Daily Market Highlights (23.10.12)

  • MSE Share Index recovered most of yesterday’s decline with a 0.2% increase to 3,174.349 points after the shares of BOV and Crimsonwing traded higher to offset the 0.7% drop in HSBC. Meanwhile, the other five active equities closed unchanged on low volumes. Download a copy of the Equity Market Summary.
  • On the bond market, the Rizzo Farrugia MGS Index eased 0.1% lower to a new 5-week low of 994.075 points although Eurozone yields were range-bound between 1.60% and 1.61%. Meanwhile, Spanish 10-year yields have again surpassed the 5.5% level after Moody’s downgraded five of the country’s regions including the Catalonia region which is one of the highest indebted regions.
  • Last week the Treasury announced the issue of 3 new Malta Government Stocks for a total aggregate amount of €100 million subject to an over-allotment option of up to a further €40 million. The 3 new stocks are: (i) 3.75% MGS 2017 (IV) (Fungibility Issue); (ii) 4.3% MGS 2022 (II) (Fungibility Issue) and (iii) 4.8% MGS 2028 (I). Offer prices will be determined on Thursday 25 October 2012 ahead of the opening of subscriptions on Monday 29 October.
  • Following yesterday’s media release by Crimsonwing revealing three new international contracts including one with Mothercare, fresh bids emerged this morning lifting the equity 28% higher to a new 1-year high of €0.32 on volumes totalling 49,500 shares. Lowest offers in Crimsonwing shares are now placed at the €0.35 level. Crimsonwing’s CEO Mr David Walsh also revealed that the Company is implementing a 3-year plan aiming to grow turnover to €20 million and achieve a pre-tax profit of €2 million.
  • The share price of BOV also climbed by 1.3% during this morning’s session to regain the €2.30 level ahead of the Bank’s full-year results publication on Friday. A total of 10,604 shares changed hands today across eleven trades with further shares on offer at the €2.30 level.
  • Meanwhile, HSBC’s equity eased by 0.7% (the fifth consecutive decline) back to the €2.701 level on volumes of just over 8,500 shares.
  • Also in the financial sector, Lombard Bank shares held on to the €1.87 level on a single deal of 3,000 shares.
  • 4,000 GO shares again traded at the €0.99 level. Forthnet still has not published the prospectus in connection with a €30 million rights issue. Recently, GO’s Directors announced that the Board will only take a decision on whether to inject further funds into the Group’s indirect investment in Forthnet once the aforementioned Prospectus is published.
  • MIA eased minimally lower at the open but subsequently recovered to end this morning’s session unchanged at the €1.75 level across two trades totalling 2,000 shares.
  • A further 10,500 Plaza shares changed hands at the equity’s 19-month low of €0.51 over two trades.
  • Malita Investments shares maintained the IPO level of €0.50 on a deal of 2,000 shares.