Daily Market Highlights (15.02.10)

  • Following last week’s 2.5% rise, the MSE Share Index gains a further 0.4% this morning closing at the 3,842.470 point level as the share price of the two large banks move higher offsetting the 2.5% drop in IHI. Meanwhile GO and FIMBank trade unchanged. Download a copy of today’s Equity Market Summary.
  • Subscriptions for the 3 new Malta Government Stocks open today and close next Wednesday 17 February. The Government is issuing 2 new fixed rate stocks as follows: 3.75% MGS 2015 (VI) issued at 100.25% and the 4.6% MGS 2020 (II) FI priced at 100.00% (par). The Government is also issuing a Floating Rate Stock linked to the 6-month EURIBOR rate subject to a minimum of €250,000 per tender. The total aggregate amount is of €100 million (subject to an over-allotment option of up to a further €50 million). Further details and application forms available from here.
  • Last Friday Corinthia Finance plc announced that the Listing Authority approved the issuance of a new bond of €15 million which matures in 2019 but may be redeemed earlier between 2016 and 2019. The new Bond will be guaranteed by Corinthia Palace Hotel Company Limited and will be fungible with the existing 6.25% Corinthia Finance 2019 bond issued last September. Further details of this bond issue is available here.
  • Last week Grand Harbour Marina’s bond issue was closed immediately after opening due to strong demand from investors. Details of total demand and allocation will be announced by not later than 18 February. Equity still inactive with best bids already placed 4% higher than the last closing price of €1.74.
  • BOV in positive territory for the fourth successive session. Share price increases by a further 1.5% to close at the €3.45 level on volumes of just below 11,500 shares. Best bids already placed marginally higher at €3.452 whilst lowest offers now pitched at the €3.498 level. Last Friday BOV also announced that it was granted approval by the MFSA to issue €50 million 4.8% Subordinated Bonds with an over-allotment option of another €20 million. The Subordinated Bonds will be issued at par and will mature in 2020. The Bank also confirmed that preferential allocation will be given to the Bondholders of the maturing 6.15% Subordinated Bonds redeemable on 15 March 2010. Further details available here.
  • HSBC also edges 1.3% higher to regain the €3.898 level on volumes of just over 10,100 shares. Best bids now placed at €3.87 whilst lowest offers already minimally lower than the last closing price at €3.895. The Bank is scheduled to publish its 2009 financial results next Monday 22 February. Shareholders as at close of trading on Monday 1 March will be eligible to the final dividend which will also be announced on 22 February.
  • Meanwhile IHI reverses last week’s rise as the share price slips 2.5% back to the €0.78 level on a single trade of just 3,160 shares. Best bids now at €0.765 whilst lowest offers still pitched at the €0.82 level.
  • GO’s share price again recovers from an intra-day low of €2.28 to close unchanged at its 16-month high of €2.30. Only 5,200 shares exchanged today with best bids still in the market at €2.27 whilst further offers remain unsatisfied at the closing price.
  • FIMBank also closed unchanged at the US$1.18 level after fresh bids helped the equity rise from an intra-day low of US$1.169. Only 2,000 shares traded today with offers of over 14,000 shares remaining unsatisfied at the closing price.
  • This morning MaltaPost published its Interim Directors’ Statement explaining that during the first few months of their 2009/10 financial year, the company managed to achieve the same level of turnover as that recorded in the comparable period while operating profitability remains in line with that forecasted at the beginning of the company’s financial year. Moreover the business strategy of the Company is to enhance stakeholder value on an ongoing basis through continuous cost controls and process improvement. Furthermore the Directors reassured investors that the financial fundamentals of the company remain strong. Further details available here.

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