Daily Market Highlights (17.11.09)

  • MSE Share Index edges marginally higher to close at 3,296.598 points as increases in BOV, GO and MIA outweigh declines in IHI and Middlesea. Meanwhile HSBC and Medserv close unchanged. Volumes remain subdued as company announcements fail to generate trades. Download a copy of today’s Equity Market Summary.
  • Subscriptions for the €25 million Mizzi Organisation Finance plc bond issue open this week. Preferred applicants must submit their applications by Thursday 19 November whilst pre-placement applications for a minimum of €10,000 will be accepted until Friday 20 November. The 10-year bonds have a coupon of 6.2% per annum. The Issuer reserves the right to increase the amount up to a further €5 million in the event of over-subscription. Existing holders of the 6.7% Mizzi bonds 2009-2012 will be given preferential allocation. Further details, application form and prospectus available here.
  • Last Friday evening, the Treasury announced that it received a total of 1,720 applications for the three new Malta Government Stocks for a value exceeding €168 million. The Treasury announced that it allotted a total of €100 million (nominal) as follows: €25.5 million in the 3.6% MGS 2013 (IV) FI, €44.7 million in the 4.6% MGS 2020 (II) and €29.8 million in the Floating Rate MGS 2015 (V). Further details available here.
  • BOV rises 1.1% to the €3.84 level on volumes of over 13,400 shares. Best bids now placed at €3.80 whilst further offers remain unsatisfied at the closing price. During the forthcoming BOV Annual General Meeting scheduled to take place on 16 December the final gross dividend of €0.215 per share and the 1 for 4 bonus issue will be put forward for shareholders’ approval. Details of September 2009 full-year results available here. The Middlesea announcement this morning revealed that BOv will be underwriting the Middlesea rights issue apart from subscribing to its entitlement.
  • HSBC’s share price opens today’s session at its 2009 high of €3.00. However equity closes unchanged at €2.98 on fresh offers entering the market below the 2009 high. Just under 7,100 shares trade today with further bids outstanding at the last trade price whilst lowest offers now placed at the €2.99 level. Last Friday the Bank issued its Interim Directors’ Statement stating that the performance in the third quarter to 30 September 2009 was satisfactory despite the difficult trading conditions. HSBC Malta’s CEO Alan Richards stated that the Group is encouraged by HSBC’s performance during the third quarter of 2009. Further details available here.
  • After yesterday’s 3.5% drop, IHI declines a further 2.4% to close at the €0.80 level. 13,000 shares change hands this morning. Equity’s downturn in the previous two sessions was possibly caused by the Interim Directors’ Statement revealing that the current global recession continued to negatively impact the hospitality industry resulting in lower returns from the Group’s properties (to different degrees) than those achieved in 2008. Moreover the Directors indicated that the operating performance for the second half of 2009 appears to follow the same pattern established in the first six months. Further details of announcement available here.
  • GO in positive territory for the fourth consecutive session as the share price jumps a further 2.9% during this morning’s trading session to regain the €1.78 level. 11,510 shares exchanged today with best bids at the €1.75 level whilst few other offers at the closing price.
  • A single trade of just 500 MIA shares transacted at the €2.25 level representing a 2.3% increase over the previous close. Further bids at the last trading price whilst lowest offers pitched at the €2.35 level.
  • Middlesea slips a further 3.2% to €1.20 on a miniscule trade of just 100 shares. Today the company announced that subject to approval of the extraordinary resolutions during next Friday’s Extraordinary General Meeting, it will be offering 2.68 new shares for every existing Middlesea share (rounded up or down to the nearest share) at an offer price of €0.60 per share to shareholders on the Company’s register as at 9 November 2009. Further details of Rights Issue available here.
  • Medserv closes unchanged at the €4.00 level on two trades amounting to 2,000 shares. shortly before the start of today’s session, Medserv issued its Interim Directors’ Statement explaining that the increased turnover and profitability registered during the first half of 2009 was maintained during the third quarter of this financial year and this positive trend is expected to continue. Further details of announcement available here.

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