Large caps push the MSE Index 0.8 per cent higher

The three local large caps, HSBC Bank Malta (HSBC), Bank of Valletta (BOV) and Maltacom, together with Malta International Airport (MIA) registered gains on a weekly basis to push the MSE Index nearly 40 points higher (0.8 per cent) to close at 4,871.37. On the equity market, 202 transactions were executed for a value of Lm450,225, of which 105 transactions were performed in local bonds for a turnover of Lm1.38 million, while nine transactions in Treasury Bills were also traded for a value of Lm775,873.

BOV was the week's top equity performer gaining 1.83 per cent or 6c5 to close at Lm3.625. The equity registered increases in its share price in four sessions during the week, rising 1c on Monday, 1c9 on Wednesday, 3c1 on Thursday and a further 0c5 in yesterday's session. In total 48 deals were performed in the equity with volume traded standing at 24,016.

On Thursday, the board of directors of BOV plc announced that it is scheduled to meet on Friday, April 27, to discuss the Group's and Bank's interim financial statements for the year ended March 31, and to also consider and declare (if thought fit) an interim dividend.

HSBC's climbed 1.59 per cent or 3c on a week-on-week basis to close at Lm1.92. The equity started the week off on a negative note, dropping 1c on Monday and 3c on Tuesday and closing unchanged on Wednesday. Notwithstanding this, the equity rallied adding 5c on Thursday and a further 2c on the last session of the week to close in positive territory. It was the most actively traded equity with just over 135,000 shares changing hands across 97 deals.

Within the same sector, FIMBank ended the week unchanged (US$1.95), while Lombard Bank saw its share price drop 2c yesterday to close 0.41 per cent lower at the Lm4.90 level. The latter was attained across two minor deals with a total of 171 shares being transacted, while 45,328 shares were traded across 11 deals in FIMBank shares.

Maltacom was the other company to see its share price close in positive territory, gaining 0.33 per cent to close at the level of Lm1.50. The equity edged 0c5 lower on Tuesday, to rally on Wednesday and Thursday as it gained 0c8 and 0c2 in the respective sessions. Trading was low in the equity with just above 12,000 shares changed hands over nine deals.

MIA was among the positive performers of the week adding 0.59 per cent. 21,670 shares changed hands across 17 deals as the equity closed 0c8 higher at Lm1.37.

On the other hand, GlobalCapital was the worst equity performer of the week as it's share price slumped 7.3 per cent to close 14c lower at Lm1.77. The equity only traded in the last two sessions of the week as it lost 6c and 8c on Thursday and yesterday. Activity was however thin in the equity with just 6,800 shares being transacted across six deals.

International Hotel Investments closed in the red, losing €0.03 across a single transaction on Tuesday's session. The equity continued being traded at the €1.12 level throughout the rest of the week. This drop represented a 2.61 per cent decline on a weekly basis, while volume traded amounted to 38,500 across nine transactions.

Moreover, a 1.58 per cent decline in Middlesea Insurance's share price was recorded, as 1,992 shares were traded over a single transaction on Monday's session. The equity thus closed at Lm1.87.

Two mere trades totalling 600 shares were also executed in Simonds Farsons Cisk's shares however the equity closed unchanged from the previous week at 85c.

With regards to the local bond market, 48 deals were transacted in corporate bonds and 57 deals in government stocks, for nominal values of Lm325,700 and Lm1,128,300 respectively.

During the week, the Ministry of Finance launched the Currency and Bank Deposits Registration Scheme. The scheme is intended to provide individuals residing in Malta the opportunity to regularise their position in respect of their holdings of eligible assets where the associated income has not been declared for the purposes of the Income Tax Act. Further details are expected to be provided in the coming days.

This article which was compiled by Jesmond Mizzi Financial Services Limited (JMFS) does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information please contact JFMS at 67/3, South Street, Valletta or on tel: 2122 4410 or e-mail jmizzi@jmfs.net