Daily Market Highlights (19.11.09)

  • MSE Share Index edges up a further 0.3% to 3,313.124 points – just 2 points below its 2009 high recorded last Friday 13 November. Today’s positive performers were HSBC and GO which offset the minimal declines in BOV, Lombard and FIMBank. Meanwhile, Datatrak shares drop by a massive 42%. Low volumes persist as publication of various interim statements fail to generate trades with investors seemingly continuing to focus on bonds. Download a copy of today’s Equity Market Summary.
  • Applications from preferred applicants for the €25 million 6.2% Mizzi Organisation Finance plc bond issue close later today. Meanwhile pre-placement applications for a minimum of €10,000 will be accepted until Friday 20 November. Existing holders of the 6.7% Mizzi bonds 2009-2012 will be given preferential allocation. Further details, application form and prospectus available here.
  • HSBC increases by 0.7% to close at its 2009 high of €3.00 on low volumes of just over 4,700 shares. Few other bids at the closing price whilst lowest offers now placed at the €3.05 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.
  • Meanwhile BOV eases fractionally to €3.839 on six trades amounting to 2,409 shares. Best bids now placed at €3.804 whilst offers already pitched marginally below the last trading price at the €3.835 level. 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 issued on Tuesday revealed that BOV will be underwriting the Middlesea rights issue apart from subscribing to its entitlement valued at circa €8.7 million.
  • GO’s share price marches on for the sixth successive session. Equity jumps 1.7% to regain the €1.82 level on volumes of just over 6,000 shares. Few other bids at the €1.82 level whilst lowest offers of only 390 shares now in the market at the €1.85 level.
  • FIMBank eases 0.4% to close at the US$1.14 level on a single trade of 1,930 shares. Last Monday the trade specialist issued its Interim Directors’ Statement explaining that the Group started the third quarter of 2009 with a healthy liquidity position and capital adequacy ratios which enabled a gradual pick-up in business for the Bank, Menafactors in Dubai and EgyptFactors as well as the trading performance of London Forfaiting Company. Furthermore, the Directors are satisfied with the recent formations of factoring joint-ventures in the important markets of Russia and in India. Both of these joint-ventures are planned to start operations in the first quarter of 2010. Copy of interview with FIMBank’s President Ms Margrith Lütschg-Emmenegger published today available here.
  • Lombard edges minimally lower to €2.799 also on a single trade of 1,000 shares. Best bids still pitched at the €2.505 level whilst further offers remain unsatisfied at the closing price.
  • Datatrak slumps 42.1% to a fresh all time low of €0.11 on volumes of just 120 shares. Best bids still in the market at €0.07 whilst lowest offers now placed at the €0.12 level.
  • Yesterday evening Middlesea Insurance issued its interim Directors’ statement explaining that during the third quarter of 2009, Progress Assicurazioni SpA (the Italian subsidiary) continued to report material negative results including an exceptional incidence of late reported claims which negatively impacted the encouraging positive results posted by local operations. As a result, Middlesea is currently seeking the necessary approvals for a Rights Issue including that from shareholders during an Extraordinary General Meeting to be held on Friday 20 November. Further details on Rights Issue available here. Equity inactive today with best bids now placed at €0.60 whilst lowest offers pitched at the €0.70 level.

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