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High volumes in Crimsonwing, MGS

High volumes were transacted in the equity of Crimsonwing plc with almost 147,500 shares changing hands today.

Trading activity in the IT equity has been buoyant seen the start of 2013 with over 1.5 per cent of the company’s issued share capital changing hands on the secondary market.

Initially the share price drifted back to the 52c level this morning but soon regained the 55c level where most of today’s activity took place

In the coming weeks, Crimsonwing is expected to publish its interim directors’ statement to update the market on its performance during Q3 of their 2012/13 financial year which comes to an end on March 31.

The company is expected to continue building on the improved pre-tax profit figure of €550,000 registered during the six months ended September 30.

Meanwhile, MaltaPost plc’s share price closed in positive territory for the fourth time in the last five sessions with a further three per cent jump to a new 19-month high of €1.02 across four trades totalling 12,000 shares.

Following today’s upturn, the postal operator consolidated its position as one of the top performing equities in the local market with a 20 per cent rise since the start of 2013 reflecting the expected turnaround in profitability following the approval of higher tariff rates as well as the expansion into the insurance market.

GO plc’s equity garnered its fifth consecutive increase with another 0.8 per cent increase to the €1.33 level across 3,550 shares.

GO’s share price has climbed by 11.8 per cent since the start of 2013 possibly due to the expected turnaround in profitability after the investment in Forthnet was practically written-off in 2011.

Similarly, in the banking sector, Lombard Bank Malta plc shares moved 2.2 per cent higher to regain the €1.90 level across two trades totalling 6,000 shares.

Meanwhile, Bank of Valletta plc failed to hold on to an intra-day high of €2.27 to end the session unchanged at the €2.25 level on volumes of 20,556 shares.

Elsewhere in the local equity market, Malita Investments plc traded unchanged at the 52c5 level on a single deal of 20,000 shares.

In the meantime, Island Hotels Group Holdings plc announced that its board of directors is scheduled to meet on February 22 to consider and approve the group’s financial statements for the financial year ended October 31.

On the bond market, the Rizzo Farrugia MGS Index slid for the third consecutive session with another 0.1 per cent decline to 1,007.225 points – close to a three-week low.

This morning’s downturn is due to the continued uplift in benchmark 10-year German Bund Yields which reached yet another new four-month high of 1.69 per cent.

However, by this afternoon, the three-day sell-off in German Bunds was interrupted as investors are now awaiting further evidence of a global economic recovery.

On the local secondary market, activity across Malta Government Stocks increased with almost €1.5 million (nominal) changing hands in the 4.8 per cent MGS 2028.

This follows yesterday’s publication by the Treasury of the 2013 provisional issuance calendar which indicated that the first MGS issue will take place in late February followed by a second in mid-April.

www.rizzofarrugia.com

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