The Malta Stock Exchange closed the week in the red after registering losses during four trading days. On Monday, the equities index reported a 0.13 per cent gain which it swiftly erased in the following trading session and maintaining a negative outlook for the rest of the week. None of the active equities gained as seven closed in negative territory while another two failed to record a change in price. Middlesea Insurance plc and Plaza Centres plc were the week’s worst performers as both equities slipped by 5.56 per cent. As at close of trading yesterday the MSE index stood at 3,437.375 points, hence down by 0.77 per cent on the week.
Trading volume in the equities market increased to just over 208,000 shares up from 168,501 shares traded last week. The two major banks were the most liquid while Go plc shares followed. A total of 129 deals worth almost €520,000 were recorded.
Meanwhile, in the Government Stocks market turnover surged to nearly €41million, up from €1.4 million traded last week. Activity was spread over 17 issues with the 7.8 per cent MGS 2018 taking the lion’s share with €34 million traded in this issue. Activity in the Corporate Bonds market increased with a modest pace as €406,967 was dealt over 78 deals. Yields across the fixed-income market closed higher on the week as the majority of the traded stocks and bonds recorded price declines. These losses were partly due to the European Central Bank’s recent increase in the rate of interest by 25 basis points, to 1.25 per cent.
Middlesea Insurance plc shares shed 5.56 per cent or €0.05 as three deals of 1,000 shares were recorded. The insurance firm was active during the week’s opening and closing sessions as it traded flat on Monday but lost €0.05 yesterday over two deals of just under 700 shares. The equity’s position since the beginning of the year stands at 16 per cent in the red.
Plaza Centres plc shares also lost a hefty 5.56 per cent or €0.10 throughout the week under review. The equity was only active on Wednesday during which one deal of 1,000 shares was executed to end the week at €1.70.
In the financial sector, two equities closed lower while HSBC Bank Malta plc traded sideways. In fact the bank’s share price closed the week at €2.93 as almost 69,000 shares were dealt over 28 transactions. The equity failed to keep up to the upbeat enjoyed in the opening session of the week when it gained 0.68 per cent or €0.02, as it traded flat in the following two sessions while it succumbed to selling pressure on Thursday as it shed all the gains posted on Monday.
Conversely, Bank of Valletta plc closed the week on the downside with a 1.66 per cent or €0.049 loss. The bank closed all four trading sessions during which it was active lower to finish the week at €2.901 after having traded at a weekly high of €2.96. BOV shares were the most active this week as nearly 76,000 shares, worth €222,386 were traded over 59 deals. This week’s decline worsens further the Bank’s year-to-date position which now stands at 9.8 per cent.
Simonds Farsons Cisk plc shares were also on the downside this week following losses during the two trading days on which the equity was active. On the week, the equity shed 5.08 per cent or €0.09 over three deals of 1,042 shares.
Yesterday, the company announced that the board of directors is scheduled to meet on April 20 to consider and approve the Financial Results for the year ended January 31, 2011 and to consider the declaration of a final dividend to be recommended to the annual general meeting.
In the IT sector, Loqus Holdings plc shares traded unchanged on Thursday as one deal of 500 shares left the equity’s price intact at €0.161.
Go plc shares closed the week at €1.49, hence down by one per cent on the week. The equity kicked off the week on the downside while it recouped some of these losses on Wednesday and closed unchanged thereafter. The equity was the third most liquid as over 52,000 shares changed hands across 28 transactions. Since the beginning of the year the telecoms company returned a negative 23 per cent.
Malta International Airport plc shares posted a 0.56 per cent or €0.01 drop recorded during Tuesday’s session. A total of 6,230 shares spread over three trading days were traded over five deals as the equity’s price hovered between a weekly low of €1.759 and a high of €1.77, while it closed the week at €1.76.
MaltaPost plc shares followed the negative trend as the equity recorded a one per cent decline over the previous week to close at €1.09. Turnover in the equity was on the low side as only one deal of 1,000 shares was executed.
This article, which was compiled by Atlas JMFS Investment Services Limited, does not intend to give investment advice and the contents therein should not be construed as such. Atlas JMFS is licensed to conduct investment services by the MFSA and is a member firm of the Malta Stock Exchange.
The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.
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