Daily Market Highlights (12.02.10)

  • Local equity market rounds up a positive week with the fourth successive session of gains. MSE Share Index edges 0.2% higher this morning and closes the week with a gain of 2.5%. Download a copy of today’s Equity Market Summary.
  • Yesterday the Treasury established the prices for the 2 new fixed rate stocks as follows: 3.75% MGS 2015 (VI) FI issued at 100.25% and the 4.6% MGS 2020 (II) FI priced at 100.00% (par). Subscriptions up to a maximum amount of €100,000 (nominal) per application open on Monday 15 February and close on Wednesday 17 February. For applications in excess of €100,100 (nominal), a tendering process applies. The Government is also issuing a Floating Rate Stock linked to the 6-month EURIBOR rate subject to a minimum of €250,000 per tender. The total aggregate amount is of €100 million (subject to an over-allotment option of up to a further €50 million). Further details and application forms available from here.
  • Also last week, Corinthia Finance plc announced that it has submitted an application to the Listing Authority to offer a new bond of €15 million which matures in 2019 but may be redeemed earlier between 2016 and 2019. The new Bond will be guaranteed by Corinthia Palace Hotel Company Limited and will be fungible with the existing 6.25% Corinthia Finance 2019 bond issued last September. Further details of this bond issue is available here.
  • Grand Harbour Marina’s bond issue was closed immediately after opening yesterday due to strong demand from investors. Details of total demand and allocation will be announced by not later than 18 February. Equity still inactive as it fails to recover from the 7% decline registered in the earlier part of the week.
  • Sustained demand for BOV shares help the equity close in positive territory for the third successive session. Share price edges a further 1.5% higher to close at the €3.40 level on volumes of 7,350 shares. BOV ends this week with gains of 4.7%. Further to last week’s announcement, BOV today announced that it was granted approval to issue €50 million 4.8% Subordinated Bonds with an over-allotment option of another €20 million. The Subordinated Bonds will be issued at par and will mature in 2020. The Bank also confirmed that preferential allocation will be given to the Bondholders of the maturing 6.15% Subordinated Bonds redeemable on 15 March 2010. Further details available here.
  • Meanwhile HSBC closes unchanged at the €3.85 level after easing from an intra-day high of €3.88. 8,880 HSBC shares trade today. Equity closes the week 2.4% higher ahead of the 2009 financial results scheduled to be published on Monday 22 February. Shareholders as at close of trading on Monday 1 March will be eligible to the final dividend which will also be announced on 22 February.
  • MIA share price slips 1.3% to close at the €3.05 level despite yesterday’s announcement revealing a 6% rise in passenger departures during January 2010 as growth in passenger traffic from UK, Italy and Spain outweighed the contraction in the German market. Further details available here. High volumes of 30,000 shares exchanged today as MIA closed the week as the best performing equity with a 5.2% increase.
  • GO’s share price recovers from an intra-day low of €2.27 to close at a fresh 16-month high of €2.30. Six trades amounting to 11,300 shares transacted today with best bids now placed at the €2.27 level whilst further offers remain unsatisfied at the closing price. Last week GO announced that its Chairman Mr. Sonny Portelli has tendered his resignation with effect from 10 March 2010 and will be replaced by Mr. Deepak Padmanabhan, a Director of GO since 2006. Further details available here.
  • Further selling pressure push Middlesea’s share price 1.3% lower back to the €0.75 level on increased volumes of 21,112 shares. Yesterday, the Insurance Group stated that its Italian subsidiary, Progress Assicurazioni, requires a further material injection of capital in order to continue in business in conformity with Italian regulations. The Directors explained that a new capital injection is not feasible and as a result Middlesea informed the Italian Insurance Regulators (ISVAP) that it wishes to cease the operations of Progress Assicurazioni Spa. Further details of announcement available here. Recently Middlesea also announced that it will be convening an Extraordinary General Meeting on 16 March for shareholders to approve amendments to the Company’s Memorandum and Articles of Association and possibly also to elect new members on the Board of Directors.
  • Simonds Farsons Cisk trades unchanged at the €1.72 level on very low volumes of just 650 shares. Best bids still in the market at €1.70 whilst further offers remain unsatisfied at the closing price.

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