Middlesea post €9.3 million profits
This week the Malta Stock Exchange index closed at 4,502.877 points, a loss of 0.94 per cent over the previous week. Since the beginning of the year the index lost more than 8.80 per cent. During the week, 13 equities were negotiated, with four closing...
This week the Malta Stock Exchange index closed at 4,502.877 points, a loss of 0.94 per cent over the previous week. Since the beginning of the year the index lost more than 8.80 per cent. During the week, 13 equities were negotiated, with four closing in positive territory, four in negative territory and five remaining stable. During the week GlobalCapital plc was the best performer while shares of Middlesea Insurance plc suffered the greatest loss.
A total of 233 deals were registered on the stock exchange for a turnover of over €3.2 million. In the equity market 189 deals were executed for a total value of €846,923, while in the corporate market 18 deals for a total value of €319,496.06 were carried out, in the government bond market 20 deals were executed for a total value of €1,397,917. Six deals were executed in Treasury bills for a total value of €704,844.
This week was a difficult one for the banking sector as the share price of Bank of Valletta plc dropped by 1.14 per cent to close at €5.19 as 82,402 shares changed hands for a total value of €429,179. In the meantime, the bank stated that, for the third consecutive year, it has been named the Best Bank in Malta by the US financial publication Global Finance. The share price of HSBC Bank Malta plc dropped by 2.33 per cent over the week to close at €4.20 as 45,977 shares changed hands for a total value of €194,103.
During the week, one deal was executed in shares of Lombard Bank plc, 6pm Holdings plc and Crimsonwing plc. The respective share price of each equity remained stable over that of the previous week. The share price of Grand Harbour Marina plc remained stable at €2.25, even though 13,900 shares changed hands on nine transactions. Likewise, the share price of International Hotel Investments plc remained stable at €1.06 as 11,650 shares changed hands on five transactions.
On Thursday, the annual general meeting of Lombard Bank p.l.c. was held and all five ordinary resolutions on the agenda were approved.
The share price of Middlesea Insurance plc dropped by 2.86 per cent and closed the week at €3.40 as 1,809 shares changed hands over three deals. Go plc lost 0.46 per cent of its value as 14,310 shares changed hands over 12 deals.
GlobalCapital plc performed best during the week as its share price increased by 13.43 per cent from €2.80 to €3.176 as 16,660 shares changed hands on 13 transactions. The share price of FIMBank plc increased by 0.58 per cent to close at €1.92 as 19,200 shares changed hands on eight deals. The share price of MaltaPost plc increased by 2.04 per cent and closed at €0.75.
The value of shares of Malta International Airport plc increased by 0.90 per cent as they closed the week at €3.38 on 15 transactions totalling 7,600 shares. A net dividend of €0.058 per share was approved for distribution during the company's annual general meeting held on Thursday. MIA also announced it reached an agreement with Nuance Group which is guaranteeing a minimum of €25.5 million in revenue for MIA for a period of six years starting in December 2008.
On Friday, Middlesaea Insurance p.l.c. (MSI), announced that the board of directors of Middlesea Insurance plc approved the preliminary statement of annual results for the financial year ended December 31. The board also resolved to recommend to the annual general meeting the payment of a final ordinary gross dividend of € 0.1281 equivalent to Lm0.05c5 (2006-Lm0.04c5) per share.
MSI announced that the group's profit before tax for the financial year ended December 31 was €9.318 million (Lm4 million) compared to €8.518 million (Lm3.657 million) in 2006. Total income from insurance activities reached €9.58 million (Lm4.11million) compared to €9.486 million (Lm4.07 million). Earnings per share attributable to shareholders as at 2007 was €0.27 (11c6) compared to €0.296 (12c7) in 2006.
This article, which was complied 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 JMFS at 67/3, South Street, Valletta, or on Tel: 2122 4410 or e-mail jmizzi@jmfs.net