Daily Market Highlights (12.11.09)

  • MSE Share Index retreats by 0.1% to 3,272.287 points following four consectuive positive sessions. Share price declines in BOV and Plaza Centres outweigh the gains registered in GO and Simonds Farsons Cisk. Subdued trading activity in the local equity market as investors focus on the new bond offerings. Download a copy of today’s Equity Market Summary.
  • Subscriptions for the €25 million Mizzi Organisation Finance plc bond issue open next week. The 10-year bonds have a coupon of 6.2% per annum. 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.
  • Meanwhile General Public subscriptions for the new Malta Government Stocks closed yesterday. Applications in the form of sealed bids will be accepted until noon tomorrow. 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.
  • BOV slips 1% to close today’s session at €3.76 on volumes of over 9,800 shares. Best bids now placed at €3.75 whilst lowest offers pitched at the €3.785 level. During the forthcoming BOV Annual General Meeting scheduled to take place on 16 December the final gross dividend of €0.215 per share and the 1 for 4 bonus issue will be put forward for shareholders’ approval. Details of September 2009 full-year results available here.
  • HSBC maintains yesterday’s 1.75% gain as it trades again at the €2.90 level. Only 1,000 shares exchanged today with the share price touching an intra-day high of €2.91.
  • GO’s share price edges a further 0.9% higher to regain the €1.70 level on increased volumes of over 15,400 shares. Further bids remain outstanding at the closing price whilst lowest offers now in the market at the €1.72 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.
  • Simonds Farsons Cisk jumps 3.1% to close at the €1.65 level on a single trade of 6,250 shares. No demand in sight with few other offers in the market at the last trading price.
  • Plaza Centres trades for the first time in over a month with its equity shedding 1.8% to €1.60 . Only 200 shares changed hands this morning with best bids still pitched at €1.468 whilst lowest offers now in the market at the €1.63 level.

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