Daily Market Highlights (23.09.09)

  • MSE Share Index sinks by a further 0.4% to 2,989.325 points as sharp drops in GO and FIMBank offset HSBC’s 0.8% increase. Meanwhile BOV and RS2 Software close unchanged. Low volumes persist in the local secondary market as investors focus on the new bond issues. Download a copy of today’s Equity Market Summary.
  • HSBC edges 0.8% higher to close at the €2.63 level after easing from an intraday high of €2.64. Only 1,493 shares exchanged today with best bids in the market at €2.61 whilst few other offers remain unsatisfied at the closing.
  • Meanwhile BOV trades unchanged at the €3.01 level on volumes of 6,880 shares. Best bids already placed minimally higher at €3.011 with lowest offers still pitched at the €3.05 level.
  • GO’s share price retreats by 3.6% to €1.63 on a single trade of 1,000 shares. Best bids still in the market at €1.501 with offers already placed lower at the €1.609 level. Following today’s decline, this equity shed 9.4% since 31 August when the telecoms Group published its interim results which showed a 4.8% decline in revenues to €61.1 million despite an increase in customer connections. Moreover GO recorded an operating loss of €1.14 million (2008: operating profit of €1.04 million) after accounting for a number of one-off items. The Directors pointed out that if these items are excluded the Group would have registered an operating profit of €6.89 million. Moreover, after deducting net finance costs, together with the share of loss in Forgendo Limited (€3.73 million), GO registered a net loss of €5.4 million compared to the net loss of €4.4 million incurrred in the first half of 2008.
  • FIMBank also in negative territory as the equity trades limit down to a fresh 4-year low of US$1.163 on two trades totalling 80,000 shares. Few bids still placed at the US$1.16 level with lowest offers in the market at US$1.23.
  • RS2 Software closes unchanged at the €0.599 level after recovering from an all-time low of €0.589. Five trades amounting to 12,000 shares transacted today with no bids in sight whilst further offers remain unsatisfied at €0.599.
  • €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 tomorrow while the General Offering opens on Monday 28 September. For further details on the new bond issue please click here.
  • Corinthia Finance plc today announced the allotment policy with respect to its recent 6.25% 2016 – 2019 bond issue. The 1,614 applications totalling €14 million received from holders of the 6.7% bonds maturing on 30 October 2009 will be met in full. Meanwhile Corinthia Finance also stated that it received a further 2,606 applications for a total value of €20.1 million from new investors. In view of the over subscription, Corinthia announced that the first €5,000 will be met in full whilst it will allot 11.42% of the next €45,000 and 5% of the remaining balance. Interest on these bonds starts accruing from today. Allotment letters and refunds will be processed by Thursday 24 September. Further details available here.
  • The equity and bond offerings by Island Hotels Group Holdings plc were closed yesterday morning soon after opening due to oversubscription. Allocation policy to be announced in the next few days.

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