Daily Market Highlights (17.09.09)

  • All six active equities closer lower sending MSE Share Index down 0.4% to 3,012.468 points. Low volumes across most equities with the exception of BOV where over 14,000 shares were exchanged. Subdued activity also across the corporate bonds as investors focus on new bond issues while various Malta Government Stocks trade with prices closing lower as indicative bid prices all decline. Download a copy of today’s Equity Market Summary.
  • BOV’s share price drops back to the €3.00, erasing yesterday 1% rise. Just over 14,600 shares change hands this morning with bids still standing at the €2.96 level and further offers remaining outstanding at the closing price.
  • HSBC closes minimally lower at the €2.649 level after recovering from an intraday low of €2.64. Six trades totalling 3,470 shares transacted today with best bids now placed at €2.61 whilst lowest offers still pitched at the €2.65 level.
  • The other active financial equities, Middlesea Insurance and FIMBank, also close lower. A single trade of 206 Middlesea shares transacted at a fresh multi-year low of €1.64 level, 0.6% lower than the previous close. Moreover the trade finance specialist slumps 3.5% to the US$1.25 level on two trades amounting to 2,000 shares.
  • GO drops 0.6% to close at the €1.69 level on volumes of 1,100 shares. GO’s share price has shed 6.1% since the publication of the Group’s interim results on 31 August. The telecoms Group had reported €61.1 million in revenues representing a 4.8% decline from the comparable period last year despite an increase in customer connections. GO recorded an operating loss of €1.14 million (2008: operating profit of €1.04 million) after accounting for one-off items, namely voluntary retirement costs and an impairment loss on trade receivables which offset the decrease in the provision for pensions. The Directors pointed out that if these items are excluded the Group would have registered an operating profit of €6.89 million.
  • Plaza also sheds 0.6% to close at the €1.64 level as the equity trades for the first time since 25 August. A single transaction of 1,000 shares effected today with best bids now placed at the €1.50 level whilst lowest offers remain unsatisfied at the closing price.
  • Island Hotels Group Holdings plc bond offering opened today with holders of the 6.5% CareMalta bonds being requested to submit their application forms. Meanwhile, the pre-placement stage in respect of the equity offering will be held tomorrow while the General Public offering for both bonds and shares will take place next 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.
  • On Tuesday Corinthia Finance plc announced that its €20 million bond issue was oversubscribed as a result of the strong demand from preferred applicants as well as from new investors. The company is expected to exercise its over-allotment option and increase the total bond issue to the maximum amount of €25 million. Details of the allocation policy and the amounts received from preferred applicants as well as from new investors are expected to be published by next Wednesday 23 September.

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