BOV's Lm3.50 low third in 2006
Lombard Bank plc (LOM) took centre stage this week climbing a very healthy 4.2 per cent to close at LM5 - a price it has not traded at since August 23. The only other gainer this week was Maltacom plc (MLC) which advanced 1.3 per cent to close the week...
Lombard Bank plc (LOM) took centre stage this week climbing a very healthy 4.2 per cent to close at LM5 - a price it has not traded at since August 23. The only other gainer this week was Maltacom plc (MLC) which advanced 1.3 per cent to close the week at Lm1.495 still below the Lm1.554 privatisation price, but ahead of the previous week's 2006 low of Lm1.476.
The market was relatively active on Monday and Tuesday, then slowed down considerably on Wednesday and Thursday, before picking up yesterday for a total turnover of Lm738,246 for the week.
Datatrak plc (DTK) was the loss leader as it shed 6.77 per cent, followed by Medserv plc's (MDS) loss of 4.93 per cent. The second largest MSE Index component Bank of Valletta plc (BOV) was down 3.77 per cent and Middlesea Insurance plc (MSI) declined 1.9 per cent. All other equities remained unchanged. The large capitalisation banks were the main players this week as their turnover by value accounted for 81 per cent of the turnover by value. The MSE index closed the week at a fresh low of 4,886.59 - 26.4 per cent below the 6,641.87 all-time high on March 28, 2006.
LOM, the week's star performer, started out flat with the first two deals struck at Lm4.80. Towards the end of Monday's session, three deals took the price up to Lm4.98 - a 3.75 per cent increase for the session. On Wednesday the momentum led to a Lm5 close, which level was maintained yesterday.
MLC regained the Lm1.50 level on Monday with the only two deals of the session matched at this price. It maintained this level on Tuesday as all trades were executed at this price other than one deal for 1,800 shares mid-session. On Wednesday MLC traded steadily at Lm1.50 before giving up one cent to close at Lm1.49 for the final deal. On Thursday two deals totalling 1,662 shares were executed at Lm1.49. It was dormant yesterday with only one deal, executed less than two minutes before the close of trade, and only for a measly 333 shares traded at Lm1.495 - a gain of 1.29 per cent for the week. At the end of the session, the best bid was for 172 shares at Lm1.49 and the best offer for 1,667 shares at Lm 1.495.
HSBC Bank Malta plc (HSB) was mostly active on Monday and Friday this week. On Monday turnover reached 48,225 shares, all dealt at Lm2.01, except for a 200-share deal at a slightly higher price of Lm2.011. Tuesday was another busy session with the price opening at Lm2.01, and advancing to Lm2.02 as 35,526 shares changed hands. On Wednesday, HSB paused for breath with only 7,608 shares traded and the price static at Lm2.02. Thursday saw activity gain momentum once again as the price opened at Lm2.02 and slid slightly to close at Lm2.019. Yesterday turnover picked back up to more than 45,000 shares with the price opening at Lm2.015, to then close unchanged at Lm2.01. At the close of trade best bids totalled 4,824 shares at Lm2.01, while supply for a 9,000 shares started at Lm2.02.
International Hotels Investments plc opened the week at Euro1, advanced to Euro1.02, hitting an intra-day high of Euro1.03 before easing back to a Euro1.02 close on Monday, when 70 per cent of week's turnover took place. Tuesday saw the price revert to Euro1 - at which each of the single deals on Wednesday, Thursday and yesterday were matched. MSI's 250 share deal on Monday was traded at Lm2.10, the same price it closed at in the previous week. It was then inactive for the rest of the week, and only traded again yesterday when four deals pulled the price down from Lm2.07 to Lm2.06, resulting in a drop of 1.9 per cent on the previous Friday.
Malta International Airport plc was only active yesterday with 1,000 shares changing hands at the previous week's close of Lm1.335. At the end of the session, best bids were for 2,978 shares at Lm1.335, while offers for 150 shares started at Lm1.50. On Thursday a company announcement was issued stating that the current accounting reference period starting April 1, 2006 ending March 31, 2007, has been altered to read April 1, 2006 to December 31, 2006.
Simonds Farsons Cisk plc only traded on Monday at 80c with 3,000 shares changing hands, while Fimbank plc's only deal was executed on Thursday at US$1.70 with 800 shares transacted.
BOV opened on Monday at Lm3.629, down from the previous Friday's close of Lm3.637. It improved slightly to close the session at Lm3.634. On Tuesday it opened at Lm3.625, slid to Lm3.62 then, seven minutes before the close of trade, selling pressure pulled the price further down to a Lm3.60 close. It held this price on Wednesday with only 3,110 shares traded. BOV did not trade on Thursday. Yesterday, the early morning tremor that hit Malta, had its reverberations on the Exchange when BOV's price crashed to Lm3.50, its 2006 low - for the third time this year. It was the busiest session with a turnover of 21,290 shares. The opening trades were completed at Lm3.60. Eight minutes later, a sale order for 3,017 shares took the price down to Lm3.55.
After a further 22-minute pause, a dumping exercise saw 17,423 shares off loaded, bringing the price down to Lm3.50 for 3.77 per cent drop from the previous Friday. At the end of trading, the best bid was for 600 shares at Lm3.51, while the best offers for 12,074 shares stood at Lm3.60.
MDS only traded yesterday with the price shedding 4.9 per cent to close the week at Lm1.33. The Alternative Companies List DTK traded on Thursday with 2,464 shares executed at 28c9 down 6.77 per cent. The Closed-Ended Collective Investment Scheme San Tumas Shareholdings plc made an appearance on Wednesday as 1,375 shares were traded at Lm1.15.
The market in Malta Government Stocks slowed down this week with turnover by value reaching just Lm435,000, spread over 40 deals. The Corporate Bond market was also slower this week with 39 deals completed, for a turnover by value of just over Lm87,000.
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