Daily Market Highlights (18.09.09)

  • MSE Share Index sheds a further 0.2% to close just above the 3,000 points level as declines in HSBC and Lombard offset BOV’s 0.7% increase. High volumes of almost 19,000 shares again transacted in BOV with subdued trading activity elsewhere. Index ends the week 0.9% lower as eight equities register weekly declines outweighing BOV as the only positive performer. High trading activity also in some of the corporate bonds and Malta Government Stocks despite the recent bond issues by Corinthia Finance and the new issues by Island Hotels Group and Melita Capital plc. Download a copy of today’s Equity Market Summary.
  • Fresh demand for BOV shares help the equity regain the €3.02 level on volumes of just below 19,000 shares as investors take a position in anticipation of the September 2009 full-year results publication due by end of October. Following this latest positive performance, BOV is now trading 50.9% above its 2009 low of €2.001.
  • Meanwhile HSBC retreats by a further 1.1% to €2.62, representing a weekly drop of 1.9%. Four trades totalling 5,500 shares effected during this morning’s session with further bids remaining unsatisfied at the closing price and lowest offers still pitched at the €2.65 level.
  • Lombard also on the decline as it trades for the first time this week. Equity shaves 0.4% off its share price to close at the €2.54 level with no demand in sight whilst further offers remain unsatisfied at the closing price.
  • A single trade of 2,044 MaltaPost shares executed at the €0.69 level, unchanged from the previous close. 
  • The share offer preplacement of Island Hotels Group Holdings plc was held this morning following yesterday’s submission of applications by the holders of the 6.5% CareMalta bonds. 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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