Daily Market Highlights (14.07.10)

  • Local equity market again in negative territory as the MSE Share Index eases a further 0.4% to 3,458.942 points – minimally below its 2009 closing value. The drops in the share prices of HSBC and MIA were the main catalysts behind today’s downturn. Meanwhile the only other active equity, BOV, edged minimally higher. Download a copy of today’s Equity Market Summary.
  • HSBC’s share price drops 1% to close at the €3.00 level across total volumes of 11,276 shares. Further offers remained unsatisfied at the closing price with best bids now placed at €2.955. The Bank is scheduled to report its 2010 half-year results and declare an interim dividend on 30 July.
  • On the other hand BOV edges minimally higher to close at €3.202 on very low volumes amounting to only 825 shares. Best bids already placed higher at €3.24 whilst lowest offers now pitched at the €3.28 level. Market now awaits the stress test results expected to be published on 23 July.
  • A single trade of 2,000 MIA shares transacted at the €1.561 level representing a 1.2% decline from the previous close. Further bids outstanding at the closing price whilst lowest offers still in the market at the €1.58 level. The airport operator is shortly expected to announce the June traffic results ahead of its half-year financial results publication on 29 July.
  • On the bond market, high volumes again recorded in the 7% GAP Developments plc 2011-13 bonds. Almost €160,000 (nominal) changed hands today at the 94.50% level representing a 25 basis points drop from yesterday’s close. Fact sheet of this bond is available here.
  • Also high volumes transacted in the 8% BOV US Dollar bond. Over USD200,000 (nominal) exchanged during this morning’s session with the price closing 20 basis points higher at 101%. Yesterday the Malta Stock Exchange announced another buy-back of USD337,500 (nominal). Together with the other cancellations announced since 7 July, the total amount of bonds cancelled amounts to just over USD1.4 million. As a result, the amount of remaining bonds in issue is now of USD35.1 million. Fact sheet of this bond is available here.
  • Yesterday afternoon PAVI Shopping Complex plc also announced that it made further repurchases of its 7% Bonds maturing in 2017. Following the €582,343 bonds repurchased on 15 June, PAVI re-purchased a further €198,130 (nominal) on 6 July. Fact sheet of this bond is available here.
  • On Monday, MIH announced that subscription lists closed immediately after the opening of the General Public Offering due to over-subscription. As a result the Issuer exercised its over-allotment option and increased the amount to the equivalent of €40 million. The allocation policy is expected to be announced in the coming days.

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