As opposed to last week, the Malta Stock Exchange index closed in positive territory by gaining a solid 2.5 per cent to end the week at 3,157.427 points. The local index experienced an upbeat week as it traded in the green in four out of five sessions, in which International Hotels Investments plc, Bank of Valletta plc and HSBC Bank Malta plc were a primary source of strength for the broader market. Trading volume throughout the week decreased to 813,120 shares on 107 transactions, while turnover reached just over €1.39 million. Activity was spread over 11 equities, in which gainers outperformed losers, as eight appreciated in value, two edged lower and one closed unchanged.
A negative sentiment prevailed in Malta Government Bonds, as from the 19 active stock 17 recorded losses, while two posted minimal gains. The 4.6% MGS 2020 was worst performer for the week as it depreciated by 1.43 per cent. In the Corporate Bond Market, running yields were rather mixed, as eight registered gains; five posted a loss while 17 closed flat. The 4% AX Investments 2013 issue headed the list of gainers as it appreciated by 3.7 per cent.
In the equity market, International Hotels Investments plc closed markedly higher to cancel last week’s heavy loss. In fact, the hotelier’s equity surged by 7.7 per cent or €0.06 over three sessions to close the week at €0.84. On Tuesday the share price gained 0.3 per cent and than it continued its recovery by gaining 4.7 per cent and 2.6 per cent in the following sessions. A total of 144,837 shares changed ownership across nine transactions.
From the financial sector, Bank of Valletta plc offered leadership, as the equity soared by 2.5 per cent to end the week at €2.50. The equity was active throughout the whole week with Wednesday being the equity’s best trading day as it registered a strong gain of 3.3 per cent. Turnover in the week amounted to 120,931 shares which were executed across 38 transactions.
Likewise, HSBC Bank Malta plc managed to partially cancel most of last week’s losses by gaining 1.5 per cent. The equity shifted form negative to positive on high volumes of 210,812 shares to end the week at €2.69. On Tuesday the company announced that, despite the turbulent financial markets, the bank’s performance during the period between July 1, 2011 to the November 15, 2011 remained broadly in line with expectations.
FIMBank plc was also among the list of gainers, as the banking equity advanced by 1.3 per cent on Thursday to close the week at $0.77. Earlier this week, through a directors statement the company announced that in the period between the July 1, 2011 till the announcement date the company was mainly affected by continued turmoil in Libya, a cautious return to normality in other parts of North Africa and deepening economic problems around the Mediterranean rim which have been threatening the stability of the eurozone. The group’s business in Libya and Egypt, which includes the joint-venture Egypt Factors, remained safe and well under control and, with the situation hopefully normalising, opportunities should present themselves again in these markets.
Conversely, Lombard Bank plc slipped by a minimal of 0.4 per cent over a single session in which 64,892 shares were traded to close the week at €2.73.
From the telecommunications sector, Go plc re-positioned itself in positive ground, as its share value rose by 3.9 per cent, thus cancelling most of last week’s losses. The equity was active on Monday by gaining a slight 0.1 per cent. The equity built further gains in another two sessions, during which it gained 0.8 per cent and 2.9 per cent on Wednesday and yesterday respectively.
Similarly, following weeks of inactivity, Medserv plc rallied by €0.10 or 2.6 per cent over 4,773 shares which were dealt over five transactions. On Wednesday the company announced that as it had indicated in an earlier announcement, it was experiencing renewed demand for its services and thus it expects to have a profitable second half of the current year. In addition, the company has also announced that the board of directors has approved a net interim dividend of €0.03c per share. This will be paid to all shareholders on the register of members of the company after close of business on December 15, 2011.
From the I.T. sector both RS2 Software plc and Crimsonwing plc appreciated in value, as the former gained 1.7 per cent over two deals of 49,800 shares to close at €0.59 while another two deals in the latter lifted the equity’s price by 16.7 per cent on Friday to end the week at €0.35.
On a negative note, Malta International Airport plc extended to two its stream of negativity by recording a further loss of 0.6 per cent. On Tuesday the airport operator plummeted by 2.9 per cent which it than partially recovered on Thursday, while it closed unchanged on the last session of the week to close at €1.69.
Meanwhile, from the postal industry, Maltapost plc closed unchanged at €0.98 over a single session, during which 35,000 shares were traded across five transactions.
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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