Local investors focus on fixed income market as equities continue to fall
The Malta Stock Exchange index closed at 3,471.978 points, losing another 4.67 per cent on the week, as the international markets continue to fall at a much faster pace than the local index. This week, 14 equities were negotiated, with only one equity...
The Malta Stock Exchange index closed at 3,471.978 points, losing another 4.67 per cent on the week, as the international markets continue to fall at a much faster pace than the local index. This week, 14 equities were negotiated, with only one equity closing in positive territory, 10 equities closing in negative territory and two equities remaining unchanged.
On Wednesday, the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations of the eurosystem will be reduced by 50 basis points to 3.75 per cent.
A total of 318 trades were registered on the stock exchange, with a total turnover €25.15 million. In the equity market, 205 deals were executed for a total value of €800,478. In the corporate bond market, 52 deals were carried out, for a value of €420,576, while 48 deals were executed in government bonds for a total value of over €21.254 million. In the Treasury bills market, 13 deals were executed for a total value of nearly €2.67 million.
In the banking sector, Bank of Valletta plc registered a fall of 8.86 per cent on the week, as 42,892 shares changed hands over 58 deals. BOV traded at a high of €3.94 and a low of €3.50 but recovered to close at €3.60. In fact the share price of BOV gained €0.10 yesterday. HSBC Bank Malta plc registered a fall of 3.33 per cent in its share price, closing the week at €2.90, as 63,612 shares changed hands on 59 deals. The equity traded at a high of €3 and a low of €2.75. Lombard Bank plc also lost some ground, as it registered a loss of one per cent on the week. The closing price for the week was €2.97, as 37,895 shares traded over nine deals. FIMBank plc was the other banking equity to register a decrease in its share price, as it closed the week at $1.63, losing 11.41 per cent, with a volume of 29,100 shares changing hands over six deals.
Go plc registered a loss of 9.09 per cent to close the week at €2. The total volume traded amounted to 32,815 shares across 33 deals. GlobalCapital plc also lost 9.5 per cent on one deal of 1,000 shares. Middlesea Insurance plc also traded once as 1,000 shares changed hands as the price fell 0.03 per cent closing at € 2.949. Likewise Plaza Centres plc also traded once as 1,000 shares changed hands at € 1.75. International Hotel Investments plc suffered a drop of two per cent on its share price this week and closed the week at €0.98. Thirteen transactions were registered for a total volume of 96,488 shares. MaltaPost plc also lost last week's gain as its share price fell by 2.84 per cent, closing at €0.82 with five transactions being registered for a volume of 37,828 shares. Malta International Airport plc traded six times and closed the week down 3.3 per cent at € 2.90 as 15,000 shares changed hands.
Crimsonwing plc closed the week unchanged at €0.50 as 33,300 shares were traded over four deals. Grand Harbour Marina plc remained stable as 18,200 shares traded on eight deals. The share price closed unchanged at €2.20.
Finally, on a positive note, the only equity to close up this week was Santumas plc which traded a mere 123 shares and gained 13.21 per cent on the week.
This article, which was compiled by Jesmond Mizzi Financial Services Ltd (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.