Following two weeks of negativity, the Malta Stock Exchange index managed to snap a one per cent gain to end the week at 3,120.104 points. The positive performance by HSBC Bank Malta plc, Malta International Airport Plc and Go plc proved to be an integral element for this week’s gain. The index experienced balanced trading as it oscillated between positive and negative in four sessions, while it traded unchanged in one. Trading volume in the week appeared divergent from the previous week as it decreased to 286,455 shares which were traded over 181 transactions, while turnover amounted to €599,043. Activity was spread across eight equities with gainers outperforming losers, as from the eight active equities four gained ground, one edged lower and three closed unchanged.

Meanwhile, given the headwinds in the Eurozone most of the Malta Government Bonds were up on the week as risk-aversion in international markets returned, hence pushing yields lower. In fact, from the 16 active stocks, 14 traded in positive territory while two registered minimal losses. Two long dated issues, the 5.1% MGS 2022 and the 5.5% MGS 2023 headed the list of gainers by equally gaining 1.6 per cent. In the Corporate Bond Market, activity remained high as turnover reached just over €1.03 million which was traded over 27 issues, five of which gained ground, three recorded losses and 19 closed unchanged. The best performer for the week was the 6.5% International Hotels Investments 2012-14 bond which gained two per cent.

In the equity market, HSBC Bank Malta plc re-positioned itself among the gainers as it advanced by 2.3 per cent or €0.06. The bank was active in all five trading sessions where it appreciated in value on Monday and Tuesday while it posted a loss in the mid-week session. In the last two trading sessions of the week the equity traded flat to end the week at €2.70. A total of 14,146 shares changed hands over 15 trades. Yesterday the company announced that Mr Alan Richards will be relinquishing his post as Chief Executive Officer with effect from January 1, 2012 and will be taking up a new role as Chief Executive Officer of HSBC Indonesia. Mr Mark Watkinson will be taking up the vacant post.

Bank of Valletta plc closed the week unchanged at €2.40. This despite the fact that trading volume totalled 187,500 shares dealt over 145 deals and turnover amounting to €465,931. The equity failed to hold on to its auspicious start to the week, when it surged by 6.3 per cent. In fact it captured losses in three out of the four remaining session with yesterday being marked as the worst session, as the bank’s share price got hammered by a loss of four per cent.Yesterday the company announced that the Board of Directors has unanimously agreed to appoint Charles Borg as chief executive officer with effect from December 19, 2011, in succession to Tonio Depasquale, who will retire following the 2011 annual general meeting, which will be held on December 16, 2011. The bank also announced that Romeo Cutajar will replace Mr Borg as chief officer – financial markets and investments.

On a negative note, the only loser for the week was Middlesea Insurance plc which lost 2.2 per cent over two trades of 1,364 shares, to close the week at €0.90. Meanwhile the other active financial, FIMBank plc, closed unchanged at $0.72. The bank was only active during the opening two sessions as three trades worth $11,979 were executed.

From the aviation industry, Malta International Airport plc extended its strike of gains to four by gaining a further 2.3 per cent to reach a new four month high of €1.79 and a gain of 7.8 per cent year to date. The airport operator commenced trading on Monday unchanged, while it gained ground yesterday following its traffic results for the month of October. In fact, on Thursday the company announced that passenger movements in October reached 346,480 or an increase of 4.4 per cent, i.e. the highest number ever registered in October.

Likewise, Go plc halted its recent negative momentum by recording a gain of four per cent or €0.041. The telecommunications equity kicked-off the week by gaining two per cent, while it traded flat on Tuesday. In the mid-week session the equity saw its price increase by a further two per cent to end the week at €1.07. A total of 8,880 shares were executed over eight transactions. From the IT sector, RS2 Software plc snapped a 3.5 per cent gain over two sessions to end the week at €0.60. A total of 14,900 shares changed ownership over two deals.

Meanwhile, the other non-mover for the week was Plaza Centres Plc which maintained its previous closing price at €1.80 in the first session of the week with over 3,800 shares which were dealt across one transaction.

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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