MSE index marginally unchanged

The Malta Stock Exchange index closed just two points lower over the previous week at the 4,650 level, nearly six per cent down since the beginning of the year. Thirteen equities were active in all, seven of which closed in positive territory, while four others closed in negative terrain. Middlesea Insurance was the week's top equity gainer followed by Crimsonwing, while Bank of Valletta was the equity to suffer the largest weekly drop, even though it was minimal.

A total of 241 deals were registered on the stock exchange for a turnover just above €2.53 million. In the equity market 182 deals were executed for a traded value of €904,616, while 56 transactions were performed in local corporate bonds and government stocks for a turnover just above €408,000. In addition, two deals were executed in Treasury bills for €1.2 million.

In the banking sector, HSBC Bank Malta (HSBC) edged 0.1 per cent higher to €4.415 (its weekly highest traded price) as 21,677 shares changed hands across 23 transactions. HSBC's annual general meeting (AGM) is to be held on April 4, in which a final gross dividend of €0.148 (Lm0.064) gross per share will be presented for consideration. On the other hand Bank of Valletta (BOV) lost 0.9 per cent or €0.05 to end the week at the €5.60 level as 16,586 shares swapped hands over 44 deals. Year-to-date, this puts HSBC and BOV down 5.2 per cent and 17 per cent respectively.

FIMBank was highly active during the week having seen 332,626 shares transacted over 14 deals to close US$0.01 or 0.6 per cent lower at US$1.73. FIMBank's annual general meeting is scheduled to be held on 10th April, in which among other things, a net dividend of US$0.038023 per ordinary share is to be recommended. Lombard Bank's shares were also traded during the week however they closed unchanged at the €13 level on a volume of 6,815 shares.

Middlesea Insurance gained 2.9 per cent or €0.10 to close the week at €3.60 on a single transaction of a mere 36 shares. Crimsonwing's shares added 1.8 per cent on a volume of 12,500 shares, to close at €0.56, 12 per cent up year-to-date.

Go had 16,425 shares traded during the week to shed 0.6 per cent and close €3.01. On Wednesday, Go announced that its 10th AGM is scheduled for April 11 in which its financial statements will be presented for approval. A net dividend of €0.1165 per share (same as that provided in the previous year) net of taxation will also be proposed.

Malta International Airport's shares gained €0.02 or 0.6 per cent to close at €3.32 on a volume of 29,250 shares which were traded over eighteen trades, while Plaza Centres edged 0.2 per cent higher to €1.703 on two transactions.

Moreover, Grand Harbour Marina (GHM) and International Hotel Investments (IHI) were among the weekly positive performers, both advancing by 0.6 per cent to close at €1.74 and €1.04 respectively. GHM had a single deal of 5,800 shares registered, while IHI had over 33,000 shares negotiated over 14 transactions. Year-to-date, this placed the former equity 0.4 per cent down, while the latter closed at the same level.

On the other hand, Maltapost closed 0.5 per cent lower at €0.844, after reaching a weekly high of €0.968 earlier during the week. This was attained on a volume of 54,317 shares which changed hands over 39 transactions.

A single deal of 500 shares was executed at £0.70 in 6PM's shares, to close unchanged. 6PM also announced that its AGM will be held on April 11. During the week GlobalCapital also announced that a meeting for its board of directors has been set for April 3, in order to consider and approve the company's financial statements.

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.