Daily Market Highlights (14.09.09)

  • Following last week’s 0.7% decline, the MSE Share Index edges a further 0.3% lower to 3,023.902 points as BOV and MIA close in negative territory. Meanwhile HSBC, the only other active equity, closes the day unchanged at €2.67. Low trading volumes persist across the local equity market as investors shift focus on the new bond issues. Download a copy of today’s Equity Market Summary.
  • BOV’s share price closes 1% lower at the €2.96 level after regaining the €3.00 level as fresh sell orders enter the market during the latter stages of this morning’s trading session. Just under 7,500 shares exchanged today with few other bids remaining outstanding at the €2.96 level whilst lowest offers placed at the €2.998 level.
  • Meanwhile a single trade of 350 HSBC shares transacted at the €2.67 level, unchanged from the previous close. Best bids still in the market at the €2.62 level with further offers outstanding at the closing price.
  • MIA slumps 2.3% to €2.15 also on a single trade of just 700 shares. Following this latest downturn, the equity is now trading 12.1% below its recent high of €2.445. The Company is scheduled to pay the net interim dividend of €0.06 per share tomorrow.
  • Preferred applicants of the 6.25% Corinthia Finance plc bonds had until today to submit their applications to transfer the redeeming 6.7% bonds into this new issue. Meanwhile the subscription period is expected to open tomorrow. Corinthia is offering €20 million in bonds guaranteed by Corinthia Palace Hotel Company Limited mainly targeting those investors holding the 6.7% bonds due to be redeemed on 30 October 2009. Further details available here.
  • Island Hotels Group Holdings plc bond offering to open this week when bondholders of the 6.5% CareMalta bonds will be requested to submit their application forms by Thursday 17 September. Meanwhile, the pre-placement stage in respect of the equity offering takes place on Friday 18 September while the General Public offering for both bonds and shares will take place on Tuesday 22 September. The bond offer consists of 10-year paper at a rate of 6.5% per annum while the equity offer amounts to 8,383,300 shares at a price of €1.00 per share. Full details of the offerings available here.
  • €25 million Melita Capital plc bonds issued at a coupon of 7.15% per annum with interest payable semi-annually. The preplacement stage for applications of a minimum of €10,000 will be held on Thursday 24 September while the General Offering opens on Monday 28 September. For further details on the new bond issue please click here.

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