Following last week’s significant loss, the Malta Stock Exchange index managed to reposition itself in green ground with a minimal gain of 0.4 per cent, thus ending the week at 2,972.092 points. The index registered three positive sessions out of four as Monday was a public holiday, with the first session of the week being a key determinant for the positive close.
The sustainers for the week were mainly Bank of Valletta plc and Go plc with the latter managing to snap back most of the losses incurred in the previous week. On the contrary, for the second week in a row HSBC Bank Malta plc shares lacked conviction by registering further declines throughout the week.
The index witnessed trading in nine equities with gainers outperformed losers, as five advanced in value, two edged lower, while the remaining two closed unchanged. Meanwhile, total turnover in the week decreased drastically to €624,027 traded over a total of 603,852 shares with FIMBank plc heading the lion’s share.
In the local Government Stocks market turnover more than doubled to reach just over €21.7 million, traded over 19 issues. In line with last week, supply was strong and thus yields improved as 13 issues traded in negative territory, five posted minimal gains and the rest closed flat.
The most liquid issue for the week was the 4.6% MGS 2020 with total trading volume amounting to just above 4.2 million nominal.
Meanwhile, in the Corporate Bonds Market activity was spread across 22 stocks in which gainers and non-movers tallied to seven, while losers totalled to eight. The 4% AX Investments 2013 headed the list of gainers by recording a significant gain of 4.1 per cent.
In the equity market, Bank of Valletta plc headed the list of financials with a significant gain of 2.8 per cent, following last week’s announcement that the bank will offer €40 million in 4.25 per cent notes maturing in 2019. The equity experienced a relatively positive week with Wednesday’s session emerging as the most supportive, as it recorded a 2.3 per cent gain or €0.05, while yesterday the equity suffered a loss of 0.7 per cent to end the week at €2.22. Turnover in the week amounted to 88,138 shares which were dealt over 37 transactions.
Likewise, following last week’s sharp gain, FIMBank plc shares re-affirmed their positive momentum by recording an additional gain of 2.4 per cent. The equity was active in three sessions, as it shifted from positive to negative, but closed higher yesterday at $0.87. Once again, the dollar denominated equity was the most active as a total of 392,369 shares changed ownership across 12 deals.
Similarly, Middlesea Insurance plc managed to erase all losses incurred in the previous week by gaining 1.5 per cent over a single session to re-touch the €0.70 price levels.
Conversely, HSBC Bank Malta plc endured another torrid week as it recorded an additional loss of just below two per cent. The equity contracted the said loss on Wednesday, while it than managed to gain a scant 0.08 per cent on Friday to end the week at €2.502.
The other active financial was Lombard Bank plc, which on a mere 810 shares saw its share price dip by 0.8 per cent on two deals to close the week at €2.50.
On a positive note, Go plc shares managed to partially offset last week’s sharp loss by gaining 5.3 per cent or €0.04, and close Friday at €0.80. The telecommunications equity was active in four sessions in which a total of 42,520 shares were dealt over 19 deals.
Another gainer this week was Malta International Airport plc which added 1.3 per cent to its share value over two sessions to close the week at the €1.70 price level. On Thursday, the company announced its financial results for the year ending December 31, 2011, and reported that profits before taxation increased from €16.97million in the 2010 to €18.92 million in 2011, thus an increase of 11 per cent.
The board of directors commented that the positive results mainly reflect the increased volume in passenger traffic which increased by 6.5 per cent over the record year figures of 2010. Furthermore, the board also resolved to propose to the shareholders a further net dividend of €0.04 per share in addition to the interim net dividend of €0.03 already paid in September 2011.
The non-movers for the week were Plaza Centres plc and Island Hotels Group Holdings plc which maintained their previous trading prices at €1.80 and €0.85 respectively.
Finally, on Wednesday Medserv plc announced its financial statements for the year ending December 31, 2011, in which in reported that profit before tax amounted to €1 million when compared to the €32,287 in 2010. In addition, the board of directors is proposing the approval by shareholders for the payment of a net dividend of €0.03 per ordinary share.
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: 21224410, or email info@atlasjmfs.com