Daily Market Highlights (13.10.09)

  • MSE Share Index edges fractionally higher to close at 3,183.091 points as HSBC marginally rises to the €2.778 level. Meanwhile BOV and FIMBank trade unchanged. Encouraging volumes in the bond markets contrasting the persisting low volumes recorded in the local equity market. Download a copy of today’s Equity Market Summary.
  • HSBC in positive territory for the third consecutive session as the share price increases by 0.3% to €2.778. Just over 7,300 shares exchanged today with further bids remaining unsatisfied at the closing price and lowest offers now pitched at the €2.81 level.
  • Meanwhile BOV trades unchanged at the €3.40 level on volumes of just below 1,600 shares. Further bids outstanding at the close price with lowest offers now placed at the €3.42 level. The Bank is expected to publish its full-year results by the end of October.
  • FIMBank also closes unchanged at US$1.20 on two trades amounting to 13,200 shares. Best bids still pitched at the US$1.16 level with further offers remaining unsatisfied at the last trade price.
  • Last Tuesday, MIA published the September 2009 traffic results showing a 3.1% drop in passenger departures during the month of September to 162,103 passengers (September 2008: 167,282). During the first nine months of 2009, passenger departures declined by 8.1%, representing a decrease of 101,052 passengers. Shortly before the publication of the 2009 half-year results, MIA’s CEO Mr Julian Jaeger had revised downwards the traffic projection for 2009 from 5.5% to 6.8%.
  • Further demand for the 6.5% IHG Holdings plc 2017 – 2019 bonds. Price edges a further 10 basis points higher to 101% with lowest offers now at 102%. Meanwhile the 6.25% IHI plc 2015-19 bonds continue to trade at the par level while the 6.25% Corinthia Finance plc 2016-19 bonds have yet to register their first trades with lowest offers in the market at 102%.
  • Meanwhile the recently issued €25.9 million 7.15% Melita Capital plc 2014 – 2016 bonds were admitted to the Alternative Companies List today with trading expected to commence from tomorrow. The proceeds from this bond issue will be utilised to substitute outstanding bank project finance facilities amounting to approximately €7.5 million in respect of the laying and setting up of the submarine fibre optic cable between Malta and Sicily and to fund further capital expenditure associated with the expansion and development of Melita Mobile’s 3G mobile telephony network.

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