Daily Market Highlights (13.11.09)

  • MSE Share Index jumps 1.3% to a fresh 2009 high of 3,315.857 points as HSBC, BOV and GO trade higher. FIMBank and Medserv also in positive territory whilst IHI trades unchanged. Index ends the week 2.3% higher led by HSBC’s 4.9% rise. 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.
  • Applications from both the general public and in sealed bids for the new Malta Government Stocks now closed. The Treasury is shortly expected to publish the take-up in the three new issues.
  • HSBC rallies 3.1% to regain the €2.99 level, marginally below its 2009 high of €3.00, on volumes of 12,100 shares. HSBC closes the week 4.9% higher. This morning the Bank issued its Interim Directors’ Statement stating that the performance in the third quarter to 30 September 2009 was satisfactory despite the difficult trading conditions. The Directors stated that margin compression remains an ongoing challenge and the period under review also saw a small increase in loan impairments after the slowdown in the local economy impacted the lending portfolios. The Directors reiterated that the Bank’s credit quality during this period remained good whilst liquidity and capital ratios remain strong and well above regulatory requirements. HSBC Malta’s CEO Alan Richards stated that the Group is encouraged by HSBC’s performance during the third quarter of 2009. Further details available here.
  • BOV’s equity gains 1.1% to regain the €3.80 level on low volumes of 2,520 shares. 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.
  • GO edges a further 1.2% higher to regain the €1.72 level and close the week up 3.6%. Just over 2,750 shares change hands today. Go’s equity has risen by 14.7% since its recent lows of €1.50, aided in recent days by last week’s Interim Statement. In their statement the Directors claimed 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.
  • Marginal increases in FIMBank and Medserv. FIMBank edges 0.4% to US$1.145 on two trades totalling 3,000 shares. Medserv posts a marginal increase to close at a new 2009 high of €4.00 level on a single trade of 2,000 shares. No demand in sight and further offers outstanding at the closing price.
  • Following this morning’s trading session Datatrak Holdings published its accounts covering the 18 month period ended 30 June 2009 showing total revenue of €4.8 million and an operating profit of €386,000. However significant increases in personnel expenses and other direct costs resulted in a loss of €850,189 for the period under review. Further details on the outlook given by the Chairman and also the CEO available here.
  • Also today, GlobalCapital issued its Interim Directors’ statement explaining that the Company’s results have been positively affected by the signs of recovery in global financial markets and economic environment as well as a result of management’s recent initiatives. However sales of investment products continue to be negatively affected by the uncertainty in the financial markets. In conclusion the Directors stated that the Company’s financial stability remains sound. Further details available here.

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