Daily Market Highlights (17.06.10)

  • MSE Share Index eases marginally lower to 3,422.143 points as declines in BOV and Grand Harbour Marina outweigh the increase in the share price of Middlesea Insurance. Low volumes persist in the local equity market as the primary bond market remains in focus with three new bond issues. Download a copy of today’s Equity Market Summary.
  • Yesterday Mediterranean Investments Holding plc (MIH) announced details of a new 7-year bond issue carrying a coupon of 7.15%. The amount on offer is the equivalent of €30 million and can be subscribed to in EUR, GBP and USD. The Issuer reserves the right to increase the amount by a further €10 million equivalent in case of over-subscription. Further details and copy of the prospectus available here.
  • Tumas Investments plc is issuing a new €20 million bond at a coupon of 6.2% per annum. The bonds have a final maturity date of 9 July 2020 but may be redeemed early on any date between 9 July 2017 and 8 July 2020. The Issuer reserves the right to increase the amount up to a further €5 million in the event of over-subscription. Further details available here.
  • Applications for Izola Bank plc must be submitted by latest Monday morning. Izola Bank plc announced the issue of €7 million 5.35% Secured Notes maturing in 2015. The Issuer reserves the right to increase the amount on offer by a further €2 million in case of over-subscription. This offering is the first tranche from a Debt Issuance Programme amounting to a total of €27 million. Further details available here.
  • Fresh sell orders force BOV’s share price a further 0.6% lower to drop back to the €3.26 level. Just over 8,200 shares exchanged today with best bids now placed at €3.25 whilst further offers remain unsatisfied at the closing price.
  • Meanwhile HSBC closes unchanged at €2.87 on volumes of 9,340 shares. Best bids in the market at €2.857 whilst other offers unsatisfied at the last traded price.
  • Middlesea Insurance recovers by a further 3.3% to €0.93 across two trades of just 1,030 shares. Further bids outstanding at the close price whilst lowest offers now pitched at the equity’s 2010 high of €1.00.
  • Grand Harbour Marina shares active for the first time since 14 May. Share price eases 1% lower to the €1.96 level on a single trade of 1,500 shares. The marina operator is scheduled to hold its Annual General Meeting on 30 June.
  • The other two active equities, namely GO and Simonds Farsons Cisk, trade unchanged. A further 5,000 GO shares traded at the equity’s 2010 low of €1.90. Farsons closes unchanged at the €1.80 level on a single trade of just 658 shares with further bids amounting to over 29,000 shares remaining unsatisfied at the closing price.

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