Daily Market Highlights (12.03.12)

  • Very shall trading activity across the equity market. MSE Share Index eased minimally lower to 3,004.280 points as a 1.4% drop in Middlesea offset the 2.9% increase in Plaza’s share price. Meanwhile the three other active equities ended the session unchanged. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index slid lower for the seventh consecutive session with another minimal drop to 985.531 points. Again the trend in the local MGS benchmark was not in line with the movements in eurozone yields which remained under pressure as disappointing economic data from China published over the weekend offset the optimism surrounding the successful completion of the Greek debt swap.
  • Subscriptions for the new Corinthia Finance plc bond still open. Corinthia Finance plc is offering €7.5 million in 6% bonds maturing between 2019 and 2022. Existing bondholders of the maturing 6.7% 2012 bonds have until the 16 March to submit their application if they wish to exchange their existing holding with the new bonds. Copies of the Prospectus are available here.
  • Meanwhile, this morning GAP Group Finance plc announced that it issued a Prospectus in connection with a Secured Notes issue of €15.5 million at 7% maturing between 2014 and 2016. The bonds will not be listed on the Malta Stock Exchange.
  • Plaza’s equity kicked off this week on a positive note as its share price advanced by 2.9% to regain its 2012 high of €1.80 on a single trade of 1,450 shares. Last week, Plaza published its 2011 full-year results revealing a 6.6% rise in revenue to €2.2 million following the completion of the third extension in March 2011 which increased rentable area by 1,700 square metres. The profit after tax increased marginally to €835,461 and likewise the Directors recommended a marginal increase in the final net dividend of €0.0754 per share to all shareholders as at close of trading on 18 April. The Directors also proposed a 3-for-1 share split for approval by the shareholders at the upcoming Annual General Meeting scheduled to be held on 24 May. Further details on the 2011 results available here.
  • On the other hand, the share price of Middlesea Insurance edged 1.4% lower to €0.69 despite still trading with the entitlement to the final gross dividend of €0.01 per share. This will be payable to all shareholders as at close of trading on 18 April. Very low volumes amounting to 883 shares traded today. Further details on the 2011 results available here.
  • BOV held on to last Friday’s 1.4% increase as just over 5,000 shares changed hands at the €2.15 level across six trades. Further bids remained unsatisfied at the closing price with lowest offers at the €2.155 level.
  • Likewise, IHI’s equity unchanged at the €0.78 level across one deal of 1,500 shares. Other offers outstanding at the closing price with highest bids at the €0.76 level.
  • The only other active equity, MIA, failed to hold on to an intra-day high of €1.70 to close unchanged at the €1.69 level across 1,650 shares. Offers already placed lower at €1.68. The airport operator is scheduled to publish its 2011 financial results on 22 March.
  • The following companies have already scheduled their respective full-year results publication date: FIMBank (12 March), Lombard Bank (15 March), GO (16 March), Medserv (21 March) and MIA (22 March). A further six companies with a December year end still haven’t announced when they will publish their full-year results.