Daily Market Highlights (30.10.09)

  • MSE Share Index rises 0.9% during the last session of the week to close at 3,123.837 points as the two large caps rise ahead of BOV’s full-year results publication. Meanwhile GO, the only other active equity, closes unchanged. Following today’s upturn, the Index ended the week marginally higher. Download a copy of today’s Equity Market Summary.
  • Today the Treasury announced the issue of 3 new Malta Government Stocks for a total aggregate amount of €80 million subject to an over-allotment option of up to a further €20 million. The 3 new stocks are: (i) 3.6% MGS 2013 (IV) (Fungible Issue), (ii) 4.6% MGS 2020 (II) and a (iii) Floating Rate% MGS 2015 (V) available only by tender for a minimum of €250,000. Respective prices will be announced next Thursday 5 November. Further details available here.
  • BOV’s share price rises 1.1% to end the week just below its 2009 high at €3.449. Just under 5,480 shares exchanged today with further offers remaining unsatisfied at the closing price. Shortly after today’s trading session the Bank issued its full-year results showing a pre-tax profit of €81.8 million, representing an increase of over 100% compared to the Group’s profitability in the previous financial year. The Directors recommended a final dividend of €0.215 (Sep 08: €0.0563) to shareholders as at the close of trading on Thursday 5 November. The Directors also announced a 1 for 4 bonus issue. Further details of results available here.
  • HSBC jumps 2.2% today to close at the €2.749 level helping the equity recover losses in the past four sessions. Over 16,700 shares exchanged today with best bids at €2.701 and further outstanding offers at the last trade price.
  • GO closes unchanged at the €1.63 level after again recovering from an intra-day low of €1.60. Three trades amounting to 3,500 shares changed hands today. Equity ends the week marginally higher possibly following last week’s announcement by Forthnet (the Greek telecoms company in which GO and its parent company Emirates International Telecommunications Limited hold a 37.1% equity stake) informing investors that it had not submitted a binding offer for the purchase of Wind Hellas.
  • Lombard today issued its Interim Directors’ statement covering the four months ended 30 October 2009. The Directors stated that despite the challenges faced during the period under review, the Bank’s net interest margin remained largely unchanged when compared to the same period last year. Moreover the level of loans remained stable when compared to 2008 reflecting the subdued business climate and the prudent approach applied by the Bank. Furthermore, no substantial additional impairments were recorded and costs remained under control. It was also reported that the Bank’s Balance Sheet continued to grow giving strong financial ratios which are well in excess of statutory minimum requirements. The Directors concluded by reiterating their confidence that in spite of the uncertainty in the euro area and continued adverse effects on the local economy, the Bank will continue on course towards achieving a positive result for the financial year ending December 2009. Announcement fails to generate any trades with offers of 1,754 shares at €2.50
  • IHI shares continue to be inactive despite last Wednesday’s announcement revealing that the Company has increased its shareholding in NLI Holdings Limited from 37.04% to 50%. NLI Holdings Limited is the company owning the London property comprising the former Metropole Hotel on Northumberland Avenue and 15 Whitehall Place. Further details on the London Property available here. Few bids in the market at €0.80 whilst lowest offers now placed higher than the last closing price at €0.85.
  • Last week, Mizzi Organisation Finance plc announced that it has formally submitted an application to the Listing Authority with respect to a proposed new €25 million bond issue. The Company indicated its intention to give preference to the existing Bondholders who are willing to surrender their current holding in favour of a holding in the new Bonds. In this respect, the Board of Directors announced that Bondholders as at the close of trading on 27 October will be entitled to this preferential treatment. Further details of announcement available here.

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