Daily Market Highlights (22.07.10)

  • MSE Share Index climbs 0.2% to 3,470.666 points amid subdued trading activity as investors await the interim reporting season scheduled to commence next week. BOV, GO and FIMBank trade higher whilst Middlesea and Medserv edge lower. Meanwhile HSBC closes the day unchanged. Investors shift focus on the bond markets with high volumes traded today especially in the 5% MGS 2021 (I). Download a copy of today’s Equity Market Summary.
  • Increased trading activity in Malta Government Stocks registered today ahead of the upcoming new stock issues. Following the €1,032, 264 (nominal) exchanged yesterday in the 5% MGS 2021 (I), a further €999,064 (nominal) change hands today.
  • Bond repurchases gaining momentum. The Malta Stock Exchange yesterday announced that Eden Finance plc bought back a further €577,902 of its 6.7% bonds, maturing later this year, reducing the total amount outstanding to just under €14.8 million. Also today, Bay Street Finance plc announced its intention to repurchase some of its outstanding 8% bonds according to the terms set out in the Prospectus published back in May 2002. These announcements follow those regarding the recent buy backs by BOV, PAVI Shopping Complex plc and Eden Finance plc. Hotel San Antonio plc also had announced its intention to repurchase up to €2 million of its bonds.
  • Yesterday the Treasury announced the issue of 2 new Malta Government Stocks for a total aggregate amount of €100 million subject to an over-allotment option of up to a further €50 million. The 2 new stocks are the 3.75% MGS 2015 (VI) (Fungible Issue) and the 5.25% MGS 2030 (I) (Fungible Issue). Prices for these stocks will be published on Thursday 29 July. The Treasury is also offering €30 million in a new fungible stock linked to the 6-month Euribor. Further details on the new Stocks and copies of the Prospectuses available here.
  • BOV share price recovers yesterday’s 0.9% decline. Equity closes at the €3.269 level on low volumes amounting to only 2,800 shares. Further offers outstanding at the close price whilst best bids still placed at the €3.13 level.
  • Meanwhile a single trade of 1,000 HSBC shares executed at the €2.99 level, unchanged from the previous close. Further offers in the market at the last traded price ahead of the Bank’s interim results publication on Friday 30 July.
  • Middlesea Insurance fails to maintain its 2010 high as the share price eases 1.7% back to the €1.15 level on volumes of 3,725 shares. Best bids now pitched at the €1.08 level whilst other offers remain unsatisfied at the closing price.
  • FIMBank’s share price up 0.4% to at USD1.005 across two trades totalling 3,100 shares. The trade finance specialist is expected to report its interim results on 5 August.
  • On Monday Mediterranean Investments Holding plc (MIH) announced the allocation policy with respect to its recent bond offering. Further details available here.

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