Daily Market Highlights (25.05.10)

  • Local equity market back to negative territory as it erases some of yesterday’s increase. MSE Share Index drops by 0.2% to 3,555.588 points as the declines in HSBC, BOV and MaltaPost outweigh the increases in Simonds Farsons Cisk, Medserv and Middlesea. Meanwhile the other three active equities close unchanged. Download a copy of today’s Equity Market Summary.
  • BOV’s share price retreats by 0.6% during this morning’s session to close at the €3.37 level. Over 10,600 shares exchanged today with best bids now placed at €3.35 whilst offers already placed marginally below the closing price at €3.369. The Bank is scheduled to pay its gross interim dividend of €0.075 (net: €0.049) per share on Friday 28 May.
  • HSBC also edges 0.3% lower to close at €3.05 on volumes of 8,865 shares. Further bids unsatisfied at the closing price whilst lowest offers now pitched at the €3.06 level.
  • MaltaPost sheds 3.3% to drop back to the €0.87 level on four trades amounting to 8,564 shares. Best bids still in the market at €0.80 whilst further offers remaining unsatisfied at the last traded price.
  • Medserv climbs 0.7% to close at €4.28 on volumes of 10,200 shares. No further bids in the market whilst other offers remain unsatisfied at the closing price.
  • Middlesea Insurance regains the €0.88 level as its share price edges 0.2% higher to the €0.88 level. Just under 5,900 shares changed hands today with further offers outstanding at the last traded price. The Insurance Group is scheduled to hold its Annual General Meeting on 9 June.
  • IHI closes unchanged at the €0.85 level over 10,580 shares after recovering from an intra-day low of €0.82. Best bids now in the market at €0.825 whilst further offers remain unsatisfied 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.
  • MIA and RS2 Software also closed unchanged. MIA closed at the €3.15 level on low volumes of 1,300 shares. A single trade of 9,150 RS2 Software shares were executed at €0.513 with bids already placed higher at the €0.52 level.
  • 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. Equity closes 2.8% higher this morning at the €1.85 after touching a new 2010 high of €1.90. Over 9,800 shares traded today with lowest offers now pitched at the €1.926 level.
  • 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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