Following an uneventful week the Malta Stock Exchange (MSE) index closed the final week of the year flat at 3,211.906 points following a 1.4 per cent gain a week earlier.
The MSE underperformed compared to major international indices, which enjoyed gains ranging between six and thirty per cent- Jesmond Mizzi
Last week marked the final trading week of December during which local equities rose by 0.4 per cent while throughout the year the MSE closed higher by 3.8 per cent, which compares favourably to the 18 per cent fall in 2011; however the MSE still underperformed compared to major international indices, which enjoyed gains ranging between six per cent and 30 per cent.
Last week the local stock exchange was only active on two days as it was closed in the other three sessions due to the Christmas holidays. Trading in the equity market was split between 12 equities and there was over €200,000 worth of trading in 43 deals.
The two major banks led by HSBC Bank Malta plc were the most liquid, followed by Malta International Airport plc (MIA).
Ten equities closed flat while Go plc was the only gainer.
Throughout the year a total of €33.5 million was traded in the local equity market, with Bank of Valletta plc (BoV) being the most traded equity as €11.5m was traded, more than double that traded in HSBC, the second most liquid by value. In fact €4.8m was dealt in the latter, which was followed by Go at €4.4m.
Meanwhile in the fixed-income market a total of €613m was traded as over €566m was dealt in Malta Government Securities.
In the banking sector BoV was the only mover as all other banking equities closed the week flat. The bank’s share price lost a mere 0.2 per cent as 24,000 shares were traded in 13 transactions worth €58,000.
The bank’s share price closed the month at €2.415 while on a year-to-date the equity moved higher by 8.7 per cent following a 22 per cent fall a year earlier. Throughout the year the equity’s price fluctuated between a yearly low of €2 and a high of €2.59.
HSBC traded unchanged as 10 deals of 27,700 shares were executed.
+96%
Crimsonwing plc
-31%
Lombard Bank plc
The best and worst performing equitieson the MSE in 2012
On December 18, the bank announced that the forthcoming annual general meeting will be held on April 18, 2013, while the board of directors is scheduled to meet on March 4, 2013, to approve the group’s and the bank’s final audited accounts for the financial year ended December 31, 2012, and to consider the declaration of a final dividend to be recommended to the bank’s AGM.
Throughout the year the bank’s share price hovered between a yearly low of €2.46 and a high of €2.90 while it ended the year at €2.70. Over the year, HSBC shares gained 4.7 per cent.
Conversely, the share price of Lombard Bank plc plummeted by 31 per cent in 2012, heavily underperforming compared to other banking equities and ending up as the worst performer among all listed equities.The bank’s share price closed the week at €1.86 as one deal of 2,500 shares was recorded.
Meanwhile another deal of 5,000 shares in Fimbank plc left the equity’s price intact at $0.80. Since January the share price of the equity improved by four per cent.
On the upside, Go plc shares closed higher for the seventh straight week. The telecoms firm ended the week with a one per cent gain at €1.19 after the equity traded at a weekly low of €1.18. A total of 9,500 shares were traded in four deals.
Throughout the year Go’s share price fluctuated heavily between a low of €0.70 and a yearly high of €1.20 while it ended the year with a gain of 21.4 per cent.
MIA shares, which were the third most liquid equity by value, last week traded flat at €1.80, while over the year the airport operator’s shares gained 6.5 per cent, or €0.11. Last week a total of four transactions worth €50,500 were executed on Thursday.
On the other hand, in the IT sector, 6PM Holdings plc was the only active equity. Two deals of 11,000 shares were executed at £0.31, hence lower by three per cent over the year and clearly underperforming other IT firms. In fact, Crimsonwing plc ended the year with a 96 per cent gain, while RS2 Software plc rose 23.3 per cent.
Meanwhile, Maltapost plc closed the year at €0.85, hence up by 35 per cent from its lowest traded price this year of €0.63. However, over the year the equity shed 15 per cent from its capitalisation.
Santumas Shareholdings plc closed the last week of trading at €1.80 as 17,000 shares were traded, while two deals in Simonds Farsons Cisk plc left the equity’s share price flat at €2.50. Over the year the latter’s share price improved by a hefty 39 per cent.
Conversely, both Middlesea Insurance plc (MSI) and Plaza Centres plc closed the week unchanged at €0.74 and €0.60 respectively.
Over the year MSI lost 7.5 per cent while Plaza Centres traded flat.
In the fixed-income market a total of €1.2m was traded. As is usually the case Malta Government Stocks (MGS) were the most liquid as €0.8m was traded across 38 transactions.
The 4.6 per cent MGS 2020 was the most traded issue while the recently issued 4.8 per cent MGS 2028 followed.
In the corporate bonds market the 5.8 per cent International Hotel Investments plc 2021, which was admitted for trading last week, gained 1.25 per cent as three deals worth nearly €0.4m were recorded.
This article, which was compiled by Jesmond Mizzi, managing director of Jesmond Mizzi Financial Advisors Ltd, does not intend to give investment advice and the contents therein should not be construed as such. The company is licensed to conduct investment services by the MFSA and a member of the Malta Stock Exchange and a member of the Atlas Group. 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 Jesmond Mizzi at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410 or e-mail jesmond.mizzi@jesmondmizzi.com.