Daily Market Highlights (24.05.10)

  • MSE Share Index closes 0.7% higher at 3,562.705 points as the share prices of BOV and IHI recover. 6pm hits a new 2010 high whilst Middlesea Insurance eases lower. Meanwhile the other four active equities close unchanged. Download a copy of today’s Equity Market Summary.
  • Following last week’s 3.4% increase, BOV’s share price gains a further 0.6% today to close at the €3.39 level. Only three trades totalling 1,460 shares transacted this morning with further offers remaining unsatisfied at the closing price. The Bank is scheduled to pay its gross interim dividend of €0.075 (net: €0.049) per share on Friday 28 May.
  • Meanwhile HSBC closes unchanged at the €3.06 level after opening at €3.07. Only 4,450 shares exchanged today with best bids in the market at €3.04 whilst lowest offers now pitched at the €3.07 level.
  • IHI’s equity reverses last Friday’s 3.5% drop as its share price regain the €0.85 level. Other offers in the market at the closing price. Recently the IHI Group published their Interim Directors’ Statement explaining that international economic conditions have continued to affect the recovery of the hospitality sector with mixed results in the markets in which IHI operates. Overall, there are indications of a gradual recovery in the second half of 2010 especially in the last quarter of 2010. Further details available here.
  • 6pm Holdings’ share price climbs 6.7% to its limit-up price of GBP0.53 – a new 2010 high. A single trade of 6,000 shares transacted today with no bids in sight whilst lowest offers still placed at the GBP0.599 level. The IT Group recently announced the deployment of its EDMS system at NHS Haringey, a London trust. Moreover in the Interim Directors’ Statement, the Directors explained that the Group is expected to conclude a substantial contract by June 2010. The Directors also forecast an improvement in the order book for the remainder of 2010.
  • A single trade of just 100 Middlesea shares transacted at the €0.878 level – minimally below the previous close. Best bids now placed at €0.86 whilst further offers remain outstanding at the closing price. Last week’s Interim Directors’ Statement revealed that the Middlesea Group registered a profit before tax of €2.8 million during the first three months of 2010 (Q1 2009: loss of €5.3 million). This substantial improvement over last year’s loss is due to the satisfactory performance by its local operations and the closure of its loss-making Italian subsidiary, Progress Assicurazioni.
  • Simonds Farsons Cisk plc recently announced a new €15 million 6% bond issue maturing between 2017 and 2020. This bond will primarily be used to finance the early redemption of the outstanding €9.3 million 6.6% bonds. The balance of the proceeds will be used for the general funding purposes of the Group including a €14 million investment in a new brewhouse and water treatment plant. Following the completion of this project the Mriehel façade will be released for re-development. The Farsons Group will be giving preferential allocation to existing bondholders who exchange their bonds for the new bonds. Further details and prospectus available here.
  • Eden Finance plc is also issuing a new 10-year bond. Eden will be issuing a €15 million 6.6% Bond maturing between 2017 and 2020. The proceeds will be mainly used to finance the redemption of the outstanding 6.7% Bonds. Existing bondholders will be given preferential allocation if they surrender their existing holding in favour of an equivalent amount of the new Bonds. Further details available here.
  • Last Friday, the Treasury announced that it received a total of 2,677 applications for the three new Malta Government Stocks for a value exceeding €232 million. The Treasury announced that it allotted a total of €150.1 million (nominal) as follows: €18.1 million in the 3.75% MGS 2015 (VI) FI, €38.3 million in the 4.6% MGS 2020 (II) FI and €93.7 million in the 5.25% MGS 2030 (I). Further details available here.

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