Daily Market Highlights (17.02.10)

  • MSE Share Index closes today’s session minimally higher at 3,855.483 points as small caps Grand Harbour Marina and MaltaPost trade ‘limit-up’ to offset the marginal declines in BOV, GO, Simonds Farsons Cisk and Middlesea. Download a copy of today’s Equity Market Summary.
  • Retail investors wishing to apply for the new Malta Government Stock issues have until this afternoon (5 pm) to submit their application. Meanwhile tenders for amounts in excess of €100,000 in the fixed rate stocks and for a minimum of €250,000 in the Floating Rate Stock closes at 12 noon on Friday 19 February. The 2 new fixed rate stocks are: 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. 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. Existing bondholders of the maturing 6.5% Bonds have until next Thursday 25 February to submit their roll-over application to avail of the preferential allocation. 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 tomorrow. Equity jumps to its ‘limit-up’ price of €1.861 as it trades for the first time in over a week. A single trade of 1,500 shares transacted today with further bids remaining unsatisfied at the closing price whilst lowest offers still placed at the €1.87 level.
  • Following five sessions of gains, BOV’s share price edges marginally lower to close at the €3.495 level. Just over 21,100 shares exchanged today with further offers remaining unsatisfied at the closing price and best bids still in the market at €3.452. 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.
  • Meanwhile HSBC closes unchanged at the €3.90 level on volumes of 14,375 shares. 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.
  • MaltaPost‘s equity recovers some of its recent declines as its share price trades ‘limit-up’ to close at the €0.77 level. High volumes of over 72,000 shares exchanged during this morning’s session with further offers remaining unsatisfied at the last traded price and best bids at the €0.70 level. On Monday, 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.
  • Low volumes in GO and Simonds Farsons Cisk. The telecoms Group closes at the €2.299 level (minimally lower than the previous close) on just 2,000 shares. Simonds Farsons Cisk slips 1.2% lower to close at the €1.70 level on volumes of 1,163 shares.
  • Middlesea eases minimally lower to close today’s session at the €0.75 level. A total of 7,500 shares trade today with further offers remaining unsatisfied at the closing price and best bids now placed at the €0.705 level. Last Thursday Middlesea announced that following a further detailed examination of the preliminary unaudited data for the fourth quarter of 2009, it was revealed that the Italian subsidiary, Progress Assicurazioni, requires a further material injection of capital in order to continue in business in conformity with Italian regulations. Accordingly the Board of Directors of Middlesea Insurance concluded that a fresh capital injection, over and above the €45 million already injected in 2009, is not feasible. As a result, Middlesea informed the Italian Insurance Regulators (ISVAP) that it wished to cease the operations of its Italian subsidiary Progress Assicurazioni Spa. Further details available here.
  • A single trade of just over 9,000 FIMBank shares transacted at the US$1.18 level, unchanged from the previous close. The trade specialist is scheduled to announce its 2009 full-year results on 16 March.

Comments are closed.