new bond issue available here.

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