MSE trading report - week ended April 30

The Malta Stock Exchange Index ended the trading week at 2,829.478 points, increasing by a mere 0.13 per cent over the week. Eight equities were negotiated, with two closing in positive territory, four others closing in negative territory and two remain unchanged.

During the week a total of 196 deals were registered on the Malta Stock Exchange with a turnover of over €3.73 million. In the equity market, 103 transactions were executed for a total value of €335,225, while in the government bond market 49 transactions were carried out for a total value of over €1.58 million. The corporate bond market registered a volume of 221,797 nominal transacted over 36 deals and a value of €214,533. The Treasury bills market saw seven transactions taking place for a total value of just over €1.6 million.

The share price of Bank of Valletta plc was badly hit this week as it registered a loss of 6.29 per cent, closing the week at €2.399. Trading was low as only 11,038 shares changed hands for a total value of €27,308. The share price of BOV traded at a high of €2.55 during the week. The company announced on Thursday that the board of directors had approved the bank's interim unaudited financial statements.

As expected, the group has suffered a substantial decrease in profits when compared to the same six months last year. The profit before tax for the six months to March 31, 2009 was €6.33 million, a significant drop of €18.68 million. The board has approved an interim dividend of €0.035 gross per share. The results for the first six months of the financial year have been impacted by three factors, mainly, the strength and commitment of the bank's core domestic retail and corporate banking business, the radical measures by the European Central bank in an effort to combat growing recessionary measures, and the disruptive impact of the global financial crisis on the bank's financial markets book.

HSBC Bank Malta plc also registered a loss during this week, as the share price decreased by €0.04, or 1.64 per cent. The equity closed the week at €2.40. A total of 83,798 shares were traded over 58 deals. The share price traded at a high of €2.44 and a low of €2.348.

Lombard Bank plc did not register any change in its share price as it closed this week's trading at €2.65. Once again a low volume of one transaction was registered in Lombard's shares for a volume of 2,940 and a value of €7,791.

This week Lombard Bank plc announced their annual report for the financial year ending December 31, 2008. The Group registered a profit of €9.08 million after tax representing an increase of 28 per cent over the previous year. Total operating income for the group increased by 92 per cent. The increase represents the consolidation for the first time of a full year's profit from the bank's investment in Maltapost plc. The board is recommending a gross dividend of €0.10 per share.

FIMBank plc was the other equity whose share price remained unchanged for the week. Only one trade was registered for a petty volume of 100 shares. The share price ended the week at US $1.364.

International Hotel Investments plc was one of the equities to register a gain in its share price, closing the week at €0.80, a gain of 9.59 per cent, or €0.07, on the week. The volume traded this week was 96,300 shares and the value was €72,867 over 12 deals.

Malta International Airport was another equity to suffer losses during this week. The share price dropped to €2.10 on only two transactions and a volume of 1,073 shares.

Go plc registered a good week as its share price increased by 3.29 per cent to €1.60.

The volume registered this week was 15,500 over 12 deals. The value traded was just under €25,000. The share price traded at a high of €1.62 and a low of €1.59.

During the week, Simonds Farsons Cisk plc announced the preliminary financial statements of the group for the year ended January 31, 2009. The group registered a sharp decrease in profit to €895,000, from €4.4 million the previous year. The group is proposing a final net dividend of €0.0311 per each ordinary share.

On Tuesday, Middlesea Insurance plc announced a loss for the financial year ended December 31, 2008, the first loss in its 27-year history of positive financial results. The crisis in the world's financial markets and the performance of the Italian subsidiary were cited as the two main factors for the loss of €20.6 million for the financial year, when compared to a profit of €6.9 million in 2007.

This article which was compiled by Jesmond Mizzi Financial Services Limited 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 contact JMFS at 67/3, South Street, Valletta or on Tel: 2122 4410 or e-mail jmizzi@jmfs.net.