The Malta Stock Exchange index maintained its positive run as it registered a minimal rise of 0.02 per cent, closing at 2,978.843 points. The equity market experienced a mixed week as it gained ground on Monday and Friday while trading in negative territory during three sessions. Go plc and Malta International Airport were the only positive performers during the week, while the share price of Midi plc and Lombard Bank lost ground
Total turnover on the exchange reached nearly €31 million this week compared to €7.04 million registered last week. Trading in the equity market shrunk to €566,000 while trading in the local government stocks market reached €29.6 million. Meanwhile, turnover in the Corporate Bonds market was slightly up at €571,000.
As risk aversion returned on a global scale, local investors reached out for local government stocks and as a result in general, prices rose and yields fell. Trading in these securities was concentrated on four issues which between them totalled over €24 million. In total 20 government stocks traded this week compared to 17 corporate bonds.
In the equity market, nine equities were active once again this week, as gainers and losers tallied at two, while the remaining five equities closed unchanged.
Midi plc was the worst performance for the week as the share price lost 2.86 per cent, at €0.34, on substantial volume of 200,000 shares on one deal. This volume represents 40 per cent of the total traded volume for the week.
Likewise, the share price of Lombard Bank plc fell by 1.25 per cent and closed the week at €2.37. Trading in this equity was low at just of 8,000 shares, traded on two deals.
On a positive note, Go plc gained nearly four per cent and recovered most of the previous week’s loss. The share price recovered to close at €0.74 on a volume of 66,000 shares spread on 30 deals.
During the week the share price of Malta International Airport gained a mere 0.6 per cent on five deals totalling 29,000 shares.
The two major banks retained last week’s closing prices despite the relatively high volume traded. The share price of Bank of Valletta plc closed the week at €2.12, having traded at a high of €2.15. Trading was relatively high on Monday and Tuesday but dwindled to 1,000 shares on Friday as the total shares traded in the week amounted to just under 82,000 shares.
Likewise, the shares price of HSBC Bank Malta plc closed the week flat at €2.55, but traded at a high of €2.58 and a low of €2.50. Volume traded reached 60,000 shares, ninety per cent of which was traded on Monday. The directors this week issued their interim statement in which they stated that HSBC Bank Malta delivered a solid financial performance during the period January 1, 2012 and May 11, 2012, with improved profitability in the life insurance business.
The bank’s overall cost efficiency ratio is showing an improvement as growth in operating income outpaced expenditure. The directors further stated that the bank continues to provide support to its borrowers and security for its depositors.
Middlesea Insurance plc, Maltapost plc and International Hotel Investments plc closed the week unchanged at €0.69, €0.96 and €0.82 respectively. Trading volume in IHI was relatively high at just under 60,000 shares while insignificant in the other two equities.
In their interim directors’ statement, the directors of Middlesea Insurance plc announced that the first quarter of 2012 has been characterised by a positive result emerging on the group’s life and non-life portfolios.
IHI also issued their interim directors’ statement, in which they stated that there has been a marked improvement in the performance of IHI-owned hotels during the first quarter of 2012 compared to the same period last year.
MaltaPost plc announced that for the six months to March 31, 2012 the company recorded an increase in turnover of 3.1 per cent reaching €11 million, up from €10.7 million recorded in 2011.
However, profit before tax fell to €502,000 for the six months from €1.68 million registered for the same period last year. Meanwhile, total assets increased by 7.9 per cent to €29.6 million.
During the week, FIMBank Plc, Malta International Airport and Go plc held their respective annual general meeting.
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