The Malta Stock Exchange index closed yesterday at 3,339.813 points, registerigng a loss of 0.65 per cent over last week. Since the beginning of the year the index has now lost 32.37 per cent. During the week, 13 equities were negotiated, with nine equities closing in negative territory, three closing in positive territory and one remaining stable. Shares of FIMBank plc lost most territory as they dropped by 8.23 per cent to $1.45 while shares of Bank of Valletta plc gained most during this week with an increase of 3.82 per cent to €3.53.
A total of 278 deals were registered on the stock exchange for a turnover of over €5.8 million. In the equity market 167 transactions were carried out for a total value of €636,525. In the corporate bond market, 58 transactions for a total value of €553,214 were carried out, while in the government bond market 36 transactions were executed for a value over €2.2 million. Sixteen transactions were carried out in the Treasury bills market for a value of over €2.4 million.
In the banking sector, 73 deals were carried out in Bank of Valletta plc shares. A total value of €255,244 was negotiated in the equity which was the best performer during this week. Shareholders on the register of Bank of Valletta plc as at November 5 will be entitled to the final gross dividend of €0.0675 per share. They will also be entitled to attend the annual general meeting due to be held on December 17. The final dividend should be paid on December 18 if approved by the shareholders. Moreover, those on the bank's books as at January 12, 2009 will be entitled to the one-for-five bonus share issue.
On Thursday Moody's Investors Service changed the long-term and short-term local and foreign currency deposit ratings of Bank of Valletta to Baa1/Prime-2 from A3/Prime-1. The rating agency has also downgraded the senior unsecured debt ratings of the Bank to Baa1 from A3. BOV's bank financial strength rating (BFSR) was affirmed at D+. All ratings have a stable outlook. Moody's rating action has been prompted after the announcement of the financial statements for the year ended September 30 and in particular after the material valuation adjustments taken by Bank of Valletta on its securities portfolio. Notwithstanding this report and the drop in profits announced last week, the share price was up this week, having traded at a low of €3.20 on Monday.
HSBC Bank Malta plc dropped by 0.17 per cent to €2.895 as 97,873 shares changed hands across 49 deals for a total value of €280,065. On the contrary, Lombard Bank Malta plc appreciated by 0.03 per cent to €2.948, as 3,927 shares changed hands across five deals for a total value of €11,576.
On Tuesday, 5,000 Maltapost plc shares were traded after 10 consecutive inactive sessions. This led to a drop of 3.4 per cent to €0.79 ahead of the company's annual general meeting due to be held on November 20.
The share price of Malta International Airport plc lost 1.96 per cent to €2.50 as 8,400 shares changed hands across nine deals. On Wednesday MIA published the October traffic results which showed a decline of 5.9 per cent in passenger departures during October. During the first 10 months of this year, passenger departures rose by 6.35 per cent.
The share price of International Hotel Investments plc dropped by 3.19 per cent to €0.91 as 10,600 shares changed hands across three deals. Plaza Centres plc saw its share price drop by 1.14 per cent to €1.73 on two deals for a total volume of 3,000 shares. Middlesea Insurance plc lost 0.11 per cent in its share price which closed at €2.697 after 2,000 shares changed hands across three deals. On Wednesday, the company issued an interim directors' statement in which it announced that during the financial period July 1 to date, no material events and/or transactions have taken place that would have an impact on the financial position of the company. The board of directors stated that the volatility of the international and local capital markets continue to represent a challenge to the group and, unless there is a material changed in the market sentiment, it is expected that the group's positive technical performance will be outweighed by the negative investments result for the current financial year.
Crimsonwing plc was another loser this week as its share price dropped by 0.2 per cent to €0.497 on a single deal of just 600 shares. RS2 Software plc remained stable at €0.75 on eight deals for a total volume of 19,000 shares.
Yesterday, Go plc issued an interim directors' statement whereby it stated that the financial performance up to September 30 was characterised by stable revenues, better EBIDTA and a healthy cash generation. However, this performance was dampened by the provision of €11.8 million for pensions in respect of the July 7 judgment by the Court of Appeal. The group continues to experience growth in its client base despite the continued disconnections from fixed line telephony. Go also announced that Forgendo Ltd increased its shareholding in ForthNet through the acquisition of a further 872,210 shares for a total consideration of €0.9 million which is the equivalent to €1.04 per share. Following this Forgendo's equity stake in Forthnet increased to 34.6 per cent.
Yesterday, after being inactive for two months, Datatrak Holdings plc was the best performer as a single deal of 4,500 shares led to an increase of 3.45 per cent to €0.30 in its share price.
This article, compiled by Jesmond Mizzi Financial Services Ltd (JMFS), does not intend to give investment advice and the contents thereof 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.