Daily Market Highlights (26.05.10)

  • MSE Share Index sheds a further 0.6% to close at 3,533.445 points as three of the largest four equities close in negative territory. On the other hand RS2 Software regains its 2010 high while the other five active equities close unchanged. Download a copy of today’s Equity Market Summary.
  • Preferred applicants’ with respect to the new €15 million 6.6% Eden Finance plc maturing between 2017 and 2020 have until tomorrow to submit their application. The General Public Offering will subsequently open on Monday 31 May. The proceeds will be mainly used to finance the redemption of the outstanding 6.7% Bonds. Further details available here.
  • Simonds Farsons Cisk plc preferred applicants’ subscription period closes on Friday 28 May while the General Public offering opens on 1 June. Farsons announced a €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. Further details and prospectus available here.
  • BOV again drops by 0.6% to close at €3.35 on low volumes of 736 shares. Best bids now placed at €3.31 whilst lowest offers pitched at the €3.36 level. 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 €3.05 level after easing from an intra-day high of €3.06. Over 12,200 shares change hands this morning with lowest offers in the market still placed at the €3.06 level.
  • GO closes 0.5% lower at €2.11 after recovering from an intra-day low of €2.10. Five trades amounting to 13,000 shares executed today. Forthnet, GO’s Greek investment, this morning published its financial results for the first three months of 2010. The results show that by the end of March 2010, Forthnet managed to increase its customer connections across all the services its offers. Revenues grew by 10.1% to €99.4 million. However this increase was offset by a larger rise in marketing, promotional and content costs resulting in a lower earnings before interest, tax, depreciation and amortisation (EBITDA) of €16.6 million compared to €18.4 million in the corresponding period last year.
  • IHI sheds 2.9% to drop back to the €0.825 level on two trades of 5,000 shares. 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.
  • Meanwhile, RS2 Software climbs 3.3% to regain its 2010 high of €0.53. A single trade of 7,650 shares transacted today with further offers outstanding at the closing price. Last week, the IT Group revealed in its Interim Directors’ Statement that it concluded a licence contract during Q1 2010. However, requests for services from existing clients since the start of this year have remained in line with the levels of 2009. 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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