Daily Market Highlights (18.05.10)

  • MSE Share Index unchanged today at 3,537.421 points as the increases in the share prices of HSBC and Middlesea are offset by the declines in BOV, MIA and GlobalCapital. Meanwhile Malta Government Stock prices ease lower as the European benchmark yield marginally recovers on reduced European debt fears. Download a copy of today’s Equity Market Summary.
  • Subscriptions for the 3 new Malta Government Stocks close tomorrow afternoon. The three new stocks are a new 20-year bond with a coupon of 5.25% priced at 99.50%; a fungible issue of the 3.75% MGS 2015 (VI) priced at 102.80%; and a fungible issue of the 4.6% MGS 2020 (II) priced at 102.50%. Copy of Prospectus & Application Forms available here.
  • Simonds Farsons Cisk plc recently announced a new €15 million 6% bond issue maturing between 2017 and 2020. This bond will primarily be used to finance the early redemption of the outstanding €9.3 million 6.6% bonds. The balance of the proceeds will be used for the general funding purposes of the Group including a €14 million investment in a new brewhouse and water treatment plant. Following the completion of this project the Mriehel façade will be released for re-development. The Farsons Group will be giving preferential allocation to existing bondholders who exchange their bonds for the new bonds. Further details and prospectus available here. Equity maintains the €1.80 level on volumes of just over 11,000 shares.
  • Eden Finance plc is also issuing a new 10-year bond. Eden will be issuing a €15 million 6.6% Bond maturing between 2017 and 2020. The proceeds will be mainly used to finance the redemption of the outstanding 6.7% Bonds. Existing bondholders will be given preferential allocation if they surrender their existing holding in favour of an equivalent amount of the new Bonds. Further details available here.
  • BOV’s share price reverses some of yesterday’s 1.9% rise. Equity sheds 0.6% during this morning’s session to close at the €3.30 level on volumes of just over 18,000 shares. Further offers remain unsatisfied at the closing price with best bids at €3.28.
  • Meanwhile HSBC edges higher for the second time this week. Equity rises 0.3% to regain the €3.07 level on low volumes of just 1,325 shares. Best bids still in the market at €3.05 whilst offers already placed minimally below the last closing price.
  • Middlesea Insurance share price posts strong gains for the second consecutive session. Following yesterday’s 6.7% rise to the €0.80 level, Middlesea’s equity advances by 6.25% this morning to the €0.85 level. Six trades amounting to 8,740 shares executed today with further bids outstanding at the close price whilst lowest offers now pitched at the €0.90 level. Yesterday Middlesea announced that it registered a profit before tax of €2.8 million during the first three months of 2010 (Q1 2009: loss of €5.3 million). This substantial improvement over last year’s loss is due to the satisfactory performance by its local operations and the closure of its loss-making Italian subsidiary, Progress Assicurazioni.
  • MaltaPost maintains its 26-month high of €0.90 on three trades totalling 4,888 shares. Further bids outstanding at the last traded price whilst lowest offers now pitched at the €0.915 level. The half-year results published last Thursday show a marginal increase in revenue profit to €1.18 million (March 2009: €1.14 million). Further details on results available here.
  • MIA share price declines by 1.6% to drop back to the €3.10 level possibly in reaction to further flight cancellations due to the volcanic ash cloud. Over 6,000 shares change hands with few other offers remaining unsatisfied at the closing price and best bids at €3.00. Meanwhile the low-cost carrier Ryanair today inaugurated its Malta base from where it will service an additional 6 routes.
  • IHI and GO close unchanged at €0.85 and €2.12 respectively. GO yesterday held its Annual General Meeting during which shareholders approved all the items on the agenda including a net dividend of €0.10 per share which will now be paid on Friday 21 May.
  • Miniscule trades affected in GlobalCapital and Crimsonwing. GlobalCapital trades at its ‘limit-down’ price of €1.587 on just 230 shares. Meanwhile 500 shares of the IT company are exchanged at the €0.45 level.

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