Daily Market Highlights (20.11.09)

  • MSE Share Index dropped back 0.6% to 3,293.489 points during the last session of this week as BOV, Middlesea, FIMBank, MIA and RS2 Software all closed lower. Today’s downturn wiped out the increases recorded in the previous three sessions, pushing the Index 0.7% lower this week. Download a copy of today’s Equity Market Summary.
  • Applications from preferred applicants and pre-placement for the €25 million 6.2% Mizzi Organisation Finance plc bond issue are now closed. Allocation policy in respect of the pre-placement application is expected to be announced shortly. The offer will now open to the General Public next Monday 23 November. Further details, application form and prospectus available here.
  • BOV’s share price retreats by 1% to €3.80 and closes the week unchanged. Volumes of just over 9,600 shares exchanged today with best bids now placed at the €3.75 level with further offers outstanding 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. 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.
  • HSBC maintains the €3.00 level on volumes of 2,600 shares. Best bids now in the market at €2.98 with few other offers at the last trade price. This week HSBC recorded a 0.3% increase. 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.
  • GO’s share price also closes unchanged at the €1.82 level, representing a weekly gain of 5.8%. Two trades amounting to 3,200 shares transacted this morning with best bids now at €1.80 whilst few other offers at the closing price.
  • Middlesea slumps 41.7% on a single trade of just 100 shares. On Wednesday 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 held an Extraordinary General Meeting this morning during which shareholders approved a number of resolutions including a Rights Issue. Further details on Rights Issue available here.
  • FIMBank dropped back 3.5% to close at its 2009 low of US$1.10. Volumes amounted to 24,446 shares with bids now pitched at US$1.09 whilst lowest offers placed at the US$1.109 level. 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.
  • Although MIA eased by 0.2% to €2.35 during today’s session, the equity still posted a weekly gain of 6.8%. Further bids remaining unsatisfied at the closing price whilst lowest offers still in the market at the €2.50 level.
  • MaltaPost jumps 3% higher to close at €0.62 level on six trades totalling 10,236 shares. Meanwhile RS2 Software sheds 3.2% to close at the €0.60 level over a single trade of 1,600 shares.
  • After yesterday’s 42.1% drop, Datatrak plunged a further 36.4% during this morning session to close at a new all time low of €0.07. Two trades of just over 2,000 shares exchanged today with further bids outstanding at the last trading price whilst lowest offers still in the market at the €0.12 level.

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