With tomorrow being a public holiday, Friday saw the end of the week, the month and the first quarter of 2008. Maltapost plc (MTP), which first traded on January 25, was the runaway top performer with a stratospheric 68.8% tax-free gain from its IPO price - in just 44 trading days. Only another four equities ended the first quarter in positive territory: Fimbank plc (FIM) placed a far away second with a one-for-five bonus-share-adjusted 24% US$ gain, equivalent to 15.6% in euros; Crimsonwing plc (CW) which first traded on January 8, placed third, and is up 12% from its IPO price of €0.50; Plaza Centres plc (PZC) gained 9%, while Malta International Airport plc (MIA) gained 3.3%.

The major contributors to the MSE Index's first quarter drop of 5.83% were the two largest capitalisation stocks - HSBC Bank Malta plc (HSB) with a drop of 5.2% and Bank of Valletta plc (BoV), the quarter's wooden spooner, with a 14.1% drop.

The post-Easter week saw anything but a resurrection on the MSE. Most equities were virtually unchanged with the exception of Middlesea Insurance plc (MSI) and CW. The latter gained 1.8%, while MSI advanced 2.9% to €3.60 - the week's best performer, albeit on a single deal for a ridiculous 36 shares.

On the other hand, MTP was on turbo boost at the start of the week, zooming up to the top the allowable trade range of 90c7 on Monday and 96c8 on Tuesday. This closing intra-week high marks a phenomenal 93.6% increase on MTP's IPO price precisely two months earlier. From Wednesday, MTP holders in search of their bonanza flooded the market, eager to crystallise their profits. Smart buyers shied away from the market and patiently waited for sellers to lower their prices. This resulted in MTP falling to successively lower daily closes of €0.92, €0.879 and €0.844 in significantly thinner turnover. For the record, the €0.844 close is 0.5% lower on the week, and 12.8% down from Tuesday's all-time high. At the close of trading, shares on offer amounted to 2,760 at next Tuesday's bottom of the range price of €0.785, followed by a total of 62196 shares at Friday's closing price. Bids, on the other hand, totalled 10,767 at €0.65.

BoV, whose financial half-year ended yesterday, was decidedly down in the early part of the week, tumbling 2.7% to €5.50 on Monday and crashing a further 2.7% on Tuesday to a 2008-low of €5.35. On Wednesday, BoV rebounded a strong 4.67% to €5.60, maintaining this price till Friday to end the week 0.9% lower. Total turnover amounted to just 16,586 shares, for a market value of €91,727. At the end of the week, total bids for 610 shares were at €5.50, whereas offers of 4,887 shares started at €5.60.

HSB was stable throughout the uneventful week where it traded at a very tight range of €4.405 to €4.415, ending Friday at this latter price, up an irrelevant 0.1%. Turnover for the five days was low at 21,677 shares for a value of €95,622. At the end of trading, bids for 4,000 shares were at €4.41, while the best offer for 3,294 shares stood at €4.415.

On Tuesday, HSB published the ordinary and extraordinary resolutions to be presented to the annual general meeting on Friday. Ordinary resolutions include the approval of the audited accounts for the year ended December 31, 2007, the declaration of a final gross dividend of €0.148 (Lm0.064) per share, the re-appointment of auditors, the appointment and election of directors and the establishing of their emoluments. The extraordinary resolutions include the authority to amend the Memorandum and Articles of Association due to the capital restructuring as a result of the euro changeover, following which the authorised share capital will be €141 million divided into 470 million ordinary shares of €0.30 each, while the issued and paid-up share capital will be €87,552,000 divided into 291,840,000 shares; and the changing of Clause 98 allowing HSB to have future dividends credited only by electronic means.

GO plc (GO) dropped 2c9 on 810 shares on Monday and spent most of the week at €3, rising to €3.01 late on Thursday to end 0.6% lower than the previous week. Turnover was slow, with the largest numbers of shares, 5,700 changing hands on Friday. For the week, total turnover amounted to 16,425 shares for a value of €49,382. At the end of trading, best bids totalled 5,000 shares at €3, with a supply of 6,500 shares at €3.02.

On Wednesday, Go published the resolutions to be presented to the AGM to be held on April 11. These include the approval of the annual report and financial statements for the year ended December 31, 2007, the declaration of a final net dividend of €0.1165 (Lm0.05) per share to be paid on April 16, the re-appointment of auditors, the appointment and election of directors and the establishing of their remuneration.

MIA opened the week almost unchanged at €3.297, rising to €3.32 by the close of Wednesday. On Friday, active buying interest of over 18,000 shares swept up accumulated supply between €3.28 and €3.31 for MIA to again trade and close at €3.32, 0.6% ahead on the previous week. Total volume amounted to 29,250 shares for a value of €96,554. At the end of Friday's session, best bids were for 215 shares at €3.151, while offers for 4,550 shares started at €3.32.

International Hotels Investments plc was generally stable around the €1.039 mark although it did dip to as low as €1.01 mid-session on Tuesday. The closing price on Tuesday and Thursday was €1.039, then inching up to a Friday close of €1.04 - up 0.6% on the week. Total turnover for the three days it traded on totalled 33,019 for a value of €33,817.

FIM was the most actively traded equity with 332,626 shares changing hands for a value of €365,989 - 40% of the week's total. It traded lower around $1.70/1 on Tuesday and Wednesday but picked up to $1.73, ending Friday at this level, just 0.6% lower.

On Wednesday, FIM published the ordinary and special resolutions to be presented to the AGM to be held on April 10. Ordinary resolutions include the approval of the accounts for the year ended December 31, 2007, the declaration of a final net dividend of US$0.038 per share, the re-appointment of auditors, the appointment and election of directors and the establishing of their emoluments.

On Thursday, FIM announced that Silvio Mifsud has been appointed executive vice president from

March 1. On Friday, FIM announced that it concluded the sale of its 38.5% shareholding in Global Trade Finance Ltd (Mumbai, India) to State Bank of India. The sale of 29,700,000 ordinary shares was executed at a price of Rupee 73 per ordinary share, for a consideration €34.6 million. State Bank of India executed a Share Purchase Agreement with Export-Import Bank of India, the International Finance Corporation and FIMbank plc respectively to acquire their shareholdings in Global Trade Finance Ltd. As a result, State Bank of India will hold 91% of the shareholdings in Global Trade Finance Ltd.

Grand Harbour Marina plc (GHM) advanced 0.6% to €1.74 on a single deal for 5,800 shares on Monday. On Wednesday, 6PM plc was stable on a 500-hare deal at 70p. On Friday, 6PM announced that the board is scheduled to meet on April 11 to consider and approve the audited accounts for the period ended December 31, 2007; and consider the declaration or otherwise of a dividend to be recommended to the AGM.

Lombard Bank plc (LOM) and PZC shares only dealt on Friday; the former was stable at €13 on turnover of 6,815 shares. In PZC the price advanced a minimal 0.2% to €1.703 on two deals for 9,400 shares.

Last Monday, Medserv plc announced that the board was scheduled to meet three days later to consider and approve the financial statements for the financial year ended December 31, 2007, and to consider the declaration or otherwise of a dividend.

GlobalCapital plc, which has only traded once in a 100-share deal on January 22 in this first quarter, announced on Wednesday that the board is to meet on Thursday to consider and approve the financial statements for the financial year ended December 31, 2007.

In the Government Bond market, turnover by value reached €222,982 with 35 deals struck in 16 stocks. In the corporate bond market, there were 21 deals for a total turnover value of €185,359. Turnover value in the Treasury Bill market totalled €1.2 million.

This report was provided by J.G.P. Bonello, managing director of Financial Planning Services Limited, of Marina Court, G. Cali Street, Ta' Xbiex, which is licensed by the MFSA to provide investment services, including stockbroking (IS/3608). The company is involved in acting as sponsoring stockbroker and corporate stockbroker. The directors or related parties, including the company and their clients, are likely to have an interest in securities mentioned. E-mail: info@bonellofinancial.com or 2134 4243.

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