Daily Market Highlights (30.11.10)

  • Local equity market in positive territory for the first time in seven sessions. MSE Share Index edges marginally higher today to 3,468.797 points as gains in BOV, MIA and Lombard offset the declines in GO, Farsons and IHI. Meanwhile HSBC, FIMBank and RS2 close unchanged. Download a copy of today’s Equity Market Summary.
  • General Public Offer of MIDI plc share issue now open. The Company is issuing 44,444,444 shares at a price of €0.45 per share with an over-allotment option of up to a further 22,222,222 shares. Further details available here.
  • Renewed demand for BOV shares helps the equity recover last week’s 0.5% drop to regain the €3.70 level. Just over 15,000 shares exchanged today with few offers remaining unsatisfied at the closing price. Investors acquiring BOV shares until 7 January 2011 will be entitled to the 1 for 5 bonus issue. BOV’s Annual General Meeting will take place on Thursday 16 December.
  • Meanwhile HSBC closes unchanged at the €2.89 level after recouping from an intra-day low of €2.881. Ten trades totalling 27,000 shares transacted today with best bids placed at €2.88 whilst lowest offers pitched at the €2.93 level.
  • FIMBank maintains the US$0.95 level on sustained high volumes of 72,357 shares. Best bids now in the market at US$0.92 whilst lowest offers pitched at the US$0.97 level.
  • GO’s share price drops back to the €1.90 level across 6,000 shares. Further offers unsatisfied at the closing price whilst best bids placed at the €1.87 level. Yesterday afternoon Forthnet announced that one of its largest shareholders Cyrte Investments GP I B.V. last week purchased 7.3 million shares at a price of €0.36 per share. This was confirmed by a subsequent announcement which revealed that Cyrte’s stake in Forthnet increased from 10.28% to 14.98%. This morning, Forthnet announced that it has terminated discussions with Hellas Online on potential collaboration between the two companies.
  • Crimsonwing half-year results failed to generate any trades as the equity remained inactive today with lowest offers placed at the last closing price of €0.38 whilst best bids pitched at the €0.30 level. The results covering the six months ended 30 September showed an improvement in revenue, EBITDA and pre-tax profit. However the Group is still dealing with operational challenges at the Dutch operation Crimsonwing BV. Further details available here.

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