Daily Market Highlights (22.10.09)

  • MSE Share Index closes today’s session 0.1% lower at 3,131.476 as the declines in FIMBank and IHG Holdings outweigh the marginal increase in GO. Meanwhile the equities of the two big banks as well as Lombard close today’s session unchanged. Download a copy of today’s Equity Market Summary.
  • FIMBank sheds 1.8% to a fresh four-year low of US$1.10 on volumes of just over 14,700 shares. The bank’s share price has continued to trade at new multi-year lows despite the progress being achieved in seeking to expand their factoring joint-ventures in selected markets. Apart from their current factoring companies in Egypt and Dubai, FIMBank had indicated a short while ago that it is close to officially launching new factoring companies in Russia, India and Mexico. Meanwhile several newspapers today reported that in a recent conference attended by FIMBank’s President, FIMBank indicated its intention to also penetrate the Romanian factoring market through collaboration with a local partner Romfactor.
  • Newly listed IHG Holdings slumps 4.8% to close at the €1.00 issue price after opening today’s session at an all-time low of €0.97. Two trades amounting to 4,000 shares transacted today with no bids in the market and lowest offers now placed at the €1.01 level.
  • Meanwhile GO edges minimally higher to regain the €1.61 level on two trades totalling 3,500 shares. Best bids remain at the €1.58 level with lowest offers at €1.649. Following Forthnet’s (Greek company in which GO and Emirates International have an indirect equity stake of 37.1%) announcement on 2 October that it has submitted a non-binding offer for WIND Hellas, international press reported that Forthnet have until today to submit a binding offer. However, no official announcement has yet been published by Forthnet.
  • BOV closes unchanged at the €3.35 level for the fourth consecutive session ahead of the Bank’s September 2009 full-year results publication expected on Friday 30 October. 6,410 shares exchanged today with best bids still in the market at €3.32 whilst few other offers remaining unsatisfied at the closing price.
  • HSBC also unchanged at the €2.797 on volumes of just over 2,100 shares. Offers already placed below the last trading price at €2.77 with best bids still pitched at the €2.75 level.
  • A single trade of 1,000 Lombard shares transacted this morning at the €2.50 level, unchanged from the previous close. The newspaper article published today, titled “Lombard Bank: a steady financial performance in challenging times” is available for download.
  • High volumes traded in the 7% PAVI plc 2014 – 2017 Bonds and the 5.75% Mariner Finance plc 2008 – 2010 Bonds with both securities closing unchanged. Meanwhile the price of the recently listed 7.15% Melita Capital plc 2014 – 2016 bonds rises by 40 basis points to a new high of 100.5%.

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