Index up 6.1% over last week

The Malta Stock Exchange index maintained its streak of positive results for the third week running, having gained 6.11 per cent to close the week at 3,919.719 points. In fact the index recorded respectable gains nearly across all trading sessions, with the exception of Thursday when the index fell by 1.11 per cent. Activity declined slightly week-on-week, while the amount of shares traded declined for the third week in a row. Throughout the week 15 equities were active, as 11 gained, three closed in decline, while one equity traded unchanged.

Total transactions for the week amounted to 492 deals with a turnover of just under €6.2 million. In the equity market 362 deals were executed for a total value of just under €1.3 million while in the corporate bonds market 70 transactions, down from 94 recorded last week were registered for a value of nearly €800,000. On the other hand, demand for safer government bonds increased, as 59 transactions in the government bond market summing up to over €4 million were executed across eleven securities. In the treasury bills market, one transaction was recorded, amounting to nearly €11,000.

Middlesea Insurance plc headed the list of gainers having closed 17.65 per cent up on the week. A total of 107,284 shares were traded during the week, with Monday's session taking the lion's share, during which the insurance firm lost ground. However, four positive trading sessions followed as gains ranged from 3.37 per cent up to 6.94 per cent. In fact Middlesea closed the week at €0.86, hence edging 6.97 per cent higher year-to-date.

Similarly, HSBC Bank Malta plc shares soared 9.59 per cent as yesterday the equity closed at €4. Just under 94,000 shares changed hands over 69 shares as the equity closed almost all sessions on a positive note. The equity traded at a weekly low of €3.65 and a weekly high of €4.05 recorded last Wednesday. Year to date the equity is up 23.84 per cent.

Bank of Valletta plc also closed up as gains amounted to 5.94 per cent having reached €3.549 as 133 deals of 140,761 shares were executed. BOV registered hefty gains in the first three sessions, while the equity plunged in the closing two sessions. However, the bank's year-to-date performance stands at a positive 14.63 per cent, having traded at a high of €3.761 and a low of €3.35.

Meanwhile, FIMBank plc and Lombard Bank plc failed to follow their larger peers as the banks closed at 0.87 per cent and 0.61 per cent in the red. On the contrary, three deals of 1,980 shares in Global Capital plc pushed up the equity's price by over 13 per cent or €0.20 as the equity closed the week at €1.70.

Likewise, strong gains were recorded by Malta International Airport plc during three sessions, while on Thursday the equity unleashed some of its previous gains. A total of 10,832 shares were negotiated over 16 deals as the equity closed at €2.90, edging 9.43 per cent higher on the week, having risen by 5.45 per cent on 2,900 shares yesterday.

Maltapost plc also recorded a decent gain having closed the week 8.11 per cent up to reach €0.80, as liquidity increased by almost 16,000 shares to 47,455 shares over 22 transactions. On Thursday the company announced that the annual general meeting will be held on February 24, in which the directors will recommend to the shareholders the approval of the payment of a final net dividend of €0.04. The company reported an increase in profit before tax of 10 per cent from €2.9 million to €3.19 million for the year ended September 30, 2009.

Meanwhile, Go plc gained further ground as the equity closed at €2.285, 1.11 per cent or €0.025 higher on the week, while Plaza Centres plc reached €1.69 as yesterday the equity gained 2.42 per cent, having closed the previous two sessions unchanged.

Crimsonwing plc was active during two sessions as the equity closed both sessions in positive territory, having gained seven per cent on the week to reach €0.428. One single deal in Datatrak Holdings plc elevated the price by 3.23 per cent to end the week at €0.16, while RS2 Software plc declined by 4.85 per cent on a single deal of 2,000 shares, to close at €0.53. Island Hotels Group Holdings plc traded unchanged at €1.01 over one deal, while on the week International Hotel Investments plc gained 3.63 per cent to close at €0.80.

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