Middlesea Insurance and Medserv shares post gains

It has been a negative week for the local bourse as eight of the 12 active equities posted losses on a week-on-week basis. The MSE Index dropped for four consecutive sessions, only to recoup part of the losses in yesterday's session. The main losers were Bank of Valletta (BOV), Maltacom and Malta International Airport (MIA), while Middlesea Insurance and Medserv were the only equities to register gains.

A total of 182 deals were executed in the equity market for a value traded of Lm478,453. Fifty deals were performed in the local corporate bond market for Lm253,656, while 61 transactions were executed in Malta Government Stocks (MGS) for a turnover of over Lm9 million. With regard to government stocks, a single transaction worth over Lm7 million was executed in the 5.75 per cent MGS maturing in 2010.

Middlesea Insurance was the top equity performer of the week having gained 2.7 per cent or 5c on yesterday's session to close at the Lm1.90 level. This was however attained on low activity with a mere 1,000 shares changing hands over two deals. In addition, two transactions for a volume of 3,000 shares, were enough to push Medserv 2.04 per cent higher and close the week at Lm1.50.

On the other hand, MIA was the worst equity performer of the week losing 3.23 per cent on a weekly basis to close at the Lm1.35 level. Its share price dropped 4c5 on Wednesday's session to recover 1c over the last two sessions of the week. Activity was low as just 3,600 shares were transacted across five deals.

In the banking sector, BOV, Lombard Bank and FIMBank all registered declines in their share price. BOV ended the week 3.11 per cent down, losing 0c8 on Monday, 9c on Tuesday and a further 10c on Wednesday. It, however, managed to recoup 9c in the following session and a further 1c yesterday, to close at Lm3.68. During the week, over 65,000 shares were traded across 60 transactions in BOV shares.

Trading in Lombard Bank was only performed in the last session of the week, with 3,450 shares changing hands across 11 transactions. The equity however declined by 2.04 per cent to close the week 10c lower at the Lm4.80 level. FIMBank, on the other hand, shed 0.26 per cent across two transactions which saw 7,842 shares transact, to close at US$1.945.

HSBC Bank Malta was the only equity in the banking industry to close unchanged from last week's closing price. The equity declined by 4c5 on Thursday, however, immediately recouped the loss in the following session to close the week stable (Lm1.90). The high and low prices traded throughout the week were Lm1.95 and Lm1.90 respectively.

Maltacom was among the equities to close in the red as its share price dropped 2.68 per cent and closed at Lm1.45. Nearly 4,600 shares were traded across nine deals during the week, with Tuesday's and yesterday's sessions proving to be unfavourable for the equity's price. Furthermore, GlobalCapital decreased 2.56 per cent as it lost 5c to close at Lm1.90. In total five transactions were executed with 2,644 shares changing hands.

International Hotel Investments and Grand Harbour Marina also closed in negative territory, as the former equity shed 0.92 per cent while the latter dropped by 0.66 per cent on a single transaction of 1,000 shares. Their respective closing prices were €1.08 and 75c.

On Monday, GHM announced the approval of its financial statements for the year ended December 31, in which it was reported that the company recorded a profit before tax of Lm491,236. The earning per share was equal to 3c.

Moreover, three transactions were executed in Simonds Farsons Cisk at 85c, to be the only active equity to close the week unchanged.

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