Daily Market Highlights (11.11.09)

  • MSE Share Index closes in positive territory for the fourth consecutive session rising 0.7% to 3,276.628 points – just 2 points below the 2009 high. Index closes higher on HSBC’s 2.1% rise whilst BOV edges minimally lower. Meanwhile IHI and GO trade unchanged. Volumes decline during this morning’s session as investors focus on the new bond offerings. Download a copy of today’s Equity Market Summary.
  • General Public subscriptions for the new Malta Government Stocks close today. The new MGS are: (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. 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. These 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.
  • HSBC climbs 2.1% to regain the €2.90 level on two trades totalling 5,236 shares. Best bids now placed at €2.88 whilst lowest offers now pitched at the €2.95 level.
  • Meanwhile BOV edges minimally lower to €3.799 on volumes of just over 5,800 shares. Best bids at the €3.76 level whilst further offers remain unsatisfied at the closing price. BOV’s equity rose 10.1% since the publications of the Bank’s September 2009 results publication on 30 October. The results 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.
  • A single trade of 3,475 GO shares transacted at the €1.685 level, unchanged from the previous close. Best bids in the market at €1.65 with lowest offers now at the €1.70 level. 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. Further details available here.
  • IHI also traded unchanged at the €0.85 level on volumes exceeding 5,500 shares with further shares on offer at €0.85 abd highest bids now placed at €0.801.

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