Daily Market Highlights (17.12.09)

  • MSE Share Index in negative territory for the second consecutive session with a further drop of 0.2% to a close of 3,427.491 points level. All 3 large caps decline offsetting gains in several small companies including Middlesea, Plaza Centres, Medserv, MaltaPost and Global Capital. Meanwhile GO and IHG trade unchanged. Download a copy of today’s Equity Market Summary.
  • Corporate bond prices continue to firm on sustained demand for fixed-interest paper. 7% MIDI bonds maintain the 104% level while the newly-listed 6.2% Mizzi Organisation Finance plc bonds advancing by a further 25bp to a new high of 102.25%.
  • BOV closes today’s session 0.3% lower at €3.77 after recovering from an intra-day low of €3.75. Yesterday the Bank held its 36th Annual General Meeting during which shareholders approved all resolutions including the final gross dividend of €0.215 per share and a 1 for 4 bonus issue. Shareholders as at close of trading on 12 January 2010 will be entitled to the aforementioned bonus issue while the final dividend has been distributed to all shareholders today.
  • Meanwhile HSBC closes minimally lower at €3.249 on miniscule volumes of just 600 shares. Further offers remain unsatisfied at the closing price with best bids at €3.20.
  • IHI drops back to the €0.80 level (-2.4%) as the equity trades for the first time in a week. Three trades amounting to 14,250 shares executed this morning with best bids at €0.785 whilst further offers remain outstanding at the last trading price.
  • Middlesea Insurance recovers 7.3% to trade ‘limit up’ at €0.665. Just over 11,000 shares exchanged today with bids of a further 4,192 shares remaining unsatisfied at this level. The insurance group yesterday announced the results of the €40.2 million rights issue. The 3 largest shareholders took up their entitlement whilst the remaining shareholders owning circa 37.5% only took up a small part of their entitlement. As a result the shareholding of BOV and Mapfre, as underwriters of the rights issue, increased to 30.8% each. The 67 million new shares are expected to be listed on 28 December with trading commencing the following day. Further details available here.
  • GO again closes unchanged at the €2.06 level but trading activity declines to just 2,000 shares. Best bids now in the market at €2.035 whilst lowest offers still pitched at the €2.08 level. Equity increased by 6.2% since GO’s announcement on 1 December that it has secured exclusive local broadcasting rights for England’s Premier League for the three football seasons 2010/11, 2011/12 and 2012/13. This was shortly followed by a second announcement that GO will also have exclusive broadcasting rights for the Italian Serie A matches of the next two football seasons.
  • Plaza Centres recovers from its 2009 low as the share price jumps 4.5% to €1.63 on two trades totalling 6,000 shares. Best bids at €1.60 whilst further offers remain in the market at the closing price.
  • Medserv rises 2% to reach a fresh 23-month high of €4.18 on low volumes of 1,750 shares. Best bids still pitched at the €4.10 level whilst no supply is available in the market. Medserv’s equity had traded at an all-time high of €4.191 in January 2008.
  • MaltaPost share price jumps 4.6% to €0.69 on increased volumes of just under 31,000 shares. Best bids still in the market at €0.66 whilst lowest offers now at the €0.72 level. The postal operator is due to report on its September 2009 full-year results on 21 January.
  • Single trades in IHG Holdings and GlobalCapital. IHG unchanged at the €1.02 level while GlobalCapital rises by 4.6% to €1.15.

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