The Malta Stock Exchange extended its stream of negative performances to three, as the index tumbled by 1.3 per cent to close the week at 3,083.321 points. The negative sentiment which lately hit highly capitalised equities impacted the performance of the index, as it traded in negative territory in four out of the five sessions. Turnover in the equity market reached €499,484 traded over 10 equities, of which two appreciated in value, six eased lower and two traded unchanged. A total of 239,755 shares changed ownership across 146 transactions.

Meanwhile in the Government Stock Market turnover increased drastically to just over €36 million traded over a total of 21 issues, of which 12 edged lower and nine appreciated in value. Liquidity was spread equally between short and long-dated stocks, with the 7.8% MSG 2012 being the most active as total trading value reached just over €10.4 million, while the long-dated 5.5% MGS 2023 headed the list of losers by incurring a 1.03 per cent loss.

Dissimilar directions were experienced in the Corporate Bond Market, as from the 24 active issues eight traded in positive territory, six registered losses, while 10 traded unchanged. Total turnover reversed last week’s declines as it increased to €483,030. The best performer for the week was the 7.5% Mediterranean Investments Holding plc 2015 which gained 18.75 per cent. Meanwhile, the 4.8% Bank of Valletta 2018 traded for the first time since its issuance and closed the week at €101.

In the equity market, banks continued to fall out of favour as selling pressure increased. For the third week in a row Bank of Valletta plc share value continued to depreciate, as the bank slipped by a further 2.1 per cent to end the week at €2.51. Negativity on the banking equity persisted throughout the week, however posting a minimal gain of 0.6 per cent yesterday, having plunged by 1.7 per cent or €0.044 on Tuesday. A total of 114,966 shares changed hands over 85 deals with the bank being marked as the most active, as total trading value amounted to €288,266.

Likewise, HSBC Bank Malta plc edged a further 1.9 per cent lower or €0.05, notching the price down to €2.65 over 32 transactions worth €133,958. The equity commenced trading in the second session of the week where it recorded a loss of €0.03, while it continued to register losses in the following three sessions. Similarly, following a series of positive performances, Lombard Bank plc share value fell by 0.7 per cent or €0.02 on Monday in which 10,500 shares were executed across one single trade. On Tuesday the bank announced the group and bank unaudited condensed interim financial statements for the six-month period ended June 30, 2011. Profit before taxation increased slightly to €6.99 million, thus an increase of 3.6 per cent, while earnings per share for the period rose to €0.116.

The worst performer for the week emerged from the hoteliers industry, as International Hotel Investments plc faltered by 2.7 per cent on Monday while it maintained its previous closing price in the following session to end the week at €0.73. Turnover reached €14,673 which was traded across 20,100 shares. The other losers for the week were Maltapost plc and Midi plc, with the former losing ground by two per cent in the mid-week session to close the week at €0.97 over a single trade of 10,877 shares. The latter dipped by 2.2 per cent on Monday, whereas it traded unchanged on Wednesday to end the week at €0.43.

Conversely, following its recent declines, Go plc managed to snap a minimal 0.8 per cent gain to end the week at €1.265. The telecommunications equity kicked-off the week on a positive note by registering a minimal gain of 0.3 per cent which it than reversed in the following session by posting a loss of 1.9 per cent. Thursday’s session emerged to be the winning streak for the equity as it soared by 2.4 per cent or €0.03, thus cancelling the losses incurred on Tuesday.

Furthermore, in the last trading minutes for the week Malta International Airport plc logged the best performance, as the airport operator enjoyed a strong session by posting a 5.3 per cent gain on thin trading of 900 shares to end the week at €1.58.

Meanwhile, the non-movers for the week were RS2 Software plc (RS2) and Global Capital plc. RS2 maintained its previous closing price in the last two session of the week at €0.55 over three deals of 19,900 shares. Global Capital took a similar direction on Monday when it traded flat at €0.50 on low volumes of 300 shares. On Thursday the company published its half yearly report for the six months ended June 30, 2011, in which it reported an increase in its loss before tax from €1.22 million in 2010 to €1.34 million in 2011. In their statement the company also announced that the directors do not recommend the payment of an interim dividend.

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.

For further information contact Atlas JMFS at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410, or e-mail info@atlasjmfs.com.

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